Stock LLM Wiki

報告_Macquarie_世芯3661_20260918

更新 2026-09-24

PDF 原檔:報告_Macquarie_世芯3661_20260918_original.pdf

圖片清單(已驗證 2026-09-24)

檔名 size 分類 親眼所見內容
報告_Macquarie_世芯3661_20260918_001.png 36.5KB 真資料圖 3661 股價(藍線,左軸)vs Rel TAIEX(橘線,右軸)走勢圖,附綠色圓點標示歷次目標價,下方 O/N/U 評等歷史色帶
報告_Macquarie_世芯3661_20260918_002.png 60.6KB 真資料圖 Sales by region 堆疊柱狀圖(Japan/Asia Pacific/North America/Others),1Q22-2Q26 按季,2Q26 North America 占比降至 51%、Asia Pacific 升至 25%
報告_Macquarie_世芯3661_20260918_003.png 54.7KB 真資料圖 Sales by application 堆疊柱狀圖(HPC incl. CPU&AI/Niche/Network/Consumer Elec),1Q22-2Q26 按季,HPC 占比多數季度 >80%,2Q26 為 50%
報告_Macquarie_世芯3661_20260918_004.png 42.7KB 真資料圖 「3661 Alchip」月營收折線圖(NT$m),Jan-Dec,2017-2026 逐年疊圖,2026(紅線)自 6 月起大幅高於歷史各年、8 月達約 NT$8,700mn
報告_Macquarie_世芯3661_20260918_005.png 25.7KB 裝飾·logo·banner 未逐張 Read(<40KB),Figure 6 QFII holdings (%) 折線圖
報告_Macquarie_世芯3661_20260918_006.png 44.2KB 真資料圖 12-month forward P/E band 圖,股價(紅線)疊 4x/15x/26x/37x/48x 倍數帶,2026 股價落於 15x-26x 帶內
報告_Macquarie_世芯3661_20260918_007.png 40.6KB 真資料圖 12-month forward P/B band 圖,股價(紅線)疊 0.8x/2.4x/4x/5.6x/7.2x 倍數帶
報告_Macquarie_世芯3661_20260918_008.png 42.2KB 真資料圖 IC design 同業 P/E valuation 散點圖(eMemory/Aspeed/Silergy/Alchip/GUC/Parade/Phison/MediaTek/Realtek/Novatek),含 Historical 12m fwd PER 與 2025/2026/2027 PEx 三色點;Alchip 2026PEx 約 27x、2027PEx 約 21x
報告_Macquarie_世芯3661_20260918_009.png 16.7KB 裝飾·logo·banner 未逐張 Read(<40KB),Alpha Model Rank 歷史走勢圖
報告_Macquarie_世芯3661_20260918_010.png 14.6KB 裝飾·logo·banner 未逐張 Read(<40KB),Drivers of Stock Return 分解圖
報告_Macquarie_世芯3661_20260918_011.png 17.2KB 裝飾·logo·banner 未逐張 Read(<40KB),Alpha Model 同業因子貢獻圖
報告_Macquarie_世芯3661_20260918_012.png 46.1KB 真資料圖 3661 股價(藍線)vs TAIEX(橘線)走勢圖,雙軸不同於 001(001 為相對表現+評等歷史色帶,本圖為絕對股價+TAIEX+歷次目標價綠點),下方同樣附 O/N/U 評等色帶

原始內容

Technology

Alchip Technologies

Growth acceleration under way

Key Points

  • Alchip's 3nm AI ASIC project ramped in 2Q26 and has driven strong HoH and YoY growth from 2H26.
  • ·We believe the 3nm AI ASIC ramp-up and next-generation tape-out in late-2026 are key catalysts for Alchip shares.
  • ·While we do not forecast additional CSP projects, the company is "highly confident" it can secure another major CSP customer.

