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Voltronic Power
UBS Taiwan Summit 2026 key takeaways: Earnings growth hinges on UPS/HVDC deliveries
Sales turning to growth in H226; sales mix change driving margin expansion
Management indicated bookings and shipments remained solid in July-Aug despite temporary PCB shortages, and it expects a sales turnaround to growth in H226. Inverter sales could stay weak on competition and Voltronic's product portfolio adjustments (reducing low-margin products). Meanwhile, increasing outsourcing by brands will support UPS sales growth. Management expects HVDC products to start contributing in 2027. Voltronic added a third customer for HVDC products. We think a higher sales portion from UPS/HVDC products and inverter product adjustments could bring GM expansion in 2027.
UPS growth intact; HVDC and PDU represent the next legs of growth
The company expects sales to resume growth by single digits in H226 and expects >10% YoY growth in 2027. Management remains cautious about solar inverters due to intense competition from Chinese peers and expects inverter sales to decline as Voltronic adjusts its product portfolio, focusing more on commercial solar and premium products. For 2027, management expects offline UPS to grow 0-5%, supported by outsourcing opportunities and emerging market demand, which could offset notebook weakness. High-power UPS could account for an increasingly higher sales portion, driven by accelerating outsourcing by tier 1 customers. For HVDC, management highlighted it obtained one more client. HVDC product progress is on schedule, with 800VDC power shelf sampling expected by year-end, a pilot run in H127 and mass production in H227. The company is preparing testing and production equipment at factories in Taiwan and China. Over the longer term, management also sees opportunities in PDUs, a market it estimates at US$5bn in 2025, with a 12-15% sales CAGR over the next 5-8 years.
Margin improvement on product mix optimisation and higher prices
Voltronic has implemented two UPS price increases this year to offset higher raw material costs, which it expects to be reflected on its P&L starting in Sept 2026. For solar inverters, management plans to focus on higher power and premium products with a GM above 20%, while reducing low-power products with a GM at or below 20% over the next two to three quarters, which could support GM expansion. In upcoming quarters, solar inverter products may shrink to <20% of the total sales mix, while highermargin businesses such as high-power UPS and HVDC products continue to ramp. We think the sales mix change will expand margins in 2027.
Valuation: Maintain Buy rating and PT of NT$1,128
We maintain our Buy rating and price target of NT$1,128, based on sum-of-the-parts analysis, applying 28x/23x/24x 2027E PE for UPS/inverter/PSU business, respectively.
| Highlights (NT$m) | 12/23 | 12/24 | 12/25 | 12/26E | 12/27E | 12/28E | 12/29E | 12/30E |
|---|---|---|---|---|---|---|---|---|
| Revenues | 18,951 | 22,813 | 20,521 | 19,658 | 23,278 | 26,584 | 29,339 | 32,221 |
| EBIT (UBS) | 4,138 | 5,115 | 4,329 | 3,440 | 4,404 | 5,382 | 6,048 | 6,677 |
| Net earnings (UBS) | 3,623 | 4,204 | 3,521 | 2,540 | 3,698 | 4,536 | 5,100 | 5,646 |
| EPS (UBS, diluted) (NT$) | 41.52 | 48.13 | 40.23 | 29.02 | 42.26 | 51.84 | 58.28 | 64.52 |
| DPS (net) (NT$) | 43.87 | 37.70 | 43.00 | 37.00 | 25.92 | 37.75 | 46.30 | 52.06 |
| Net (debt) / cash | 4,213 | 5,822 | 5,779 | 4,705 | 6,231 | 6,978 | 8,247 | 8,856 |
| Profitability/valuation | 12/23 | 12/24 | 12/25 | 12/26E | 12/27E | 12/28E | 12/29E | 12/30E |
| EBIT (UBS) margin% | 21.8 | 22.4 | 21.1 | 17.5 | 18.9 | 20.2 | 20.6 | 20.7 |
