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報告_MS_新唐4919_20261101

更新 2026-11-02
#來源/券商報告#公司/新唐

PDF 原檔：報告_MS_新唐4919_20261101_original.pdf

圖片清單（已驗證 2026-11-02）

ingest 時建立的圖片索引；財務／營收／股價類圖不嵌公司頁（使用者裁定 260924）。

檔名 size 分類 親眼所見內容
報告_MS_新唐4919_20261101_001.png 39KB 真資料圖 Exhibit 4 P/B：新唐 P/B 折線（2013-2026），三條水平線標示 Average 2.3x、+One Standard Deviation 3.2x、-One Standard Deviation 1.5x；2026 年末端急升至約 4.2x，高於 +1 標準差；估值圖，不嵌公司頁
報告_MS_新唐4919_20261101_002.png 24KB 真資料圖 Risk Reward 圖：Nov '25 至 Nov '26 股價（藍線，最高約 220，現價 NT$124.50 紅點），右側 Nov '27 三情境：Bull NT$143.00（+14.86%）、Base NT$95.00（-23.69%）、Bear NT$48.00（-61.45%）；股價／目標價圖，不嵌公司頁
報告_MS_新唐4919_20261101_003.png 17KB 真資料圖 Global revenue exposure 圓環圖（MS 估計）：Mainland China 50-60%、APAC ex Japan/Mainland China and India 20-30%、Europe ex UK 0-10%、Japan 0-10%、North America 0-10%；營收地區曝險圖，不嵌公司頁
報告_MS_新唐4919_20261101_004.png 52KB 真資料圖 Stock Price, Price Target and Rating History（2023-11 至 2026-10）：股價藍線與目標價紅色階梯線，TP 階梯值 152、148、81、115、85、60、48、98、95；頂部評等標記序列 O/A、U/I、O/I、O/A、E/A、U/A 等（最近一次 U/A 約 2025-11）；股價／目標價圖，不嵌公司頁。註：此圖在 pdf_trim 後的 Raw_data 內文中未被引用，檔案仍在 attachment

原始內容

原始內容

M Update November 1, 2026 08:50 PM GMT

Nuvoton Technology Corporation | Asia Pacific

Losses Widen; BMC Growth and Japan Restructuring Remain Key

AlphaSignals Earnings eaction

Unchanged Modest shortfall

Impact to our t esis

Source: Company data, Morgan Stanley Researc

3Q losses widened Q Q amid lower gross profit, increased opex and reduced non-operating income. Management sees scope for faster BMC growth in 2027, with execution and Japan restructuring critical to delivering earnings growth.

3Q losses widened: Revenue was NT$7.86bn, -1% Q/Q, +8% Y/Y, 3% above our estimate gross profit was NT$2.9bn, -3% Q/Q, +13% Y/Y, 6% above our forecast gross margin was 37.4%, -0.6ppt Q/Q, +1.7ppt Y/Y, 1.2ppt above our estimate. Loss per share was NT$1.24, wider Q/Q, Y/Y, and vs. our expectation. Management attributed gross margin weakness to product mix back-end supply constraints and substantial AI-related R&D left operational progress around 1Q behind plan.

Demand remains mixed: Auto demand has stabilized after prior Y/Y declines, but management sees no clear rebound. PC demand was significantly weaker in 2H26 than in 1H26 with higher content per PC vs. 2025 helping cushion the impact of lower volumes. Memory cost increases have been passed through on memorybundled MPUs, although some customers began pulling back in 4Q26. MCU repricing reflects foundry and OSAT costs. Most 2027 capacity has been secured but cost pass-through and supply availability do not establish margin expansion.

BMC and Japan remain the ke milestones: Management sees scope for 2027 BMC Y/Y growth to exceed 2026's, with existing customers and multiple new customers, including a CSP, contributing. New customer revenue should initially be small with fuller contributions over one to two years. Current-gen products should dominate 2027 shipments next-gen volumes may start modestly in 2H27. Japan remains the source of losses, making the Tower JV restructuring targeted by management for end-March 2027 central to recovery.

