報告_MS_華碩2357_20260812

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三張股價圖對應報告末段「Stock Price, Price Target and Rating History」章節，分別為華碩本身及同業比較（宏碁、聯想）；<40KB 未逐張列出（預設 logo）。

原始內容

M August 12, 2026 11:24 AM GMT

Asustek Computer Inc. | Asia Pacific

2Q OP beat MSe by 38% and consensus by 87%

AlphaSignals Earnings Reaction

Unchanged

Impact to our thesis

Source: Company data, Morgan Stanley Research

Key Takeaways

• We underestimated Asustek's pricing power, and expect the stock to react positively on the material 2Q beat.
• CY26 server revenue guidance raised to +150% y/y (up from +100% y/y).
• Management maintained its mid-term OpM guidance at 4-5%, which we view as conservative given the stronger revenue outlook.

2Q operating profit came in 38% above MSe and 87% above the Street:

• GM was 16.5% (+280bps q/q, +420bps y/y) - 390bps above MSe and 350bps above the Street
• OpM was 8.1% (+270bps q/q, +470bps y/y) - 230bps above MSe and 350bps above the Street
• Net profit reached NT$19.0B (+94% q/q and y/y) for EPS of NT$25.64, 34% above MSe and 79% above the Street
• 2Q mix: System 45%, Open Platform 19%, IS 36% (HGX 60%, NVL72 30%, General Server 10%)

3Q outlook:

• PC revenue +15% to 20% q/q (driven by volume and price, roughly 50/50)
• Component revenue +5-10% q/q
• Server revenue +10-15% q/q

Meaningful upside

Financial results versus consensus

Meaningful revision higher Direction of next 12-month consensus EPS

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

Asustek Computer Inc. (2357.TW, 2357 TT)

Greater China Technology Hardware | Taiwan

Stock Rating Industry View

Underweight In-Line

Price target

NT$700.00

Up/downside to price target (%)

(18)

Shr price, close (Aug 12, 2026)

NT$852.00

52-Week Range

NT$964.00-490.00

Sh out, dil, curr (mn)

743

Mkt cap, curr (mn)

NT$632,832

EV, curr (mn)

NT$544,316

Avg daily trading value (mn)

NT$2,918

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

** = Based on consensus methodology

§ = Consensus data is provided by Refinitiv Estimates

e = Morgan Stanley 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.

Update

Year to Dec. 31

(NTSm)

COGS

MSe

2Q26

MS Forecast Diff.%

2Q26E

Cons.

2Q26E

M

Operating income

Exhibit 1 : Asustek's 2Q26 result summary table

Pre-tax income

Income tax

Net income

EPS (NTS)

Margins

Gross margin

Operating margin

Pretax margin

Net margin

10,502

2,775

Source: Company data, Visible Alpha, Morgan Stanley Research estimates.

Q/Q

Y/Y

Diff. %

7%

36%

87%

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Valuation Methodology and Risks

Lenovo (0992.HK)

Base case, residual income model. Our key assumptions include a cost of equity of 9.3% (based on a beta of 1.1, risk-free rate of 2.0%), a medium-term growth rate of 5.0%, and a terminal growth rate of 3.0%.

Risks to Upside

• n Faster-than-expected smartphone and data center turnaround
• n Stronger PC demand recovery in China
• n Better cost savings and improved product mix
• n Lower-than-expected increase in memory price

Risks to Downside

• n Slower-than-expected smartphone and data center turnaround
• n Weaker PC demand recovery in China
• n Deterioration in cost savings and product mix
• n Higher-than-expected increase in memory price

Acer Inc. (2353.TW)

Base case, residual income model. We use RI model for Acer's valuation. Key assumptions include a cost of equity of 9.2% (beta of 0.9, equity risk premium of 10.2% and risk-free rate of 0.5%), a 6.0% medium-term growth rate, and a 3% terminal growth rate.

Risks to Upside

• n Stronger macro recovery than expected
• n Share gains in the PC market
• n Better-than-expected cost controls
• n Lower-than-expected increase in memory cost

Risks to Downside

• n Weaker macro recovery than expected
• n Share loss in the PC market
• n Worse-than-expected cost controls
• n Higher-than-expected increase in memory cost

Asustek Computer Inc. (2357.TW)

Base case, sum of the parts:

We apply a 9x multiple to Asustek's 2026 brand profits. This is somewhat below the midpoint of its historical band of 7-15x since 2009, which we view as fair because memory prices are rising and will have a negative impact on margins.

