PDF 原檔：260529_5269_祥碩_ms_asmedia_original.pdf
原始內容
M May 29, 2026 09:14 AM GMT
ASMedia Technology Inc | Asia Pacific
Asia AI Summit 2026 Feedback
Financials: The full-year revenue split between AMD and non-AMD is around 50%/50%. Full-year GM target is 50-55%, skewed towards the low end. Opex ratio is expected to be 20-25% for the full year.
Chipset business : AM4/5 revenue mix this year could be 50%/50% (vs. last year 25%/75%), due to weaker demand for AM5. The PC market is expected to decline by 15-20% this year, from a combination of weak demand from memory price hikes and CPU shortage. AM4 uses DDR4, which is easier to procure than DDR5 used by AM5. A new platform is expected in 2H27 with ~20% ASP hikes.
PCIe : Gen5 switch is expected to tape out in 2H26, with Gen6/7 technology currently under development. PCIe revenue contribution is around 10% this year, vs. mid-single digit last year, and is likely to double again next year.
Update
| Morgan Stanley Taiwan Limited+ | Morgan Stanley Taiwan Limited+ | Morgan Stanley Taiwan Limited+ | Morgan Stanley Taiwan Limited+ | Morgan Stanley Taiwan Limited+ |
|---|---|---|---|---|
| Daniel Yen, CFA | Daniel Yen, CFA | Daniel Yen, CFA | Daniel Yen, CFA | Daniel Yen, CFA |
| Equity Analyst Daniel.Yen@morganstanley.com | Equity Analyst Daniel.Yen@morganstanley.com | Equity Analyst Daniel.Yen@morganstanley.com | Equity Analyst Daniel.Yen@morganstanley.com | +886 2 2730-2863 |
| Charlie Chan | Charlie Chan | Charlie Chan | Charlie Chan | |
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| Morgan Stanley Asia Limited+ | Morgan Stanley Asia Limited+ | Morgan Stanley Asia Limited+ | Morgan Stanley Asia Limited+ | |
| Daisy Dai, CFA | Daisy Dai, CFA | Daisy Dai, CFA | Daisy Dai, CFA | |
| Equity Analyst Daisy.Dai@morganstanley.com | Equity Analyst Daisy.Dai@morganstanley.com | Equity Analyst Daisy.Dai@morganstanley.com | Equity Analyst Daisy.Dai@morganstanley.com | +852 2848-7310 |
| Morgan Stanley Taiwan Limited+ | Morgan Stanley Taiwan Limited+ | Morgan Stanley Taiwan Limited+ | Morgan Stanley Taiwan Limited+ | |
| Tiffany Yeh | Tiffany Yeh | Tiffany Yeh | Tiffany Yeh | |
| Equity Analyst | Equity Analyst | Equity Analyst | Equity Analyst | |
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| Lucas Wang | Lucas Wang | Lucas Wang | Lucas Wang | |
| Research Associate | Research Associate | Research Associate | Research Associate | |
| Lucas.Wang@morganstanley.com | +886 2 2730-2875 | |||
| Morgan Stanley Asia Limited+ | Morgan Stanley Asia Limited+ | Morgan Stanley Asia Limited+ | Morgan Stanley Asia Limited+ | |
| Ethan Jia | Ethan Jia | Ethan Jia | Ethan Jia | |
| Research Associate | Research Associate | Research Associate | Research Associate | |
| Ethan.Jia@morganstanley.com | Ethan.Jia@morganstanley.com | Ethan.Jia@morganstanley.com | Ethan.Jia@morganstanley.com | +852 3963-2287 |
| Henry Zhao | Henry Zhao | Henry Zhao | Henry Zhao | |
| Research Associate Henry.Zhao@morganstanley.com | Research Associate Henry.Zhao@morganstanley.com | Research Associate Henry.Zhao@morganstanley.com | Research Associate Henry.Zhao@morganstanley.com | +852 2239-7731 |
| ASMedia Technology Inc (5269.TW, 5269 TT) | ASMedia Technology Inc (5269.TW, 5269 TT) | ASMedia Technology Inc (5269.TW, 5269 TT) | ASMedia Technology Inc (5269.TW, 5269 TT) | |
| Greater China Technology Semiconductors | | Greater China Technology Semiconductors | | Greater China Technology Semiconductors | | Greater China Technology Semiconductors | | Underweight |
| Industry View | Industry View | Industry View | Industry View | Attractive |
| Price target | Price target | Price target | Price target | NT$1,482.00 1 |
| Up/downside to price target (%) | Up/downside to price target (%) | Up/downside to price target (%) | Up/downside to price target (%) | |
| Shr price, close (May 29, 2026) | Shr price, close (May 29, 2026) | Shr price, close (May 29, 2026) | Shr price, close (May 29, 2026) | NT$1,465.00 |
| 52-Week Range | 52-Week Range | 52-Week Range | 52-Week Range | NT$2,055.00- |
| 1,040.00 | ||||
| Sh out, dil, curr (mn) | Sh out, dil, curr (mn) | Sh out, dil, curr (mn) | Sh out, dil, curr (mn) | 75 |
| Mkt cap, curr (mn) | Mkt cap, curr (mn) | Mkt cap, curr (mn) | Mkt cap, curr (mn) | |
| Avg daily trading value (mn) | Avg daily trading value (mn) | Avg daily trading value (mn) | Avg daily trading value (mn) | NT$109,774 |
| Fiscal Year Ending | 12/25 | 12/26e | 12/27e | 12/28e |
| EPS (NT$)** | 73.33 | 91.85 | 89.16 | 94.88 |
| Prior EPS (NT$)** EPS (NT$)§ | - 72.01 | - 95.84 | - 106.49 | - 134.78 |
| Revenue, net (NT$ mn) | 13,415 | 15,808 | 16,322 | 17,913 |
| EBITDA (NT$ mn) | 4,472 | 4,854 | 5,219 | 5,823 |
| ModelWare net inc (NT | 5,426 | 6,867 | 6,666 | 7,093 |
| $ mn) | $ mn) | $ mn) | $ mn) | |
| P/E | 16.5 | 15.9 | 16.4 | 15.4 |
| P/BV | 2.5 | 2.7 | 2.4 | 2.2 |
| ROE (%) | 16.2 | 19.0 | 16.4 | 15.7 |
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圖片清單（已驗證 2026-07-02）
回補驗證：僅涵蓋已被 lib 頁嵌入的圖片，非全量驗證。
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81KB | 真資料圖 | 股價與目標價沿革圖，藍線為股價，紅色虛線階梯為目標價，橫軸 2023/05-2026/05，標註各次評等調整點與價位數字 |