260601_2344_華邦電_ms_winbond

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原始內容

M June 1, 2026 03:31 PM GMT

Winbond Electronics Corp | Asia Pacific

April earnings show continued strength

April profitability improved: Winbond reported April 2026 net profit of NT $7,488mn, +21,609% Y/Y, off a low base given Winbond was not yet profitable in 2Q25 on a quarterly basis. April 2026 EPS was NT$1.66, +21,609% Y/Y. April 2026 net margin was 38.9%, above 1Q26 net margin of 26.4% and our 2Q26 estimate of 33.4%. April EPS of NT$1.66 represents 41% of our 2Q26 EPS estimate of NT$4.03.

Reiterate OW: In our recent report Old Memory: Upside Surprise Ahead , we upgraded Winbond back to OW, citing 1) a widening DDR4 supply-demand gap and stronger pricing, with DDR4 pricing likely to rise 20% in 3Q; and 2) Si-Cap (see Too early to be concerned about Si-Cap competition; OW ) and SLC NAND as potential rerating drivers.

Morgan Stanley Taiwan Limited+

Update

Winbond Electronics Corp (2344.TW, 2344 TT)

Greater China Technology Semiconductors | Taiwan

Stock Rating Industry View

Overweight Attractive

Price target

NT$222.00

Up/downside to price target (%)

32

Shr price, close (Jun 1, 2026)

NT$168.00

52-Week Range

NT$173.50-16.50

Sh out, dil, curr (mn)

4,180

Mkt cap, curr (mn)

NT$702,240

EV, curr (mn)

NT$725,565

Avg daily trading value (mn)

NT$12,239

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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