PDF 原檔：260608_ms_aspeed_original.pdf
原始內容
M June 8, 2026 01:35 AM GMT
Aspeed Technology | Asia Pacific
Substrate Constraints Remain the Key Uncertainty, Adding an Additional Substrate Supplier; OW
What's new: Aspeed reported May revenue of NT$1,282mn, +0.25% MoM and +69% Y/Y, slightly lower than our expectation of NT$1,381mn, but we think the shortfall is likely to be recovered in June after Aspeed receives more substrate support.
Stay OW : Demand remains very strong in the near term, while Aspeed's upside is capped by limited T-glass supply. However, as Aspeed is finishing up the E-glass qualification, we do expect revenue to start climbing in 2H26. Also, Aspeed has qualified another Taiwanese substrate vendor to help secure sufficient supply in 2H. We still expect margin to reach 70% after a potential second round of price hike in 4Q26 (see earnings result pulse). The stock is currently trading at 53x 2027e EPS.
Morgan Stanley Taiwan Limited+
Update
| Daniel Yen, CFA Equity Analyst Daniel.Yen@morganstanley.com | +886 2 2730-2863 |
|---|---|
| Charlie Chan Equity Analyst Charlie.Chan@morganstanley.com | +886 2 2730-1725 |
| Daisy Dai, CFA Equity Analyst Daisy.Dai@morganstanley.com | +852 2848-7310 |
| Tiffany Yeh Equity Analyst Tiffany.Yeh@morganstanley.com | +886 2 7712-3032 |
| Lucas Wang Research Associate Lucas.Wang@morganstanley.com | +886 2 2730-2875 |
| Ethan Jia Research Associate Ethan.Jia@morganstanley.com | +852 3963-2287 |
| Henry Zhao Research Associate Henry.Zhao@morganstanley.com | +852 2239-7731 |
Aspeed Technology (5274.TWO, 5274 TT)
Greater China Technology Semiconductors | Taiwan
| Stock Rating | Overweight |
|---|---|
| Industry View | Attractive |
| Price target | NT$23,456.00 |
| Up/downside to price target (%) | 34 |
| Shr price, close (Jun 5, 2026) | NT$17,505.00 |
| 52-Week Range | NT$19,510.00- |
| 3,990.00 | |
| Sh out, dil, curr (mn) | 38 |
| Mkt cap, curr (mn) | NT$657,383 |
| EV, curr (mn) | NT$651,084 |
| Avg daily trading value (mn) | NT$3,294 |
| Fiscal Year Ending | 12/25 | 12/26e | 12/27e | 12/28e |
|---|---|---|---|---|
| EPS (NT$)** | 103.94 | 232.09 | 327.66 | 462.42 |
| Prior EPS (NT$)** | - | - | - | - |
| EPS (NT$)§ | 100.67 | 189.34 | 294.77 | 466.63 |
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