Morgan Stanley Taiwan Limited+ Daniel Yen, CFA Equity Analyst Dani l.Y n@morganstanl y.com +886 2 2730-2863
Charlie Chan Equity Analyst Charli .Chan@morganstanl y.com +886 2 2730-1725
Morgan Stanley Asia Limited+ Daisy Dai, CFA Equity Analyst Daisy.Dai@morganstanl y.com +852 2848-7310
Ethan Jia R s arch Associat Ethan.Jia@morganstanl y.com +852 3963-2287

Morgan Stanley appreciates your support in the 2027 Extel Asia Research Survey. Voting opens 10 Novem er 2026.

Nuvoton Technology Corporation (4919.TW, 4919 TT)

Greater China Technology Semiconductors | Taiwan

Stock Rating Underweight
Industry View Attractive
Price target NT$95.00
Up/downside to price target (%) (24)
S r price, close (Oct 30, 2026) NT$124.50
52-Week Range NT$230.00-49.80
S out, dil, curr (mn) 401
Mkt cap, curr (mn) NT$49,904
EV, curr (mn) NT$48,310
Avg daily trading value (mn) NT$1,303
Fiscal Year Ending 12/25 12/26e 12/27e 12/28e
EPS (NT$)** (3.96) (2.35) 4.24 7.63
Prior EPS (NT$)** - (1.17) 4.15 7.64
EPS (NT$)§ (2.81) (1.80) 2.02 7.64
Revenue, net (NT$ mn) 30,492 31,293 34,719 38,053
EBITDA (NT$ mn) 539 (177) 1,328 3,336
ModelWare net inc (NT (1,665) (1,003) 1,822 3,280
$ mn)
P/E NM NM 29.4 16.3
ROE (%) (10.6) (7.6) 15.0 23.5
EV/EBITDA 36.8 NM 38.4 14.4
Div yld (%) 0.8 0.0 0.0 0.0
FCF yld ratio (%)** (7.9) (2.5) (3.3) 5.0
Leverage (EOP) (%) (12.2) (1.6) 8.1 (10.9)

Unless ot erwise noted, all metrics are based on Morgan Stanley ModelWare framework

  • ** = Based on consensus met odology
  • § = Consensus data is provided by Refinitiv Estimates

e = Morgan Stanley Researc 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.

  • Modest revision lower Financial results versus consensus Direction of next 12-mont

consensus EPS

M Update

Earnings Estimate Revisions

We factor in the actual 3Q results: 3Q losses widened due to higher opex, lower nonoperating income and tax expenses. Uncertainties remain around BMC and Japan, and demand remains mixed, so we do not yet revise our 2027-28 EPS estimates significantly.

Exhibit 1: Nuvoton: Estimat r visions

NT$ mn New 2026E Previous 2026E Diff. New 2027E Previous 2027E Diff. New 2028E Previous 2028E Diff.
Net sales 31,293 31,059 1% 34,719 34,719 0% 38,053 38,053 0%
COGS (19,461) (19,402) (21,394) (21,394) (22,466) (22,466)
Gross profit 11,832 11,657 1% 13,325 13,325 0% 15,586 15,586 0%
Operating expenses (13,047) (12,687) (12,198) (12,264) (12,914) (12,979)
Operating profit (1,215) (1,030) 18% 1,127 1,061 6% 2,673 2,607 3%
Non-op. income (exp.) 589 832 791 683 780 600
Pretax Income (626) (199) 215% 1,917 1,744 10% 3,453 3,207 8%
Taxes (377) (292) (96) 0 (173) 0
Net income (1,003) (491) 104% 1,822 1,744 4% 3,280 3,207 2%
Reported EPS (NT$) (2.35) (1.17) 101% 4.24 4.15 2% 7.63 7.64 0%
Margins
Gross margin 37.8% 37.5% 0 ppt 38.4% 38.4% 0 0pt 41.0% 41.0% 0 0pt
Operating margin -3.9% -3.3% -0.6 ppt 3.2% 3.1% 0.2 ppt 7.0% 6.9% 0.2 ppt
Pretax margin -2.0% -0.6% -1.4 ppt 5.5% 5.0% 0.5 ppt 9.1% 8.4% 0.6 ppt
Net margin -3.2% -1.6% -1.6 ppt 5.2% 5.0% 0.2 ppt 8.6% 8.4% 0.2 ppt