Expect 100%+ sales CAGR in 2026/27

  • We believe share-price upside could be driven by: 1) the successful ramp of its key customer's 3nm AI ASIC (shipments from June), 2) success in winning the key customer's next-generation projects (tape out in late-2026), and 3) other key projects, including networking-related projects that could help drive 2027 and beyond sales growth, along with multiple ADAS projects (the first major project ramped up in 1Q26).
  • We maintain our positive long-term view on ASIC industry growth, driven by the continued outsourcing of IC design services to Asia, supported by a large talent pool and lower costs, and by Alchip's strong competitive position and track record. We are not concerned about Alchip's key customer's agreements with other semiconductor peers. We believe these agreements highlight the large, growing TAM for the customer's AI ASIC and related ecosystem. We also note that Alchip's largest customer has invested in Alchip stock twice.
  • Company remains bullish through at least 2029: During its 2Q26 analyst meeting in August, the company reiterated that sales should be "at least in line with AI ASIC industry growth through 2029." The company also expressed confidence in 3nm AI ASIC sales from June 2026 and in the successful tape-out of its next-generation AI ASIC project before year-end.

Earnings changes: We raise our 2026E/2027E/2028E EPS rep by 9%/27%/20% to reflect the higher scale of AI ASIC projects.

Valuation: We raise our target price 4% to NT$6,784, based on a 26x 2028E PER, from NT$6,542, based on a 30x 2028E PER. Our new multiple is back in line with the historical average and to reflect high customer concentration.

Catalysts: Sustained revenue growth from June; successful tape-out of a next-generation project in 2H26.

Investment Thesis and Recommendation

As a key AI beneficiary with a strong track record of successful leadingedge project ramps, we continue to believe in Alchip's long-term growth outlook and remain positive on AI ASIC industry growth. Link to prior Alchip research.

Semicons & Semicon Equip Taiwan

Jeffrey Ohlweiler

Leo Tsai

3661 TT Price (at 18 Sep 2026) 12-month target 12-month TSR (%) Volatility Index Market Cap (Local) (m) Market Cap (USD) (m) Free Float (%) 30-day avg turnover (USD) (m)

Outperform TWD3,540 TWD6,784 94.8 Very High 305,520 9,583 97

280.8

Investment Fundamentals

Year end 31 Dec 2025A 2026E 2027E 2028E
Revenue (m) 30.9 66.8 126.0 157.0
Revenue growth (%) (40.5) 116.1 88.5 24.6
EBIT (m) 5.0 12.8 20.2 25.7
EBIT growth (%) (22.8) 154.9 57.6 27.5
Reported profit (m) 5.6 11.8 17.7 22.0
Adjusted profit (m) 5.6 11.8 17.7 22.0
EPS rep [TWD] 69.2 142.7 209.9 260.9
EPS rep growth (%) (15.2) 106.1 47.1 24.3
EPS adj [TWD] 69.2 141.6 209.9 260.9
EPS adj growth (%) (15.1) 104.5 48.2 24.3
Net debt/equity (%) (95.2) (29.9) (36.7) (64.5)
ROA (%) 9.3 15.5 17.8 19.9
ROE (%) 14.0 22.3 25.3 27.5
PER rep (x) 51.1 24.8 16.9 13.6
PER adj (x) 51.1 25.0 16.9 13.6
EV/EBITDA (x) 26.6 14.2 9.4 7.5
P/BV (x) 7.0 4.6 4.0 3.5
Total div yield (%) 1.0 2.0 2.9 3.7
Quant (rank vs. global sector) Quant (rank vs. global sector) 442 / 675 442 / 675 442 / 675

3661 TT rel TAIEX performance, & rec history

Source: FactSet, Macquarie Research, Sep 2026 (all figures in TWD unless noted, TP in TWD)

Key Risks to Investment Thesis

  • Project ramp-up delays or failure to reach mass production, resulting in lower-than-expected scale.
  • Order reductions from key customers, including potential impacts from US semiconductor regulations, leading to sales or earnings misses.
  • Failure to secure key customers' next-generation projects.

