260601_2337_旺宏_ms_macronix

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原始內容

M June 1, 2026 11:20 AM GMT

Macronix International Co Ltd | Asia Pacific

Strong April earnings reflect pricing power

April profitability fluctuates: Macronix reported April 2026 net profit of NT $2,102mn, +865% Y/Y. April 2026 EPS was NT$1.07, +813% Y/Y. April 2026 net margin was 35.5%, significantly higher than 1Q26 net margin of 17.0% and our 2Q26 net margin estimate of 17.2%. April EPS of NT$1.07 represents 95% of our 2Q26 EPS estimate of NT$1.13.

Reiterate OW and Top Pick: In our recent report Old Memory: Upside Surprise Ahead, we mentioned that SLC NAND plays could enjoy re-rating. Recent developments for servers (for high performance NAND) suggest potential adoption of SLC in data centers - SLC is ideal for fast reading and writing speed. MLC and SLC are both in structural supply shortage, and Macronix is well positioned to capture opportunities in both products.

Morgan Stanley Taiwan Limited+

Update

Macronix International Co Ltd (2337.TW, 2337 TT)

Top Pick

Greater China Technology Semiconductors | Taiwan

Stock Rating Industry View

Overweight Attractive

Price target

NT$202.00

Up/downside to price target (%)

21

Shr price, close (Jun 1, 2026)

NT$167.50

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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