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原始內容
M August 9, 2026 08:10 PM GMT
Wiwynn Corp | Asia Pacific
2Q26 OpM in line with expectations; stay OW
AlphaSignals Earnings Reaction
Unchanged
Impact to our thesis
Source: Company data, Morgan Stanley Research
Key Takeaways
- 2Q GM is up 200bps q/q because no GB racks were shipped, and memory and CPU were excluded from revenue and COGS for certain customers from April.
- With Wistron reporting some days earlier, Wiwynn's OpM could be backed out at ~7.3%, in line with expectations; see report.
- It is a gen server supplier to three hyperscalers (MSFT, META, AMZN) and will potentially supply to GOOG; also key supplier of AMD Helios racks for META/ ORCL.
- Valuation attractive at 13x CY27e / 11x CY28e P/E vs. three-year historical range of 6-20x.
More details:
- 2Q GM was 9.3% (+200bps q/q), 120/90bps above MSe/Street, which we attribute to a higher consignment model mix in the quarter.
- 2Q opex was higher, primarily from higher R&D expenses related to upcoming new projects (+99% q/q), so OP came in at NT$20.2bn (+23% q/q, +69% y/y), 7% below MSe but 2% above consensus. OpM is 7.3% (+160bps q/q), while showing 70bps beat vs. our prior estimate and 30bps above the Street, but we view it as in line because Wistron had already reported a few days earlier and we were able to back out Wiwynn's OpM at ~7.3% already, which we mentioned in our Wistron report here.
- Non-op losses also higher than expected, mainly owing to higher interest expenses.
- Thus, NP came in at NT$15bn (+9% q/q, +53% y/y), for EPS of NT$80.55, 7% below MSe but in line with the Street.
Modest upside
Financial results versus consensus
Modest revision higher
Direction of next 12-month consensus EPS
Update
Morgan Stanley Taiwan Limited+
Howard Kao
Equity Analyst
Howard.Kao@morganstanley.com
+886 2 2730-2989
Irene Yen
Research Associate
Irene.Yen@morganstanley.com
+886 2 2730-2869
Morgan Stanley Asia Limited+
Andy Meng, CFA
Equity Analyst
Andy.Meng@morganstanley.com
+852 2239-7689
Wiwynn Corp (6669.TW, 6669 TT)
Top Pick
Greater China Technology Hardware | Taiwan
| Stock Rating | Overweight |
|---|---|
| Industry View | In-Line |
| Price target | NT$7,500.00 |
| Up/downside to price target (%) | 23 |
| Shr price, close (Aug 7, 2026) | NT$6,100.00 |
| 52-Week Range | NT$6,400.00- |
| 2,745.00 | |
| Sh out, dil, curr (mn) | 169 |
| Mkt cap, curr (mn) | NT$1,033,291 |
| EV, curr (mn) | NT$1,023,609 |
| Avg daily trading value (mn) | NT$8,368 |
| Fiscal Year Ending | 12/25 | 12/26e | 12/27e | 12/28e |
|---|---|---|---|---|
| EPS (NT$)** | 275.06 | 357.51 | 466.82 | 539.38 |
| Prior EPS (NT$)** | - | - | - | - |
| EPS (NT$)§ | 273.61 | 352.92 | 500.66 | 638.58 |
| Revenue, net (NT$ mn) | 950,663 | 1,335,59 | 2,344,05 | 2,150,77 |
| 6 | 6 | 4 | ||
| EBITDA (NT$ mn) | 66,608 | 89,227 | 118,746 | 137,320 |
| ModelWare net inc (NT | 51,118 | 66,440 | 86,755 | 100,241 |
| $ mn) | ||||
| P/E | 16.9 | 17.7 | 13.6 | 11.7 |
| P/BV | 6.9 | 7.2 | 5.5 | 4.4 |
| RNOA (%) | 105.7 | 58.4 | 53.7 | 38.4 |
| ROE (%) | 58.0 | 53.3 | 52.8 | 46.4 |
| EV/EBITDA | 12.9 | 11.6 | 9.1 | 7.4 |
| Div yld (%) | 1.6 | 2.4 | 3.1 | 4.0 |
| FCF yld ratio (%)** | (1.8) | 1.5 | (1.2) | 9.4 |
| Leverage (EOP) (%) | (7.8) | (0.0) | 22.7 | (5.9) |
Unless otherwise noted, all metrics are based on Morgan Stanley ModelWare framework
** = Based on consensus methodology
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.