We value its stakes in Pegatron and Advantech based on our price targets in proportion to Asustek's holdings.

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Risks to Upside

• n Stronger global NB demand
• n Stronger AI server demand
• n Stronger ROG Ally demand
• n Better margin recovery
• n Slower rise of memory prices

Risks to Downside

• n Weaker global NB demand
• n Weaker AI server demand
• n Weaker ROG Ally demand
• n Slower margin recovery
• n Memory prices rises faster than expected

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Disclosure Section

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Analyst Certification

The following analysts hereby certify that their views about the companies and their securities discussed in this report are accurately expressed and that they have not received and will not receive direct or indirect compensation in exchange for expressing specific recommendations or views in this report: Howard Kao; Andy Meng, CFA.

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Important Regulatory Disclosures on Subject Companies

As of July 31, 2026, Morgan Stanley beneficially owned 1% or more of a class of common equity securities of the following companies covered in Morgan Stanley Research: AAC Technologies Holdings, Accelink Technologies Co. Ltd., Acer Inc., AirTAC International, Auras Technology Co Ltd, Catcher Technology, Chenbro, Compal Electronics, Delta Electronics Inc., E Ink Holdings Inc., Eoptolink Technology Inc Ltd, Fositek Corp, Genius Electronic Optical Co. Ltd., Gold Circuit Electronics Ltd., Hiwin Technologies Corp., Innolux, Inspur Electronic Information, LandMark Optoelectronics Corporation, LianChuang Electronic Technology Co Ltd, Lingyi Itech Guangdong Co, Lite-On Technology, Lotes Co. Ltd., Nan Ya PCB, Quanta Computer Inc., Sunny Optical, Suzhou TFC Optical Communication Co Ltd., Unimicron, Visual Photonics Epitaxy Co Ltd, Wistron Corporation, Wiwynn Corp, Xiaomi Corp, Yageo Corp., Yangtze Optical Fibre and Cable JSC Ltd, Zhejiang Crystal-Optech Co Ltd, Zhen Ding, Zhongji Innolight Co Ltd, ZTE Corporation.

Within the last 12 months, Morgan Stanley managed or co-managed a public offering (or 144A offering) of securities of Unimicron, Wistron Corporation, Wiwynn Corp, Zhen Ding, Zhongji Innolight Co Ltd.

Within the last 12 months, Morgan Stanley has received compensation for investment banking services from Lenovo, Unimicron, Wistron Corporation, Wiwynn Corp, Xiaomi Corp, Yageo Corp., Zhen Ding, Zhongji Innolight Co Ltd.

In the next 3 months, Morgan Stanley expects to receive or intends to seek compensation for investment banking services from AAC Technologies Holdings, Accton Technology Corporation, Acer Inc., Advantech, AirTAC International, Asia Vital Components Co. Ltd., Asustek Computer Inc. , AU Optronics, Bizlink, Catcher Technology, Chenbro, Compal Electronics, Delta Electronics Inc., E Ink Holdings Inc., Ennostar Inc, Eoptolink Technology Inc Ltd, FIT Hon Teng Ltd, Giga-Byte Technology Co. Ltd., GoerTek Inc, Gold Circuit Electronics Ltd., Hon Hai Precision, Innolux, Lenovo, Lens Technology, Lingyi Itech Guangdong Co, Lite-On Technology, Luxshare Precision Industry Co., Ltd., Pegatron Corporation, Q Technology (Group) Company Ltd, Quanta Computer Inc., Shanghai Conant Optical Co Ltd, Shenzhen Transsion Holdings Co Ltd, Suzhou TFC Optical Communication Co Ltd., TCL Corp., Unimicron, Wistron Corporation, Wiwynn Corp, Xiaomi Corp, Yageo Corp., Yangtze Optical Fibre and Cable JSC Ltd, Zhen Ding, Zhongji Innolight Co Ltd.

Within the last 12 months, Morgan Stanley has received compensation for products and services other than investment banking services from AAC Technologies Holdings, Accton Technology Corporation, Acer Inc., Asustek Computer Inc. , AU Optronics, BYD Electronics, Compal Electronics, E Ink Holdings Inc., Eoptolink Technology Inc Ltd, Giga-Byte Technology Co. Ltd., GoerTek Inc, Hon Hai Precision, Innolux, Lenovo, Lingyi Itech Guangdong Co, Quanta Computer Inc., Xiaomi Corp, Yageo Corp..