Figure 1 - Alchip - Sales by region

Company Description

Alchip is a IC design service companies that assists IC design and system companies to complete chip designs. Their revenues come in two main streams: 1) NRE (non-recurring engineering) which is the service provided starting with the back-end design of the semiconductor to tape out at foundry. 2) Turnkey occurs when Alchip assists customers in placing wafer orders to foundries (TSMC) and delivering final wafers to customers.

Figure 2 - Alchip - Sales by application

Source: Company data, Macquarie Research, September 2026

Source: Company data, Macquarie Research, September 2026

Alchip Technologies (3661 TT) TWD/(m) unless otherwise noted

Income Statement Dec FY 2025A 2026E 2027E 2028E Balance Sheet 2025A 2026E 2027E 2028E
Revenue 30.9 66.8 126.0 157.0 - - Cash 38.9 19.6 27.3 55.2
Cost of Goods Sold 22.8 50.0 100.8 125.6 - - Receivables 3.3 21.8 24.0 32.0
Gross Profit 8.2 16.9 25.2 31.4 - - Inventories 6.9 58.5 60.1 42.9
EBITDA 8.1 15.9 23.8 30.0 - - Investments 2.2 2.9 2.9 2.9
Depreciation 2.7 2.6 3.1 3.8 - - Fixed Assets 1.5 0.3 0.6 0.6
Amortisation 0.3 0.5 0.5 0.5 - - Intangibles 0.0 0.0 0.0 0.0
EBIT 5.0 12.8 20.2 25.7 - - Other Assets 5.3 3.6 4.5 5.1
Net Interest Income 1.6 1.4 1.0 0.6 - - Total Assets 58.0 106.8 119.4 138.6
Associates (0.0) (0.0) 0.0 0.0 - - Payables 2.0 19.8 23.5 31.5
Exceptionals 0.0 0.0 0.0 0.0 - - Short Term Debt 0.0 0.0 0.0 0.0
Forex Gains / Losses 0.0 0.0 0.0 0.0 - - Long Term Debt 0.0 0.0 0.0 0.0
Other Pre-Tax Income 0.1 0.0 0.0 0.0 - - Other Liabilities 15.2 21.5 21.5 21.5
Pre-Tax Profit 6.7 14.3 21.2 26.3 - - Total Liabilities 17.2 41.2 45.0 53.0
Tax Expense (1.1) (2.4) (3.5) (4.3) - - Shareholders' Funds 40.0 64.1 73.0 84.1
Net Profit 5.6 11.8 17.7 22.0 - - Minority Interests 0.0 0.0 0.0 0.0
Minority Interests 0.0 0.0 0.0 0.0 - - Other 0.8 1.4 1.4 1.4
Reported Earnings 5.6 11.8 17.7 22.0 - - Total S/H Equity 40.8 65.5 74.4 85.5
Adjusted Earnings 5.6 11.8 17.7 22.0 - - Total Liab & S/H Funds 58.0 106.8 119.4 138.6
Basic Shares Outstanding 0.1 0.1 0.1 0.1 - - Net Debt / Equity (%) (95.2) (29.9) (36.7) (64.5)
Diluted Shares Outstanding 0.1 0.1 0.1 0.1 - - Interest Cover (x) NM NM NM NM
EPS (rep) [TWD] 69.2 142.7 209.9 260.9 - - ROE (%) 14.0 22.3 25.3 27.5
EPS (adj) [TWD] 69.2 141.6 209.9 260.9 - - ROA (%) 9.3 15.5 17.8 19.9
Total DPS [TWD] 34.4 70.4 104.3 129.7 - - ROIC (%) 41.6 546.4 36.7 45.6
Ratio 2025A 2026E 2027E 2028E Cash Flow Analysis 2025A 2026E 2027E 2028E
Revenue Growth (%) (40.5) 116.1 88.5 24.6 - - EBITDA 8.1 15.9 23.8 30.0
EBITDA Growth (%) (11.6) 96.7 49.8 26.1 - - Tax Paid (1.1) (2.4) (3.5) (4.3)
EBIT Growth (%) (22.8) 154.9 57.6 27.5 - - Chgs in Working Cap 2.7 (51.9) (0.0) 17.3
EPS Growth (adj) (%) (15.1) 104.5 48.2 24.3 - - Net Interest Paid 1.6 1.4 1.0 0.6
Gross Profit Margin (%) 26.4 25.2 20.0 20.0 - - Other 4.1 5.3 0.4 0.4
EBITDA Margin (%) 26.1 23.8 18.9 19.1 - - Operating Cashflow 15.3 (31.7) 21.7 44.0
EBIT Margin (%) 16.2 19.1 16.0 16.4 - - Acquisitions (4.6) (7.9) 0.0 0.0
Net Profit Margin (%) 18.1 17.7 14.1 14.0 - - Capex (2.3) (2.1) (3.6) (3.6)
Payout Ratio (%) 49.7 49.7 49.7 49.7 - - Other 1.1 (0.3) (1.6) (1.6)
PE (rep) (x) 51.1 24.8 16.9 13.6 - - Investing Cashflow (5.8) (10.3) (5.2) (5.2)
PE (adj) (x) 51.1 25.0 16.9 13.6 - - Dividend (Ordinary) (2.9) (5.9) (8.8) (10.9)
EV/EBITDA (x) 26.6 14.2 9.4 7.5 - - Equity Raised 0.0 20.8 0.0 0.0
EV/EBIT (x) 43.8 17.9 11.4 8.9 - - Debt Movements 0.0 0.0 0.0 0.0
Price/Book (x) 7.0 4.6 4.0 3.5 - - Other 0.3 0.1 0.0 0.0
Total Div Yield (%) (2.7) 14.9 (8.8) (10.9)
1.0 2.0 2.9 3.7 - - Financing Cashflow (26.7)
Net Chg in Cash/Debt 5.6 7.7 27.8
Free Cashflow 13.0 (33.9) 18.1 40.4

