PDF 原檔：260528_6805_富世達_ms_fositek_original.pdf
原始內容
M May 28, 2026 11:36 PM GMT
Fositek Corp | Asia Pacific
Asia AI Summit 2026 Feedback
- 2Q26 revenue outlook stays at flat to up 5% QoQ as smartphone hinge projects entered model transition. Gross margin should thus trend slightly higher for favorable mix shifting server application.
- 3Q26 revenue outlook should reflect new project rollout benefits for at least 10% QoQ increase and the growth magnitude depends on new GPU platform volume ramp progress.
- Fositek should benefit from quick disconnect (QD) supply share gain for new VR GPU server racks with offerings extended to the compute tray.
- AI ASIC exposure is expanding with new projects in the pipeline from 2H26. This includes the QD connecting to the cold plate modules for GPU and CPU as well as optical transceivers (by end of 2026).
- Fositek has implemented automated production lines in China and Vietnam for total four lines in 1H26. This should help drive its gross margin higher in 2H26 onward.
- Server rail kit offerings are mainly for general purpose servers now and Fositek expects further inroads to AI GPU server racks and standalone power racks in 2H26.
Morgan Stanley Taiwan Limited+
Sharon Shih
Equity Analyst
Sharon.Shih@morganstanley.com
Samantha Chen
Research Associate
Samantha.Chen@morganstanley.com
Update
+886 2 2730-2865
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Fositek Corp (6805.TW, 6805 TT)
| Greater China Technology Hardware | Taiwan | Greater China Technology Hardware | Taiwan | Greater China Technology Hardware | Taiwan | Greater China Technology Hardware | Taiwan | Greater China Technology Hardware | Taiwan |
|---|---|---|---|---|
| Stock Rating | Stock Rating | Stock Rating | Stock Rating | Overweight |
| Industry View | Industry View | Industry View | Industry View | In-Line |
| Price target | Price target | Price target | Price target | NT$2,426.00 |
| Up/downside to price target (%) | Up/downside to price target (%) | Up/downside to price target (%) | Up/downside to price target (%) | 37 |
| Shr price, close (May 28, 2026) | Shr price, close (May 28, 2026) | Shr price, close (May 28, 2026) | NT$1,765.00 | NT$1,765.00 |
| 52-Week Range | 52-Week Range | 52-Week Range | NT$2,275.00-561.00 | NT$2,275.00-561.00 |
| Sh out, dil, curr (mn) | Sh out, dil, curr (mn) | Sh out, dil, curr (mn) | 69 | |
| Mkt cap, curr (mn) | Mkt cap, curr (mn) | Mkt cap, curr (mn) | NT$120,998 | NT$120,998 |
| EV, curr (mn) | EV, curr (mn) | EV, curr (mn) | NT$113,615 | NT$113,615 |
| Avg daily trading value (mn) | Avg daily trading value (mn) | Avg daily trading value (mn) | NT$3,443 | NT$3,443 |
| Fiscal Year Ending | 12/25 | 12/26e | 12/27e | 12/28e |
| EPS (NT$)** | 31.00 | 67.54 | 92.07 | 112.65 |
| Prior EPS (NT$)** | - | - | - | - |
| EPS (NT$)§ | 31.00 | 64.97 | 97.82 | 112.85 |
| Revenue, net (NT$ mn) | 12,414 | 19,264 | 24,720 | 28,559 |
| EBITDA (NT$ mn) | 2,818 | 5,702 | 7,740 | 9,427 |
| ModelWare net inc (NT | 2,125 | 4,630 | 6,311 | 7,723 |
| $ mn) P/E | 52.4 | 26.1 | 19.2 | 15.7 |
| P/BV | 15.5 | 10.9 | 7.6 | 5.6 |
| RNOA (%) | 591.3(2,136.9) | 1,183.6 | 553.7 | |
| ROE (%) | 38.3 | 64.4 | 56.8 | 48.7 |
| EV/EBITDA | 36.9 | 19.4 | 13.7 | 10.8 |
| Div yld (%) | 0.5 | 0.6 | 1.3 | 1.8 |
| FCF yld ratio (%)** | 1.4 | 3.3 | 4.6 | 5.7 |
| Leverage (EOP) (%) | (111.7) | (101.6) | (96.3) | (93.3) |
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.
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49KB | 真資料圖 | 股價（藍線，另含淺藍色較早期股價線）與目標價沿革（紅色虛線階梯，標示 O/I）對照圖，橫軸月份 2023/05 至 2026/05，各階梯標示目標價數值（1066、1175、1800、2000、2150、2426） |