260601_5274_信驊_ms_aspeed

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原始內容

M June 1, 2026 08:47 AM GMT

Aspeed Technology | Asia Pacific

Initiating Another Round of Price Hike in 2H26; OW

Key Takeaways

• We expect gross margin to reach 70% in 4Q following a potential second round of price increases in 2H26.

Key takeaways from today's Aspeed 1Q26 earnings call:

• 3Q26 guidance update: Aspeed guides 3Q revenue to NT$4.1-4.3bn, inline with MSe of NT$4.23bn and above consensus of NT$3.75bn. GM guidance: 67-68% vs. consensus 68%.
• Qualifying more OSAT to support output: Substrate and OSAT remain key constraints. 3Q substrate supply might be 2-3mn/month, with output rising to 3mn/month and above once E-glass helps. Besides SPIL, Aspeed is adding another Taiwanese OSAT to support increasing wafer output in 4Q. As material and packaging costs rise, we expect Aspeed to initiate another price hike, supporting GM to reach our expected 70% in 2H26.
• New product ramp: AST2700/2750 will start ramping in 2H26, AST1040 (next-gen SMC) will be production ready in 1H27, and AST1840 (eFPGA SoC) will start ramping in 2H27.

Stay OW: We believe management is guiding 3Q GM conservatively, but we do see a slight margin impact from the substrate price hike. We still expect margin to reach 70% after a potential second round of price hike in 4Q26 (see our Lattice partnership note).

Morgan Stanley Taiwan Limited+

Update

Aspeed Technology (5274.TWO, 5274 TT)

Greater China Technology Semiconductors | Taiwan

Stock Rating Industry View

Overweight Attractive

Price target

NT$23,456.00

Up/downside to price target (%)

27

Shr price, close (Jun 1, 2026)

NT$18,500.00

52-Week Range

NT$19,510.00-

3,845.00

Sh out, dil, curr (mn)

38

Mkt cap, curr (mn)

NT$694,749

EV, curr (mn)

NT$688,451

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