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原始內容
M August 10, 2026 06:23 PM GMT
AllRing Tech Co. | Asia Pacific
2Q Earnings - Strong Beat; New US Advanced Packaging Order Secured; OW
Key Takeaways
- 2Q gross margin expanded 3ppt Q/Q, to 54.8%. It exceeded our estimate by 2.9ppt and the Street by 2.3ppt, supported by a rise of CoWoS in the mix.
- We expect 3Q revenue to grow at least 30% Q/Q thanks to CoWoS, with gross margin holding in the 54-55% range.
- CPO revenue remains on track to ramp in 4Q. We expect 75 equipment units shipped in 2026e and 200+ in 2027e to support two major customers.
- For CoPoS, we expect TSMC to complete trial production qualification in mid2027 and volume production starting in 1H28.
- Our supply chain checks suggest that AllRing has secured a new dispensing solution order from the US advanced packaging customer; volume shipments start 2027.
Other 2Q details:
- EPS reached NT$8.5, 42% above our estimate/41% above the Street, thanks mainly to strong non-op gains.
- Revenue rose 67% Q/Q and 55% Y/Y, 5% above our estimate/1% above the Street.
- OpM climbed 10ppt Q/Q, to 33.2%, topping our 29% estimate.
Stay OW: We view the current 25x 2027e P/E as an attractive entry point for longrun opportunities in CPO, CoWoS, SoIC, and CoPoS.
AllRing will host an on-site earnings call on August 27.
Exhibit 1 : AllRing: 2Q26 Earnings Review
| NT$ mn | Actual 2Q26 | QoQ | YoY | MS 2Q26e | Diff.% | Consensus | Diff.% |
|---|---|---|---|---|---|---|---|
| Net sales | 2,355 | 67% | 55% | 2,241 | 5% | 2,326 | 1% |
| Gross profit | 1,290 | 176% | 63% | 1,162 | 11% | 1,221 | 6% |
| Operating profit | 783 | 139% | 69% | 649 | 21% | 689 | 14% |
| Pretax Income | 957 | 147% | 89% | 693 | 38% | 723 | 32% |
| Net income | 827 | 155% | 107% | 575 | 44% | 628 | 32% |
| Basic EPS | 8.50 | 5.98 | 42% | 6.03 | 41% | ||
| Margins | |||||||
| Gross margin | 54.8% | 51.8% | 52.5% | ||||
| Operating margin | 33.2% | 29.0% | 29.6% | ||||
| Pretax margin | 40.6% | 30.9% | 31.1% | ||||
| Net margin | 35.1% | 25.7% | 27.0% | ||||
| Opex% | 21.5% | 22.9% | 22.9% |
Source: Company data, Bloomberg, Morgan Stanley Research estimates
Morgan Stanley Taiwan Limited+
Update
| Tiffany Yeh Equity Analyst Tiffany.Yeh@morganstanley.com | +886 2 7712-3032 |
|---|---|
| Charlie Chan Equity Analyst Charlie.Chan@morganstanley.com | +886 2 2730-1725 |
| Daniel Yen, CFA Equity Analyst Daniel.Yen@morganstanley.com | +886 2 2730-2863 |
| Daisy Dai, CFA Equity Analyst Daisy.Dai@morganstanley.com | +852 2848-7310 |
| Lucas Wang Research Associate Lucas.Wang@morganstanley.com | |
| Morgan Stanley Asia Limited+ | +886 2 2730-2875 |
| Henry Zhao Research Associate Henry.Zhao@morganstanley.com | +852 2239-7731 |
| Ethan Jia Research Associate Ethan.Jia@morganstanley.com | +852 3963-2287 |
AllRing Tech Co. (6187.TWO, 6187 TT)
Greater China Technology Semiconductors | Taiwan
| Stock Rating | Overweight |
|---|---|
| Industry View | Attractive |
| Price target | NT$1,580.00 |
| Up/downside to price target (%) | 45 |
| Shr price, close (Aug 10, 2026) | NT$1,090.00 |
| 52-Week Range | NT$1,490.00-307.50 |
| Sh out, dil, curr (mn) | 96 |
| Mkt cap, curr (mn) | NT$104,721 |
| EV, curr (mn) | NT$100,824 |
| Avg daily trading value (mn) | NT$1,793 |
| Fiscal Year Ending | 12/25 | 12/26e | 12/27e | 12/28e |
|---|---|---|---|---|
| EPS (NT$)** | 15.46 | 25.48 | 39.79 | 44.89 |
| Prior EPS (NT$)** | - | - | - | - |
| EPS (NT$)§ | 13.86 | 25.50 | 41.70 | 60.64 |
| Revenue, net (NT$ mn) | 5,366 | 9,405 | 14,955 | 16,655 |
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