| ROIC (EBIT)% | 102.6 | 124.0 | 109.9 | 85.8 | 105.0 | 122.6 | 133.8 | 143.5 |
| EV/EBITDA (UBS core) x | 31.2 | 27.9 | 23.3 | 19.1 | 15.1 | 12.3 | 10.9 | 9.7 |
| P/E (UBS, diluted) x | 39.9 | 37.4 | 32.4 | 30.1 | 20.7 | 16.9 | 15.0 | 13.5 |
| Equity FCF (UBS) yield% | 3.1 | 2.2 | 3.6 | 2.7 | 5.0 | 5.3 | 7.0 | 6.8 |
| Dividend yield (net)% | 2.6 | 2.1 | 3.3 | 4.2 | 3.0 | 4.3 | 5.3 | 6.0 |
Source: Company accounts, LSEG Eikon, UBS estimates. Metrics marked as (UBS) have had analyst adjustments applied. Valuations: based on an average share price that year, (E): based on a share price of NT$ 874.00 on 14-Sep-2026
| Equities | Equities |
|---|---|
| Taiwan | Taiwan |
| Industrial, Diversified | Industrial, Diversified |
| 12-month rating | Buy |
| 12m price target | NT$1,128.00 |
| Price (14 Sep 2026) | NT$874.00 |
| RIC: 6409.TW BBG: 6409 TT | RIC: 6409.TW BBG: 6409 TT |
| Trading data and key metrics | Trading data and key metrics |
| 52-wk range | NT$1,290.00-663.00 |
| Market cap. | NT$76.4b/US$2.41b |
| Shares o/s | 87.4m (ORD) |
| Free float | 72% |
| Avg. daily volume ('000) | 831 |
| Avg. daily value (m) | NT$868.7 |
| Common s/h equity (12/26E) | NT$8.95b |
| P/BV (12/26E) | 8.5x |
| Net debt to EBITDA (12/26E) | NM |
| EPS (UBS, diluted) (NT$) | EPS (UBS, diluted) (NT$) |
| UBS | Cons. |
| 12/26E 29.02 | 33.27 |
| 12/27E 42.26 | 42.26 |
| 12/28E 51.84 | 52.25 |
Ally Chen
Analyst ally.chen@ubs.com
+886-2-8722 7347
Jonathan Wu
Analyst jonathan.wu@ubs.com +886-2-8722 7390
Megan Li
Analyst megan.li@ubs.com +886-2-8722 7393
Forecast returns
| Forecast price appreciation | 29.1% |
|---|---|
| Forecast dividend yield | 4.2% |
| Forecast stock return | 33.3% |
| Market return assumption | 6.3% |
| Forecast excess return | 27.0% |
Company Description
Founded in 2008, Voltronic is a leading ODM for uninterruptible power supply (UPS) and inverters. Its major customers include Schneider, Vertiv, and Riello. Voltronic is headquartered in Taiwan and has production plants in mainland China, Vietnam, and Taiwan.
Valuation Method and Risk Statement
We base our price target on sum of the parts.
We believe the key risks for Voltronic include: 1) a slower-than-expected outsourcing trend from leading branded UPS companies; 2) a faster-than-expected ramp-up of the electricity grid in developing countries resulting in lower-than-expected demand for off-grid solar systems; 3) FX risks; and 4) rising raw material prices.
Key industry-specific risks include: 1) unexpected changes in the underlying global macroeconomic environment; 2) currency and interest rate movement; and 3) commodity price inflation.
Quantitative Research Review
UBS Global Research publishes a quantitative assessment of its analysts' responses to certain questions about the likelihood of an occurrence of a number of short term factors in a product known as the 'Quantitative Research Review'. The views for this month can be found below. Views contained in this assessment on a particular stock reflect only the views on those short term factors which are a different timeframe to the 12-month timeframe reflected in any equity rating set out in this note. For previous responses please make reference to (i) previous UBS Global Research reports; and (ii) where no applicable research report was published that month, the Quantitative Research Review which can be found at https://neo.ubs.com/quantitative, or contact your UBS sales representative for access to the report or the Quantitative Research Team on ubs-quant-answers@ubs.com. A consolidated report which contains all responses is also available and again you should contact your UBS sales representative for details and pricing or the Quantitative Research Team on the email above.