Sourc : Company data, Morgan Stanl y R s arch stimat s

Exhibit : Nuvoton: Quart rly Financials

(NT$ mn) - Total Revenues 1Q25 2Q25 - 8,364 1Q25 2Q25 - 7,816 3Q25 - 7,272 4Q25 - 7,040 1Q26 - 7,988 2Q26 - 7,941 3Q26 4Q26e - 7,856 3Q26 4Q26e - 7,507 2025 2026e - 30,492 2025 2026e - 31,293 2027e 2028e - 34,719 2027e 2028e - 38,053
Sequential Change 15.1% -6.6% -7.0% -3.2% 13.5% -0.6% -1.1% 8.0% -4.4% 6.6% 2.6% 10.9% 9.6%
Change vs Year Ago -1.2% -5.0% -8.6% -3.2% -4.5% 1.6% -4.5% (22,466)
Cost of Sales Percent of Revenues (4,914) 538.7% (5,088) 65.1% (4,675) 64.3% (4,627) 65.7% (4,846) 60.7% (4,922) 620% (4,915) 62.6% (4,778) 63.7%% (19,304) 6%3% (19,461) 62.2% (21,394) 9.6% 59.0%
Gross Profit 3,451 2,728 2,597 2,413 3,142 3,020 2,941 2,729 11,189 11,832 13,325 15,586
Gross Margin 41.3% 34.9% 35.7% 34.3% 39.3% 38.0% 37.4% 36.3% 36.7% 37.8% 38.4% 41.0%
Total Opex (3,177) (3,030) (3,113) (3,097) (3,254) (3,353) (3,448) (2,992) (12,417) (13,047) (12,198) (12,914)
0/0 6.3% -4.7% 2.8% -0.5% 5.1% 3.0% 2.8% -13.2%
YIY 3.2% 0.6% 3.6% 3.6% 2.4% 10.7% 10.8% -3.4% 2.8% 5.1% -6.5% 5.9%
Percent of Revenues 38.0% 38.8% 42.8% 44.0% 40.7% 42.2% 43.9% 39.9% 40.7% 41.7% 35.1% 33.9%
R&D (2,303) (2,196) (2,293) (2,257) (2,383) (2,485) (2,357) (2,237) (9,049) (9,462) (9,137) (9,513)
Percent of Revenues 27.5% 28.1% 31.5% 32.1% 29.8% 31.3% 30.0% 29.8% 29.7% 30.2% 26.3% 25.0%
Sales and Marketing (254) (250) (249) (254) (255) (278) (236) (225) (1,007) (994) (1,042) (1,142)
Percent of Revenues 3.0% 3.2% 3.4% 3.6% 3.2% 3.5% 3.0% 3.0% 3.3% 3.2% 3.0% 3.0%
General and Admin (620) (584) (571) (586) (616) (590) (540) (530) (2,361) (2,275) (2,019) (2,259)
Percent of Revenues 7.4% 7.5% 7.8% 8.3% 7.7% 7.4% 6.9% 7.1% 7.7% 7.3% 5.8% 5.9%
Operating Income 273 (302) (516) (684) (112) (333) (507) (263) (1,228) (1,215) 1,127 2,673
Percent of Revenues 3.3% -3.9% -7.1% -9.7% -1.4% -4.2% -6.5% -3.5% -4.0% -3.9% 3.2% 7.0%
% QoQ -224.2% -210.4% 71.1% 32.4% -83.6% 197.7% 52.2% -48.1% (1,228) (1,215) 1,127 2,673
Total Non-operating Income(Loss) 69 (343) 45 22 283 212 10 83 (217) 589 791 780
Forex gain (loss) 35 (588) 0 0 54 10 0 0 (553) 64 0 0
Interest expense (40) (52) (50) (41) (39) 35 (38) 0 (182) (78) 0
Interest income 72 60 43 37 40 0 0 38 212 113 0 161 240
Net Investment Income (14) 155 0 0 (46) (2) 0 0 141 (48) 450 360
Investment Disposal Gain (loss) 0 0 0 0 0 0 0 0 0 0 0 0
Other income (expense) 6 82 52 26 280 202 10 45 166 537 180 180
Profit Before Taxes 333 (644) (471) (662) 172 (121) (497) (180) (1,445) (626) 1,917 3,453
Percent of Revenues 4.0% -8.2% -6.5% -9.4% 2.1% -1.5% -6.3% -2.4% -4.7% -2.0% 5.5% 9.1%
Change vs Year Ago -17.9% -1410.6% 1227.5% 3329.9% -48.4% -81.2% 5.5% -72.8%
Taxes (115) (30) (43) (32) (164) (128) (62) (22) (220) (377) (96) (173)
Tax Rate 34.6% -4.7% -9.0% -4.8% 95.8% -105.8% -12.5% -12.5% -15.2% -60.2% 5.0% 5.0%
Reported Income (TW GAAP) 217 -7.1% (694) 7 (249) (559) -7.1% (202) (1,665) (1,003) 1,822 3,280
Percent of Revenues 2.6% (675) -8.6% (513) -9.9% 0.1% -3.1% -2.7% -5.5% -3.2% 5.2% 8.6%
Change vs Year Ago -46.8% 3061.4% 386.9% 1011.9% -96.7% -63.1% 8.9% -70.8% -857.2% -39.7% -281.6% 80.1%
MW Diluted EPS (NTS, TW GAAP) 0.52 (1.61) (1.22) (1.65) 0.02 (0.58) (1.30) (0.47) (3.96) (2°5) 4.24 7.63
EBS Dilution (%) 11.9% 0.0% 0.0% 0.0% 11.9% 0.0% 0.0% 0.0% 11.9% -0.1% 11.9% 11.9%
Reported Basic EPS (NT$, GAAP) Sequential Change 0.52 -448.4% (1.61) -410.3% (1.22) -24.1% (1.65) 35.5% 0.02 -101.0% (0.58) -3509.8% (1.24) 124.5% (0.47) -63.8% (3.96) -856.7% (2.35) -40.7% 4.24 -280.5% 7.63 80.1%