Source: Company data, Macquarie Research Sep 2026

Figure 3 - AI ASIC project landscape

Company Chip Process Design service provider AI card assembler AI server assembler Memory specs AI server assembler Memory specs Memory bandwidth Mass production Comments
AWS
Inferentia 2 7nm TSMC Alchip (back-end) Accton Wiwynn HBM2e 32GB (2x16) 820 GB/s 2H22 ~50% of Alchip's 2023 sales
Inferentia 2.5 / Trainium 2 5nm TSMC Marvell (back-end) Accton Wiwynn HBM3 96GB (6x16) 2,900 GB/s 2H24
Trainium 3 3nm TSMC Alchip (back-end) Accton/Fabrinet Wiwynn 1H26
Trainium 4 2nm TSMC Alchip (back-end) Accton/Fabrinet Wiwynn 2027
Graviton v3 (CPU) 5nm TSMC AWS in-house Wiwynn/Hon Hai 2022 ARM Neoverse / Annapurna Labs
Graviton v4 (CPU) 4nm TSMC AWS in-house Wiwynn/Hon Hai 2024 Over the past 2 years, 50%+ CPU deployed in AWS is Graviton
Google
TPUv5p 7nm TSMC Broadcom Celestica Celestica HBM2e 95GB 2,765 GB/s 2023
TPUv6e (Trillium) 5nm TSMC Broadcom Celestica Celestica HBM3/3e 32GB 1,600 GB/s 2024
TPUv6p 3nm TSMC Broadcom Celestica Celestica 2025
TPUv7e 3nm TSMC Mediatek (back-end & I/O) Celestica Celestica 2H25 T/O in 4Q25. Core processor: N3. I/O: N4. CoWoS-S.
TPUv7p (Ironwood) 3nm TSMC Broadcom Celestica Celestica 2H25
TPUv8i 3nm TSMC Broadcom Celestica Celestica 2H26
TPUv8t 3nm TSMC Mediatek (back-end & I/O) Celestica Celestica 2H26
Axion (CPU) 5nm TSMC Marvell (back-end) DDR5 576GB 1H24
Axion 2 (CPU) 3nm TSMC GUC (wafer logistics mgnt) 2026
MSFT
Maia 100 5nm TSMC GUC (wafer logistics mgnt) n.a. HBM2e 64GB (4x16) 1,800 GB/s 1H24 Project has failed
Maia 200 3nm TSMC Marvell (back-end) 2026
Cobalt 100 (CPU) 5nm TSMC GUC (wafer logistics mgnt) DDR5 12 channel 2H24 ARM
Cobalt 200 (CPU) 3nm TSMC GUC (wafer logistics mgnt) 2026 ARM
Meta
MTIA 7nm TSMC Broadcom n.a. Wiwynn LPDDR5 128GB 2H23-1H24 RISC-V (Andes)
MTIA v2 5nm TSMC Broadcom Wiwynn LPDDR5 128GB 204.8 GB/s 2H25
MTIA v3/MTIA T-V1 3nm TSMC Broadcom Quanta / Celestica HBM3E 2H26
(CPU gen 1) 3nm TSMC SocioNext 2026 ARM
Intel (Habana)
Gaudi 2 7nm TSMC Alchip (back-end) Accton Wiwynn HBM2E 96GB (6x16) 2,450 GB/s 2H23
Gaudi 3 5nm TSMC Alchip (back-end) Accton Wiwynn HBM2E 128GB (8x16) 3,700 GB/s 2H24
Falcon shores Cancelled

