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原始內容
M Update October 6, 2026 11:56 AM GMT
King Slide Works Co. Ltd. | Asia Pacific
Preliminary August Profit and September Monthly Sales (-31% MoM/+19 % YoY)
Sentiment to stay soft in near term but 2027 outlook is promising.
King Slide announced its preliminary profit for August, per TWSE regulatory re uirements:
- Revenue was NT$6,466mn (+1% MoM/+344% YoY), 33% of our estimate for 3 26 of NT$19,555mn (+81% o /+348% YoY) and 39% of consensus' NT $16,755mn (+55% o /+284% YoY).
- Pretax income was NT$4,826mn (+216% YoY; pretax margin at 74.6%), 29% of our 3 26 pretax income estimate of NT$16,377mn (margin at 83.7%) and 34% of consensus' NT$14,094mn (margin at 84.1%).
- Net income was NT$3,819mn (+212% YoY; EPS NT$40.07; NPM 59.1%), 30% of our 3 26 net income estimate of NT$12,938mn (EPS NT$135.76; NPM 66.2%) and 34% consensus' NT$11,118mn (EPS NT$114.38; NPM 66.4%).
September monthly sales
- September sales of NT$4,464mn (-31% MoM/+196% YoY), driving 3 26 revenue to NT$17,338mn (+60% o /+297% YoY), were short of our estimate of NT$19,555mn (+81% o /+348% YoY) and but ahead of the consensus forecast of NT$16,755mn (+55% o /+284% YoY).
Our view:
- We think the sequential decline in September revenue was driven by slower momentum for some projects, which entered the later part of their product cycles. While sentiment should stay soft in the near term, we think the outlook into 2027 is still promising as customers start new product cycles.
- We maintain our view that King Slide's competitiveness in the comprehensive patent portfolio and strong execution are entrenched and accentuated amid fast generation migration in AI applications.
- Stay OW with PT of NT$15,000 (30x 2027e P/E).
| Morgan Stanley Taiwan Limited+ Derrick Yang Equity Analyst D rrick.Yang@morganstanl y.com | +886 2 2730-2862 |
|---|---|
| Vivi Huang R s arch Associat Vivi.Huang@morganstanl y.com | +886 2 2730-2860 |
| Morgan Stanley Asia Limited+ Andy Meng, CFA Equity Analyst Andy.M ng@morganstanl y.com | +852 2239-7689 |
King Slide Works Co. Ltd.(2059.TW, 2059 TT)
Greater China Technology Hardware | Taiwan
| Stock Rating - Industry View | Overweight | Overweight - In-Line | ||
|---|---|---|---|---|
| Price target | NT$15,000.00 | NT$15,000.00 | ||
| Up/downside to price target | (%) | 15 | 15 | |
| Shr price, c ose (Oct 6, 2026) | NT$13,100.00 | NT$13,100.00 | ||
| 52-Week Range | NT$15,085.00- | NT$15,085.00- | ||
| 2,875.00 | 2,875.00 | |||
| Sh out, di , curr (mn) | 95 | 95 | ||
| Mkt cap, curr (mn) | NT$1,248,392 | NT$1,248,392 | ||
| EV, curr (mn) | NT$1,224,690 | NT$1,224,690 | ||
| Avg dai y trading va ue | (mn) | NT$4,468 | NT$4,468 | |
| Fiscal Year Ending | 12/25 | 12/26e | 12/27e | 12/28e |
| EPS (NT$)** | 103.23 | 382.77 | 502.77 | 559.77 |
| Prior EPS (NT$)** | - | - | - | - |
| EPS (NT$)§ | 100.25 | 343.67 | 499.35 | 574.20 |
| Revenue, net (NT$ mn) | 17,501 | 55,414 | 74,250 | 82,820 |
| EBITDA (NT$ mn) | 12,449 | 45,194 | 60,021 | 67,047 |
| Mode Ware net inc (NT | 9,837 | 36,477 | 47,913 | 53,345 |
| $ mn) | ||||
| P/E | 36.3 | 34.2 | 26.1 | 23.4 |
| RNOA (%) | 216.6 | 818.3 | 534.3 | 549.4 |
| ROE (%) | 46.2 | 130.2 | 90.9 | 62.3 |
| EV/EBITDA | 26.8 | 26.7 | 19.5 | 17.0 |
| Div y d (%) | 0.9 | 0.9 | 1.2 | 1.3 |
| FCF y d ratio (%)** | 2.9 | 2.6 | 3.8 | 4.2 |
| Leverage (EOP) (%) | (84.6) | (83.2) | (88.8) | (91.5) |
Un ess otherwise noted, a metrics are based on Morgan Stan ey Mode Ware framework
- ** = Based on consensus methodo ogy
- § = Consensus data is provided by Refinitiv Estimates
e = Morgan Stan ey Research estimates
Morgan Stanley does and seeks to do business with companies covered in Morgan Stanley Research. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of Morgan Stanley Research. Investors should consider Morgan Stanley Research as only a single factor in making their investment decision.