Sourc : Company data, Morgan Stanl y R s arch M Update

Nuvoton: Valuation Methodology

PT is unchanged at NT$95.00: We factor in our earnings estimate changes. We maintain the other assumptions in our RI model, including a 9.2% cost of equity (beta of 1.2, riskfree rate of 2.0% and risk premium of 6.0%), payout ratio of 55%, a medium-term growth rate of 7.0% and a terminal growth rate of 3.5%. Our bull- and bear-case scenario values also are unchanged at NT$143.00 and NT$48.00, respectively.

Exhibit 3: RI mod l

(NT$ mn) 2026e 2027e 2028e 2029e 2030e 2031e 2032e 2033e 2034e 2035e 2036e 2037e
Total Equity 12,115 13,936 17,216 18,989 20,885 22,915 25,086 27,409 29,895 32,555 35,401 38,447
Net Profit (1,003) 1,822 3,280 3,510 3,755 4,018 4,300 4,601 4,923 5,267 5,636 6,030
ROAE NM 14.0% 21.1% 19.4% 18.8% 18.3% 17.9% 17.5% 17.2% 16.9% 16.6% 16.3%
Residual Income NA 580 1,653 1,754 1,830 1,911 1,997 2,089 2,187 2,293 2,405 2,525
Spread NA 4.8% 11.9% 10.2% 9.6% 9.1% 8.7% 8.3% 8.0% 7.7% 7.4% 7.1%
2026 1.00 0.92 0.84 0.77 0.70 0.64 0.59 0.54 0.49 0.45 0.41 0.38
Ending Equity Capital 12,115
PV of Forecast Period 11,205
PV of Continuing Value 17.412
Equity Value 40,731
No. of Shares 427
Projected Price (NTS) 95

Sourc : Company data, Morgan Stanl y R s arch stimat s

Exhibit 4: P/B

2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026

Sourc : Company data, Morgan Stanl y R s arch stimat s

M Update

Risk Reward - Nuvoton Technology Corporation (4919.TW) Risk Reward - Nuvoton Technology Corporation (4919.TW)

Awaiting gross margin recovery to turn positive

NT$95.00 PRICE TARGET

Base case, residual income model. We assume a 9.2% cost of equity (beta 1.2, risk-free rate 2.0% and risk premium 6.0%), a payout ratio of 55%, a medium-term growth rate of 7.0%, and a terminal growth rate of 3.5%.

