PDF 原檔：260610_2324_仁寶_ms_compal_original.pdf
原始內容
M June 10, 2026 01:15 AM GMT
Compal Electronics | Asia Pacific
May sales down 2% m/m, but up 22% Y/Y
Key Takeaways
- May sales were NT$70B (-2% m/m, +22% y/y).
- April + May sales were 64% of our 2Q26 estimate of NT$221B (+10% q/q, +23% y/y) and 64% of consensus' NT$221B (+10% q/q, +23% y/y).
- May notebook shipments were 2.0M units (+11% m/m, -17% y/y), 5% below our estimate.
Our view:
- Unaudited April + May sales are tracking slightly behind our and consensus estimates for 2Q26, primarily due to slower PC and consumer electronics shipments.
- May notebook shipments came in 5% below our estimate at 2.0M units (+11% m/m, -17% y/y).
- Compal's guidance continues to be that its notebook shipments will grow in the low-single-digits q/q and revenue will grow in the double-digits q/q in 2Q26.
- We believe the continued pull-in of consumer electronic devices in 1H26 will lead to a more sub-seasonal 2H26.
- On our estimates, Compal is trading at ~17x 2027e P/E, above its past fiveyear P/E average of ~14x.
- We stay UW on Compal.
Exhibit 1 : Compal's NB shipments vs. its share price
Note: Past performance is no guarantee of future results. Results shown do not include transaction costs. Source: Company data, TEJ, Morgan Stanley Research.
Morgan Stanley Taiwan Limited+
Howard Kao
Equity Analyst
Howard.Kao@morganstanley.com
+886 2 2730-2989
Sharon Shih
Equity Analyst
Sharon.Shih@morganstanley.com
+886 2 2730-2865
Irene Yen
Research Associate
Irene.Yen@morganstanley.com
+886 2 2730-2869
Compal Electronics (2324.TW, 2324 TT)
Greater China Technology Hardware | Taiwan
| Stock Rating | Underweight |
|---|---|
| Industry View | In-Line |
| Price target | NT$23.00 |
| Up/downside to price target (%) | (40) |
| Shr price, close (Jun 9, 2026) | NT$38.45 |
| 52-Week Range | NT$47.75-26.70 |
| Sh out, dil, curr (mn) | 4,471 |
| Mkt cap, curr (mn) | NT$171,895 |
| EV, curr (mn) | NT$143,104 |
| Avg daily trading value (mn) | NT$1,523 |
| Fiscal Year Ending | 12/25 | 12/26e | 12/27e | 12/28e |
|---|---|---|---|---|
| EPS (NT$)** | 1.38 | 1.98 | 2.23 | 2.63 |
| EPS (NT$)§ | 1.49 | 2.08 | 2.45 | 2.90 |
| Revenue, net (NT$ mn) | 757,513 | 892,173 | 976,621 | 1,025,98 3 |
| EBITDA (NT$ mn) | 17,782 | 19,752 | 20,466 | 22,175 |
| ModelWare net inc (NT | 6,030 | 8,644 | 9,722 | 11,492 |
| $ mn) | ||||
| P/E | 22.0 | 19.4 | 17.3 | 14.6 |
| RNOA (%) | 7.7 | 8.8 | 9.6 | 10.9 |
| ROE (%) | 3.9 | 5.9 | 6.4 | 7.3 |
| EV/EBITDA | 5.9 | 7.2 | 6.9 | 6.2 |
| Div yld (%) | 4.6 | 2.2 | 3.2 | 3.6 |
| FCF yld ratio (%)** | 11.5 | 2.1 | 4.1 | 5.9 |
| Leverage (EOP) (%) | (19.5) | (18.9) | (19.5) | (21.5) |
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.
圖片清單（已驗證 2026-07-02）
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| 檔名 | size | 分類 | 親眼所見內容 |
|---|---|---|---|
260610_2324_仁寶_ms_compal_001.png |
55KB | 真資料圖 | 雙軸折線圖，橫軸Jan-16至Jan-26，左軸NT$（5-50）為藍線「Compal's share price」，右軸-80%~160%為黃線「NB shipment y/y (RHS)」 |