Voltronic Power
| Question | Response |
|---|---|
| 1. Is the industry structure facing the firm likely to improve or deteriorate over the next six months? Rate on a scale of 1-5 (1 = getting worse, 3 = no change, 5 = getting better, N/A = no view) | 3 |
| 2. Is the regulatory/government environment facing the firm likely to improve or deteriorate over the next six months? Rate on a scale of 1-5 (1 = getting tougher 3 = no change, 5 = getting better, N/A = no view) | 3 |
| 3. Over the last 3-6 months in broad terms have things been improving/no change/getting worse for this stock? Rate on a scale of 1-5 (1 = getting a lot worse, 3 = not much change, 5 = getting a lot better, N/A = no view) | 4 |
| 4. Relative to the current CONSENSUS EPS forecast, is the next company EPS update likely to lead to: (1 = negative surprise vs consensus, 3 = in-line with consensus, 5 = positive surprise vs consensus expectations, N/A = no view) | 3 |
| 5. What's driving the difference? | |
| 6. Relative to YOUR current earnings forecast, is there relatively greater risk at the next earnings result of:(1 = downside skew risk to earnings, 3 = equal upside or downside risk to earnings, 5 = upside skew risk to earnings, N/A = no view) | 3 |
| 7. What's driving the difference? | |
| 8. Is there an upcoming catalyst for the company over the next three months? | |
| 9. Is there an actual or approximate date for the catalyst? | |
| 10. Is the catalyst date an actual or approximate date? | |
| 11. What is the catalyst? |
Required Disclosures
This document has been prepared by UBS Securities Pte. Ltd., Taipei Branch, an affiliate of UBS AG. UBS AG, its subsidiaries, branches and affiliates, including former Credit Suisse AG and its subsidiaries, branches and affiliates are referred to herein as "UBS".
For information on the ways in which UBS manages conflicts and maintains independence of its UBS Global Research product; historical performance information; certain additional disclosures concerning UBS Global Research recommendations; and terms and conditions for certain third party data used in research report, please visit https://www.ubs.com/disclosures. Unless otherwise indicated, information and data in this report are based on company disclosures including but not limited to annual, interim, quarterly reports and other company announcements. The figures contained in performance charts refer to the past; past performance is not a reliable indicator of future results. Additional information will be made available upon request. UBS Securities Co. Limited is licensed to conduct securities investment consultancy businesses by the China Securities Regulatory Commission. UBS acts or may act as principal in the debt securities (or in related derivatives) that may be the subject of this report. This recommendation was finalized on: 14 September 2026 05:53 PM GMT. UBS has designated certain UBS Global Research department members as Derivatives Research Analysts where those department members publish research principally on the analysis of the price or market for a derivative, and provide information reasonably sufficient upon which to base a decision to enter into a derivatives transaction. Where Derivatives Research Analysts co-author research reports with Equity Research Analysts or Economists, the Derivatives Research Analyst is responsible for the derivatives investment views, forecasts, and/or recommendations. Quantitative Research Review: UBS Global Research publishes a quantitative assessment of its analysts' responses to certain questions about the likelihood of an occurrence of a number of short term factors in a product known as the 'Quantitative Research Review'. Views contained in this assessment on a particular stock reflect only the views on those short term factors which are a different timeframe to the 12-month timeframe reflected in any equity rating set out in this note. For the latest responses, please see the Quantitative Research Review Addendum at the back of this report, where applicable. For previous responses please make reference to (i) previous UBS Global Research reports; and (ii) where no applicable research report was published that month, the Quantitative Research Review which can be found at https:// neo.ubs.com/quantitative, or contact your UBS sales representative for access to the report or the Quantitative Research Team on ubsquant-answers@ubs.com. A consolidated report which contains all responses is also available and again you should contact your UBS sales representative for details and pricing or the Quantitative Research team on the email above.