Jaguar Shores Intel 18A

Source: Company data, Macquarie Research, September 2026

Figure 4 - Alchip - Earnings estimate revisions

NT$m 2025A - New 2025A - Old 2025A - Diff % 2027E - New 2027E - Old 2027E - Diff % 2028E - New 2028E - Old 2028E - Diff %
Revenue 66,827 58,887 13.5% 126,000 89,350 41.0% 157,000 117,785 33.3%
Gross profit 16,863 15,151 11.3% 25,200 19,657 28.2% 31,400 25,913 21.2%
GM % 25.2% 25.7% 20.0% 22.0% 20.0% 22.0%
Operating profit 12,789 11,429 11.9% 20,160 15,190 32.7% 25,708 20,488 25.5%
OPM % 19.1% 19.4% 16.0% 17.0% 16.4% 17.4%
Pretax income 14,263 12,875 10.8% 21,199 16,575 27.9% 26,347 21,873 20.5%
Net income 11,841 10,681 10.9% 17,705 13,844 27.9% 22,009 18,269 20.5%
EPS (NT$) 141.59 129.37 9.4% 209.90 165.24 27.0% 260.93 218.06 19.7%

Source: Macquarie Research, September 2026

Figure 5 - Alchip - Monthly sales

Source: Company data, Macquarie Research, September 2026

Figure 6 - Alchip - QFII holdings (%)

