260602_gs_mitac

原始內容

Mitac (3706.TW): Computex 2026: liquid-cooled AI server rack showcased; AI turnkey solution facilitating AI deployment; Buy

We visited Mitac's booth on June 2 at our Computex tour in Taipei. Mitac showcased its diversi fi ed AI infrastructure products, such as liquid and air-cooled AI server racks, scalable PCIe GPU servers, storage rack, and AI deployment turnkey solutions. Management holds on a positive view on AI application and infrastructure end demand and highlighted that Mitac's turnkey solution could support clients' high-e ffi ciency AI deployment. We are positive on Mitac riding on the diversi fi ed chipset platform trend in AI servers, which provides customers with higher customization, fl exibility, while reducing reliance on single chipset supplier.

Key takeaways: Mitac showcased its diversi fi ed rack-level products at Computex (link), including the 52U high-density AI liquid-cooled rack, which maximizes the compute per footprint, saves space, and delivers strong thermal performance. Mitac o ff ers full stack AI turnkey solutions and AI factory solutions, covering the whole AI deployment process across AI infrastructure management, intelligent AI data platform, security and OS, and diversi fi ed AI server models, enabling the high-e ffi ciency AI deployment for enterprise clients. Management remains positive on the AI application and infrastructure end demand, and Mitac's accumulated experiences in AI server manufacturing and turnkey solution for AI deployment should enable the company to capture the end demand and support the company's growth.

Verena Jeng

+852-2978-1681 | verena.jeng@gs.com Goldman Sachs (Asia) L.L.C.

Allen Chang

+852-2978-2930 | allen.k.chang@gs.com Goldman Sachs (Asia) L.L.C.

Yifan Hu

+852-2978-0996 | yifan.hu@gs.com Goldman Sachs (Asia) L.L.C.

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MITAC

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MITAC

Exhibit 1: Mitac's AI air-cooled rack AND instinct'™ MI3S00K

Source: Company data

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Exhibit 2: Mitac's storage rack

Source: Company data

Valuation: We are Buy rated on Mitac. We derive our 12M TP of NT$137 on a target P/E multiple of 17.1x our 2026E EPS. Our target P/E of 17.1x is derived from the correlation between P/E and EPS growth of Mitac's peers, based on Mitac's 2026E-27E EPS YoY growth.

Key risks: Slower-than-expected AI server shipment ramp up pace; slower-than-expected networking equipment ramp up pace; fi ercer-than-expected market competition.

3706.TW	12m Price Target: NT$137.00	12m Price Target: NT$137.00	Price: NT$95.20	Price: NT$95.20	Upside: 43.9%	Upside: 43.9%
Buy	Buy	GS Forecast	GS Forecast	GS Forecast	GS Forecast	GS Forecast
Market c ap: NT$114.9b n / $ 3 . 7 b n En terpr is e v a lu e: NT$11 6 .9b n / $ 3 . 7 b n 3m AD T V : NT$1.4b n / $4 5 . 0mn Ta iw a n G reater Chin a Te chnology M &A R a n k: 3 L ea s e s incl . in n et d ebt & EV? : s	Market c ap: NT$114.9b n / $ 3 . 7 b n En terpr is e v a lu e: NT$11 6 .9b n / $ 3 . 7 b n 3m AD T V : NT$1.4b n / $4 5 . 0mn Ta iw a n G reater Chin a Te chnology M &A R a n k: 3 L ea s e s incl . in n et d ebt & EV? : s	Revenue (NT$ mn) EBITDA (NT$ mn) EPS (NT$) P/E (X) P/B (X)	12/24 61,359.9 2,858.3	12/25E 111,861.8 7,633.9	12/26E 199,768.4	12/27E 263,945.4
					12,793.2	15,350.5
			3.28	5.56	7.98	9.29
			13.9	17.1	11.9	10.2
			0.9	1.9	1.7	1.5
		Dividend yield (%)	2.2	1.8	2.6	3.0
		N debt/EBITDA (ex lease,X)	(1.9)	0.3	0.3	0.2
Y e	Y e	CROCI (%)	16.5	21.8	23.7	23.3
		FCF yield (%)	1.6	(5.0)	0.1	4.1
			9/25	12/25E	3/26E	6/26E
		EPS (NT$)	1.55	1.66	1.71	2.02

Source: Company data, Goldman Sachs Research estimates, FactSet. Price as of 2 Jun 2026 close.