RISK REWARD CHART

Key: Historical Stock Performance Current Stock Price Price Target

Source: Refinitiv, Morgan Stanley Research

BULL CASE

BASE CASE

UNDERWEIGHT THESIS

  • ▪Demand in the auto and industrial segments is recovering, but at a mild pace. ▪Nuvoton is well positioned to expand MPU share through bundled sales with Winbond's DDR4.
  • ▪We also see business opportunities in BMC/BMIC for AI servers.
  • ▪We expect the company to remain lossmaking in 4Q26 and are awaiting GM recovery before turning more positive on the stock, which we view as overvalued.

Risk Reward Themes

Contrarian:

Negative

Electric Vehicles:

Positive

Self-help:

Positive

View descriptions of Risk Rewards Themes here

BEAR CASE

34x 2027e EPS

NTCJ enjoys a 15%+ revenue CAGR over 2025-28. Operating margin improves to 10%, on average, in 2026-28.

24x 2027e EPS

NTCJ enjoys a 5% revenue CAGR over 202528. Operating margin fluctuates during 2025-28 between -4% and +7%, mainly reflecting R&D investment and pricing pressure on gross margin.

11x 2027e EPS

NTCJ has no revenue growth in 2025-28. Operating margin ~0% in 2026-28.

NT$48.00

NT$143.00

NT$95.00

M Update

Risk Reward - Nuvoton Technology Corporation (4919.TW)

KEY EARNINGS INPUTS

Drivers Dec 2025 Dec 2026e Dec 2027e Dec 2028e
Gross margin (%) 37 38 38 41
MCU ASP growth (%) (5) (1) (5) (6)
Operating margin (%) (5) (3) 5 9

INVESTMENT DRIVERS

  • MCU unit shipments
  • MCU pricing trend
  • Operating expenses
  • Automotive demand

GLOBAL REVENUE EXPOSURE

Source: Morgan Stanley Research Estimate View explanation of regional hierarchies here

RISKS TO PT/RATING

RISKS TO UPSIDE

  • MCU up-cycle is more sustained than expected.
  • China's MCU localization is faster than expected.
  • Traction from auto and BMC business is greater.
  • Margin improvement is more significant.

RISKS TO DOWNSIDE

  • MCU up-cycle ends earlier with severe pricing erosion.
  • China's MCU localization is slower than expected.
  • Traction from auto and BMC business is less.
  • Margins contract amid more intensified competition.

OWNERSHIP POSITIONING

Inst. Owners, % Active

31.8%

Source: Refinitiv, Morgan Stanley Research

MS ESTIMATES VS. CONSENSUS

FY Dec 2026e

Sales /

Revenue

(NT$, mn)

EBIT

31,293

Note: There are not sufficient brokers supplying consensus data for this metric

(1,215)

(NT$, mn) Note: There are not sufficient brokers supplying consensus data for this metric

EPS

(2.35)

(NT$)

ROE

(%)