Within the last 12 months, Morgan Stanley has provided or is providing investment banking services to, or has an investment banking client relationship with, the following company: AAC Technologies Holdings, Accton Technology Corporation, Acer Inc., Advantech, AirTAC International, Asia Vital Components Co. Ltd., Asustek Computer Inc. , AU Optronics, Bizlink, Catcher Technology, Chenbro, Compal Electronics, Delta Electronics Inc., E Ink Holdings Inc., Ennostar Inc, Eoptolink Technology Inc Ltd, FIT Hon Teng Ltd, Giga-Byte Technology Co. Ltd., GoerTek Inc, Gold Circuit Electronics Ltd., Hon Hai Precision, Innolux, Lenovo, Lens Technology, Lingyi Itech Guangdong Co, Lite-On Technology, Luxshare Precision Industry Co., Ltd., Pegatron Corporation, Q Technology (Group) Company Ltd, Quanta Computer Inc., Shanghai Conant Optical Co Ltd, Shenzhen Transsion Holdings Co Ltd, Suzhou TFC Optical Communication Co Ltd., TCL Corp., Unimicron, Wistron Corporation, Wiwynn Corp, Xiaomi Corp, Yageo Corp., Yangtze Optical Fibre and Cable JSC Ltd, Zhen Ding, Zhongji Innolight Co Ltd.

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M

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Analyst Industry Views

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Stock Price, Price Target and Rating History (See Rating Definitions)

80

13 0 0

1200

70 + E/I

1000

60

900

50

800

700

40

600

500

$ 0

400

20

300

200

10

100

08/01

2028

2025

Industry : Greater China Technology Hardware

Asustek Computer Inc. (2357.TW) - As of 08/12/26 GMT in TWD

Acer Inc. (2353.TW) - As of 08/12/26 GMT in TWD

Industry : Greater China Technology Hardware

M

• U/I

• E/I

715 FIS

relative to the analyst?s industry

06/01

Industry View: Attractive dAb In-line iI Cautious (C) No Rating Effective January 10, 2014, the stocks covered by Morgan Stanley Asia Pacific will be rated Stock and Industry Ratings cabbraviations below, appear as * Stock Rating/Industry View Stock Ratings: Querueight coo Equal-night dE) Underueight dup Not-Rated iNR. No Rating Available ina.

cor industry team'si courage. Effective January 15, 2014, the industry view benchwarks for Morgan Stanley Asia Pacific are as follous! relevant MSCI country Industry View: Attracting cao No Rating iNRI Effective January 10, 2014, the stocks covered by Horgan Stanley Asia Pacifie will be rated relative to the analysts industry ion industry team'si coverage.

index or MSCI sub-regional index or MSCI AC Asia Pacific ex Japan Index.

Etfective January 10. 2014, the industry view benchmarks for Horgan Stanley Asia Pacific are as follous! relauant MSCI country index or MSCI sub-regional index or HSCI AC Asia Pacific ex Japan Index.

• U/1

475

45

40 + 0/1

35

$0

25

20

15

5

06/01

2025

2/5/25 : 0/17 11/16/25 : E/I; 7/10/25 : 0/1

7/10/26 : 60F 8/7/26 : 94

Lenovo (0992.HK) - As of 08/12/26 GMT in HKD

Industry : Greater China Technology Hardware

M

$ 0/1

34

$ 0,

Source: Morgan Stanley Research Date Format. : MM/DD./Y7 Price Target. No Price Target Assigned ¿NAS Stock Price iNot Covered by Current Analyst Stock Price (Covered by Current Analyst imm Stock and Industry Ratings cabbraviations below, appear as + Stock Rating/Industry View

Stock Ratings: Querueight 600 Equal-weight. (E) Underweight 60) Not.-Rated (NR) No Rating Available iNA Industry View: Attractine CAD In-line tIl Cautious ceo No Rating CNRy Effective January 16, 2014, the stocks covered by Morgan Stanley Asia Pacifie will be rated relative to the analyst's industry

Cor industry team si courage. Effective January 15, 2014, the industry view benchwarks for Morgan Stanley Asia Pacific are as follous! releuant MSCI country index or MSCI sub-regional index or MSCI AC Asia Pacific ex Japan Index.

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INDUSTRY COVERAGE: Greater China Technology Hardware

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