Source: TEJ, Macquarie Research, September 2026

Figure 7 - Alchip - P&L

NT$m 1Q26 2Q26 3Q26E 4Q26E 1Q27E 2Q27E 3Q27E 4Q27E 2024 2025 2026E 2027E 2028E
Revenues 4,187 7,640 25,000 30,000 30,000 31,000 32,000 33,000 51,969 30,926 66,827 126,000 157,000
Gross Profit 2,101 2,662 5,500 6,600 6,000 6,200 6,400 6,600 10,201 8,154 16,863 25,200 31,400
Operating Profit 1,368 1,647 4,375 5,400 4,800 4,960 5,120 5,280 6,496 5,017 12,789 20,160 25,708
PBT 1,784 2,035 4,722 5,722 5,097 5,232 5,367 5,502 7,808 6,720 14,263 21,199 26,347
Net profit 1,428 1,639 3,967 4,807 4,282 4,291 4,509 4,622 6,446 5,598 11,841 17,705 22,009
EPS (NT$) 17.55 20.01 47.03 56.99 50.77 50.87 53.46 54.80 81.51 69.22 141.59 209.90 260.93
Profitability
Gross Margin 50.2% 34.8% 22.0% 22.0% 20.0% 20.0% 20.0% 20.0% 19.6% 26.4% 25.2% 20.0% 20.0%
Operating Margin 32.7% 21.6% 17.5% 18.0% 16.0% 16.0% 16.0% 16.0% 12.5% 16.2% 19.1% 16.0% 16.4%
Pretax Margin 42.6% 26.6% 18.9% 19.1% 17.0% 16.9% 16.8% 16.7% 15.0% 21.7% 21.3% 16.8% 16.8%
Net Margin 34.1% 21.4% 15.9% 16.0% 14.3% 13.8% 14.1% 14.0% 12.4% 18.1% 17.7% 14.1% 14.0%
Sequential Growth
Sales -11.4% 82.5% 227.2% 20.0% 0.0% 3.3% 3.2% 3.1%
Gross Profit 5.2% 26.7% 106.6% 20.0% -9.1% 3.3% 3.2% 3.1%
Operating Profit 12.6% 20.4% 165.7% 23.4% -11.1% 3.3% 3.2% 3.1%
Pretax Profit 2.7% 14.1% 132.1% 21.2% -10.9% 2.6% 2.6% 2.5%
Net Profit -3.7% 14.8% 142.1% 21.2% -10.9% 0.2% 5.1% 2.5%
EPS -4.2% 14.0% 135.1% 21.2% -10.9% 0.2% 5.1% 2.5%
YoY Growth
Sales -60.1% -16.5% 280.5% 534.6% 616.5% 305.8% 28.0% 10.0% 70.5% -40.5% 116.1% 88.5% 24.6%
Gross Profit -13.5% 41.1% 198.8% 230.4% 185.6% 132.9% 16.4% 0.0% 50.1% -20.1% 106.8% 49.4% 24.6%
Operating Profit -8.5% 43.2% 278.1% 344.4% 251.0% 201.2% 17.0% -2.2% 72.7% -22.8% 154.9% 57.6% 27.5%
Pretax Profit -0.5% 27.2% 196.9% 229.5% 185.7% 157.1% 13.7% -3.8% 86.0% -13.9% 112.3% 48.6% 24.3%
Net Profit -2.4% 23.8% 198.8% 224.1% 199.9% 161.9% 13.7% -3.8% 93.8% -13.1% 111.5% 49.5% 24.3%
EPS -3.2% 22.3% 186.8% 210.9% 189.2% 154.2% 13.7% -3.8% 78.8% -15.1% 104.5% 48.2% 24.3%

Source: Company data, Macquarie Research, September 2026

Figure 8 - Alchip - 12-month forward P/E band

Source: TEJ, Macquarie Research, September 2026

Figure 9 - Alchip - 12-month forward P/B band

Source: TEJ, Macquarie Research, September 2026

Figure 10 - IC design - P/E valuation

Source: Bloomberg, Macquarie Research, September 2026

Note: Priced as of market close of 18 September 2026.

Key Quant Findings

The quant model currently holds a reasonably negative view on Alchip Technologies. The strongest style exposure is Quality, indicating this stock is likely to have a superior and more stable underlying earnings stream. The weakest style exposure is Price Momentum, indicating this stock has had weak medium to long term returns which often persist into the future.

Macquarie Alpha Model: Key rankings

The Macquarie Quant's flagship Alpha model is a dynamic multi-factor model based on a staple of quant factors such as value, momentum, revisions, quality, and risk.

Global - Whole Universe Market (Country) - Taiwan Sector - Semiconductors & Semiconductor Equip.
Macquarie Alpha Model 13140/17994 696/976 442/675
Fundamental (Consensus) * 2969/17994 85/976 147/675

Current and Historical Alpha Model Rank

The chart shows the Macquarie Alpha model market ranking against the company's peers and over recent history.