Note: There are not sufficient brokers supplying consensus data for this metric

Note: There are not sufficient brokers supplying consensus data for this metric

Mean Morgan Stanley Estimates

Source: Refinitiv, Morgan Stanley Research M Update

Financial Summary

Exhibit 5: Nuvoton: Financial Summary

Income Statement, 2025-2028e, Year End Dec - (NT$ mn) Income Statement, 2025-2028e, Year End Dec - 2025 Income Statement, 2025-2028e, Year End Dec - 2026e Income Statement, 2025-2028e, Year End Dec - 2027e Income Statement, 2025-2028e, Year End Dec - 2028e Balance sheet - (NT$ mn) 2025 2026e 2027e 2028e
Turnover 30,492 31,293 34,719 38,053 Assets 10,730
YoY Growth -4.5% 2.6% 10.9% 9.6% Cash & Equivalents Marketable Security 7,203 1 5,850 1 6,078 1 1
Less: COGS (19,304) (19,461) (21,394) (22,466) A/R & N/R 3,964 4,227 5,489 5,487
Variable costs Inventories 6,217 6,420 7,942 7,587
Depreciation & amort Other Current Asset 917 917 917 917
Gross profit 11,189 11,832 13,325 15,586 Total current assets 18,301 17,414 20,427 24,721
YoY Growth -7.5% 5.7% 12.6% 17.0% LT Investment 863 815 1,265 1,625
% margin 36.7% 37.8% 38.4% 41.0% Total Fixed Assets 5,836 5,833 6,726 7,227
(13,047) (12,198) Total Other Assets 4,992 4,992 29,054 4,992 33,409 4,992 38,565
Operating Expenses: (12,417) (9,049) (9,462) (9,137) (12,914) (9,513) Total Assets 29,991
R&D Sales and Marketing (1,007) (994) (1,042) (1,142)
General and Admin (2,361) (2,275) (2,019) (2,259) A/P & N/P 2,187 2,252 2,786 2,661
Operating Profit (1,228) (1,215) 1,127 2,673 Accrued Expenses 13 13 13 13
YoY Growth -9669.4% -1.0% -192.7% 137.2% Other Payable 3,430 3,430 3,430 3,430
% margin -4.0% -39% 3.2% 7.0% Total Current Liab. 8,842 8,908 9,442 9,317
L-T Liabilities 4,865 4,865 6,865 8,865
Total Non-op (217) 589 791 780 Total Other L-T Liab 3,166 3,166 3,166 19,473 3,166 21,348
Pretax Profit (1,445) (626) 1,917 3,453 Total Liabilities 16,874 16,939
YoY Growth -461.5% -56.6% -406.1% 80.1% Common Stock 4,198 4,198 4,198 4,198
% margin -4.7% -2.0% 5.5% 9.1% Preferred Stock Capital Reserve 7,100 7,100 7,100 7,100
Tax (220) (377) (96) (173) Retained earnings 1,820 817 2,639 5,919
Net Income bf. Emp. Bonus (1,889) (1,002) 2,068 3,723 Treasury Stock 0 0 0 0
Employee bonus expense 225 (1) (246) (443) Total Equity 13,118 12,115 13,936 17,216
Reported Net Income (1,665) (1,003) 1,822 3,280 Total Liab. & Equity
Reported EPS (NTS) (3.96) (2.35) 4.24 7.63
ModelWare EPS (NTS) (3.96) (2.35) 4.24 7.63
Key Ratios Cash Flow Statement
2025 2026e 2027e 2028e (NT$ mn) 2025 2026e 2027e 2028e
Return (%) Net Income (1,665) (1,003) 1,822 3,280
ROAA (5.2%) (3.1%) 5.4% 9.1% Depreciation 1,767 1,039 201 664
ROAE (11.6%) (7.1%) 12.6% 21.1% Net Investment Losses (Gains) (0) 0 0 0
OP. ATO 164.6% 164.8% 150.3% 157.1% Others (392) (353) (2,700) (127)
Cash Flow-Operating (290) (318) (677) 3,816
Gearing (x)
Net Debt/ Equity (0.2x) (0.1x) 0.1x (0.1x) (Purchase) of FA (986) (1,035) (1,094) (1,165)
Current Ratio 2.1x 2.0x 2.2x 27× Sale of Fix Asset 3 0 0 0
Quick Ratio 1.3x 1.1x 1.2x 1.7x (Purchase)L-T Inv. 0 0 0 0
Sale of L-T Inv. 0 0 0 0
Operating Cycle Sale(Pur.)S-T Inv. 54 0 0 0
AR/NR Turnover (days) 54 55 53 52 Cash Flow-Investing (1,211) (1,035) (1,094) (1,165)
Inventory Turnover (days) 132 130 123 124
AP Turnover (days) 46 46 43 44 Inc(Dec)-S-T Debt (857) 0 2,000 2,000
Cash Conversion (days) 139 140 133 (168) 0 0 0
132 Dividend Paid 0
Dir.&Emp.Bonus 0 0 0 0 0
Proceed from New Issue 0 0
Dec/Inc-TreasureSt Others 0 4,348 0 0 0 0 0 0
Cash Flow-Financing 3,323 0 2,000 2,000
Change in Cash 1,499 (1,353) 229 4,652
Net cash/(debt), b/f 5,850 6,078
Net cash/(debt), c/f 5,704 7,203 7,203 5,850 6,078 10,730

Sourc : Company data, Morgan Stanl y R s arch stimat s M Update

  1. View explanation of Options Probabilities methodology -

Options_Probabilities_Exhibit_Link.pdf

  1. View descriptions of Risk Rewards Themes - RR_Themes_Exhibit_Link.pdf
  2. View explanation of regional hierarchies - GEG_Exhibit_Link.pdf
  3. View explanation of Theme/Exposure methodology -

ESG_Sustainable_Solutions_External_Link.pdf

  1. View explanation of HERS methodology - ESG_HERS_External_Link.pdf

M Update

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