PDF 原檔：報告_MS_2059川湖_20260719_original.pdf
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62KB | 真資料圖 | Risk-Reward 圖：現價 NT$7,890、MS PT NT$10,000（+26.74%）、bull NT$13,000／bear NT$5,000，consensus PT 分布 NT$4,200–12,000 |
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原始內容
M July 19, 2026 11:13 PM GMT
King Slide Works Co. Ltd. | Asia Pacific
Numbers Speak for Themselves
| What's Changed King Slide Works Co. | From | To |
|---|---|---|
| Price Target | NT$6,650.00 | NT$10,000.00 |
We expect strong revenue momentum to be sustained into 2H26, driving 134%/143% of revenue/net profit growth for fullyear 2026. We remain OW and lift our PT by 50% to NT $10,000 (30x 2027e P/E).
2Q26 EPS estimated at NT$65.22: King Slide delivered strong preliminary 2Q26 revenue of NT$10,830mn (+99% QoQ/+156% YoY). We think the strength was driven by pull-in from existing and new projects in both GPU and ASIC AI clusters. We expect gross margin in 2Q26 to further expand by 0.4ppt to 78.1%, as new projects usually carry higher margins. Moreover, the much larger revenue scale should yield some operating leverage, so we estimate operating margin will expand by 4.5ppt to 71.6%. With non-op gains seen at NT$137mn, we forecast net profit of NT$6,216mn (78% QoQ/912% YoY), or EPS of NT$65.22.
Momentum sustained into 2H26: There may be some concerns that revenue growth in 2Q26 was helped by some earlier pull-in, but we believe that is less likely to be the case and think the order outlook remains strong heading into 2H26, as there will be multiple projects entering the mass production stage. For the longer term, on top of continuous growth of AI servers, we see a favorable trend of increasing adoption of rail kits among hardware devices sitting on racks in AI clusters, e.g., CPU racks, switch racks, power racks, etc., mainly for the ease of maintenance and repair.
Capacity not the gating factor: Although monthly sales scale has more than doubled in the past quarter, we think King Slide still has plenty room in existing capacity to support further growth ahead as it keeps improving output via better efficiency and more work shifts. Also, it will have US capacity coming online this Sep/Oct and a new Kaohsiung factory in 2H27. Lastly, it has secured another piece of land in Kaohsiung next to its existing one that could accommodate a greenfield project to potentially double its existing capacity when fully operational.
Stay OW, raise PT to NT$10,000: We believe King Slide's superior profitability, i.e., GM of 75-80% and OPM of 70-75%, is reflection of its competitiveness entrenched by a comprehensive patent portfolio, solid execution and strong customer relationships. We are of the view that its margins are sustainable or could even expand gradually in the coming years, but we note that its earnings growth seems to be driven more by the top-line growth given the relative high base in its profitability. We raise our 2026-28 earnings estimates by 50-73% to mainly factor in stronger revenue growth assumptions; our PT increases to NT$10,000 (from NT$6,650), based on a 30x 2027e P/E (from 34x to factor in the volatile sentiment toward AI), implying a PEG of 0.5 off our 56% operating profit CAGR for 2026-28e.
| Morgan Stanley Taiwan Limited+ Derrick Yang Equity Analyst Derrick.Yang@morganstanley.com | +886 2 2730-2862 |
|---|---|
| Vivi Huang Research Associate Vivi.Huang@morganstanley.com | |
| Morgan Stanley Asia Limited+ Andy Meng, CFA Equity Analyst | +886 2 2730-2860 |
| Andy.Meng@morganstanley.com | +852 2239-7689 |
King Slide Works Co. Ltd. (2059.TW, 2059 TT)
Greater China Technology Hardware | Taiwan
Stock Rating
Industry View
Price target
Up/downside to price target (%)
Shr price, close (Jul 17, 2026)
52-Week Range
Sh out, dil, curr (mn)
Mkt cap, curr (mn)
EV, curr (mn)
Avg daily trading value (mn)
Overweight In-Line
NT$10,000.00
27
NT$7,890.00
NT$8,900.00-
2,200.00
95
NT$751,894
NT$728,192
NT$3,313
| Fiscal Year Ending | 12/25 | 12/26e | 12/27e | 12/28e |
|---|---|---|---|---|
| EPS (NT$)** | 103.23 | 251.07 | 328.77 | 390.77 |
| Prior EPS (NT$)** | - | 167.77 | 193.77 | 225.77 |
| EPS (NT$)§ | 100.25 | 199.22 | 261.66 | 328.36 |
| Revenue, net (NT$ mn) | 17,501 | 40,888 | 53,803 | 64,198 |
| EBITDA (NT$ mn) | 12,449 | 45,058 | 55,247 | 46,731 |
| ModelWare net inc (NT | 9,837 | 39,642 | 47,546 | 37,375 |
| $ mn) | ||||
| P/E | 36.3 | 19.0 | 15.8 | 20.1 |
| RNOA (%) | 216.6 | 818.5 | 973.6 | 785.6 |
| ROE (%) | 46.2 | 141.4 | 107.9 | 56.9 |
| EV/EBITDA | 26.8 | 15.8 | 12.5 | 14.2 |
| Div yld (%) | 0.9 | 1.0 | 1.3 | 1.5 |
| FCF yld ratio (%)** | 2.9 | 5.3 | 6.3 | 4.9 |
| Leverage (EOP) (%) | (84.6) | (89.9) | (92.9) | (94.7) |
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.