For analyst certification and other important disclosures, refer to the Disclosure Section, located at the end of this report.
= Analysts employed by non-U.S. affiliates are not registered with FINRA, may not be associated persons of the member and may not be subject to FINRA restrictions on communications with a subject company, public appearances and trading securities held by a research analyst account.
M Update
lphaSignals Catalyst Event Reaction
| Company / Cata yst | Date | Impact to thesis | Cata yst versus expectation |
|---|---|---|---|
| King Slide Works Co. Ltd. | 2059.TW | ||
| September 2026 sa es | 06 Oct 2026 | Unchanged | Modest downside surprise |
| Pre iminary August Profit Announcement | 06 Oct 2026 | Unchanged | Modest downside surprise |
Source:Company data, Morgan Stan ey Research
M Update
Valuation Methodology and Risks
King Slide Works Co. Ltd. (2059.TW)
Base case, 30x 2027e P/E. We use price/earnings as our valuation methodology because we believe it better captures King Slide's earnings growth potential. We believe our target multiple is justified by an operating profit CAGR of 77% seen for 2025-28, implying a PEG of 0.4 vs. the average of 1.2 over 2010-24, when the stock was trading at 17-18x P/E with an operating profit CAGR of 14%.
Risks to Upside
- n Stronger-than-expected AI capex
- n Stronger server demand
- n Faster market share gains
Risks to Downside
- n Softer AI capex
- nWeaker server demand
- n Sluggish kitchen furniture demand
- n Competition leading to slower share gains.
M Update
Disclos re Section
The information and opinions in Morgan Stanley Research were prepared or are disseminated by Morgan Stanley Asia Limited (which accepts the responsibility for its contents) and/or Morgan Stanley Asia (Singapore) Pte. (Registration number 19920 298Z) and/or Morgan Stanley Asia (Singapore) Securities Pte Ltd (Registration number 200008434H), regulated by the Monetary Authority of Singapore (which accepts legal responsibility for its contents and should be contacted with respect to any matters arising from, or in connection with, Morgan Stanley Research), and/or Morgan Stanley Taiwan Limited and/or Morgan Stanley & Co International plc, Seoul Branch, and/or Morgan Stanley Australia Limited (A.B.N. 7 003 734 57 , holder of Australian financial services license No. 233742, which accepts responsibility for its contents), and/or Morgan Stanley Wealth Management Australia Pty Ltd (A.B.N. 19 009 145 555, holder of Australian financial services license No. 240813, which accepts responsibility for its contents), and/or Morgan Stanley India Company Private Limited having Corporate Identification No (CIN) U22990MH1998PTC115305, regulated by the Securities and Exchange Board of India ('SEBI') and holder of licenses as a Research Analyst (SEBI Registration No. INH000001105); Stock Broker (SEBI Stock Broker Registration No. INZ000244438), Merchant Banker (SEBI Registration No. INM000011203), and depository participant with National Securities Depository Limited (SEBI Registration No. IN-DP-NSDL-5 7-2021) having registered office at Altimus, Level 39 & 40, Pandurang Budhkar Marg, Worli, Mumbai 400018, India; Telephone no. +91-22- 1181000; Compliance Officer Details: Mr. Tejarshi Hardas, Tel. No.: +91-22- 1181000 or Email: tejarshi.hardas@morganstanley.com; Grievance officer details: Mr. Tejarshi Hardas, Tel. No.: +91-22- 1181000 or Email: msic-compliance@morganstanley.com which accepts the responsibility for its contents and should be contacted with respect to any matters arising from, or in connection with, Morgan Stanley Research, and their affiliates (collectively, "Morgan Stanley"). Morgan Stanley India Company Private Limited (MSICPL) may use AI tools in providing research services. All recommendations contained herein are made by the duly qualified research analysts.
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