PDF 原檔：260528_2059_川湖_ms_kingslide_original.pdf
原始內容
M May 28, 2026 04:50 PM GMT
King Slide Works Co. Ltd. | Asia Pacific
Asia AI Summit 2026 Takeaways
- Rail kit demand : Management sees it coming from a variety of applications, including server racks, switch racks, power racks, CPI, rack, storage racks, etc. Management is confident to maintain the dominant share in the rail kit market for both GPU and ASIC servers in the coming year, as it will stay as the design partner for almost all new projects extending beyond 2029.
- GM trend : It is likely to see modest expansions in 2026. Longer term, its comprehensive patent portfolio and solid execution should help hold its GM at an elevated level, since peers are less likely to catch up under the much shorter design cycle.
- Capacity expansion pipeline : There is still plenty of capacity to support growth in the near term, off the record high revenue of NT$2596mn (+35% MoM/+79% YoY) in April, and more capacity expansions are in the pipeline. US capacity will start mass production from September 2026 and customers are willing to pay for the incremental costs, so there will be no impact to King Slide's margin.
Morgan Stanley Taiwan Limited+
| Derrick Yang Equity Analyst Derrick.Yang@morganstanley.com | +886 2 2730-2862 |
|---|---|
| Vivi Huang Research Associate Vivi.Huang@morganstanley.com | +886 2 2730-2860 |
| Sharon Shih Equity Analyst Sharon.Shih@morganstanley.com | +886 2 2730-2865 |
King Slide Works Co. Ltd. (2059.TW, 2059 TT)
Greater China Technology Hardware | Taiwan
| Stock Rating | Overweight |
|---|---|
| Industry View | In-Line |
| Price target | NT$6,650.00 |
| Shr price, close (May 28, 2026) | NT$4,700.00 |
| 52-Week Range | NT$5,615.00- |
| 1,970.00 | |
| Sh out, dil, curr (mn) | 95 |
| Mkt cap, curr (mn) | NT$447,896 |
| EV, curr (mn) | NT$424,194 |
| Avg daily trading value (mn) | NT$2,706 |
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