Drivers of Stock Return

Breakdown of 1-year total return (local currency) into returns from dividends, changes in forward earnings estimates and the resulting change in earnings multiple.

Alpha Model Decomposition

The Macquarie Alpha is decomposed into its sector and market relative factor & styles exposures (a higher/better percentile is coded in green, whilst lower in red).

Factors / Styles Percentile relative to - sectors (/675) Percentile relative to - market (/976) Core factors in definition
ALPHA 35% 29% Built from the styles below
VALUE 57% 12% Book, CF, Yield, Earnings Multiples
ANALYST 47% 79% Revisions (Earnings, Recommendations)
MOMENTUM 7% 22% Price Momentum
GROWTH 39% 61% EPS, Sales (Forecast, Historic)
PROFITABILITY 65% 88% ROE, Margin, Asset Turnover
QUALITY 93% 98% Accruals, Earn Stability, Cash Conversion
CAPITAL 76% 37% Investment/Capex, Net share issuance
LIQUIDITY 30% 34% Size, Turnover, Analyst Coverage
LOW RISK 92% 86% Beta, Volatility, Earn.Cert, Leverage
TECHNICAL 97% 97% MACD, RSI, Bollinger, Williams R, etc

Factors driving the Alpha Model vs peers

For the comparable firms this chart shows the key underlying styles and their contribution to the current overall raw Alpha score.

Macquarie Style Returns over last year

Recent performance to Macquarie style factors

Source (all charts): FactSet, Refinitiv, and Macquarie Quant. For more details on the Macquarie Alpha model or for more customised analysis and screens, please contact the Macquarie Global Quantitative Team: maccapequitiesresearchquantglobal@macquarie.com. Explanation for items on this page can be found at https://www.macquarieinsights.com/rp/d/r/p/OTUyMzg1

Asia Ex JP Monthly Factor Long-Short Returns for - Aug - 26 Monthly Factor Long-Short Returns for - Jul - 26 Monthly Factor Long-Short Returns for - Jun - 26 Monthly Factor Long-Short Returns for - May - 26 Monthly Factor Long-Short Returns for - Apr - 26 Monthly Factor Long-Short Returns for - Mar - 26 Monthly Factor Long-Short Returns for - Feb - 26 Monthly Factor Long-Short Returns for - Jan - 26 Monthly Factor Long-Short Returns for - Dec - 25 Monthly Factor Long-Short Returns for - Nov - 25 Monthly Factor Long-Short Returns for - Oct - 25 Monthly Factor Long-Short Returns for - Sep - 25 Last 5 Years (ann) Last 10 Years (ann)
ALPHA 6% 10% 1% 3% 3% 4% 0% 0% 3% 3% 2% -3% 10% 6%
VALUE 1% 19% -5% 1% -7% 6% 0% -2% 3% 5% 4% -4% 13% 5%
ANALYST 14% -12% 7% 4% 12% -2% 0% 6% 5% -2% 3% 4% 16% 14%
MOMENTUM 14% -35% 15% 17% 19% -4% 5% 8% 6% -1% -2% 0% -2% 4%
GROWTH 8% -19% 9% 7% 7% -4% -1% 4% 2% -2% 0% 5% 3% 2%
PROFITABILITY 1% 3% 6% 1% -4% 3% 0% -4% 1% 3% 0% -4% -2% -2%
QUALITY 0% 7% -3% -2% -4% 2% -1% -4% -1% 1% -4% -6% -4% -2%
CAPITAL -7% 14% -7% -1% -12% 2% -2% 2% -1% 3% -3% -1% 2% -4%
LIQUIDITY -1% -11% 8% 10% 7% -1% 3% 1% 2% -1% -1% 3% -2% 2%
LOW RISK -13% 29% -6% -8% -13% 6% -2% -8% -2% 5% 1% -6% -7% -7%

Analysts

Jeffrey Ohlweiler

+8862 2734 7512

jeffrey.ohlweiler@macquarie.com

Macquarie Capital Limited, Taiwan Securities Branch