PDF 原檔：260610_3231_緯創_ms_wistron_original.pdf
原始內容
M June 10, 2026 08:28 AM GMT
Wistron Corporation | Asia Pacific
May sales up 2% m/m, +39% y/
y
Key Takeaways
- May sales were NT$290B (+2% m/m, +39% y/y).
- April + May revenues are 62% of our 2Q26 estimate of NT$920B (+9% q/q, +67% y/y) and 67% of consensus at NT$860B (+2% q/q, +56% y/y).
- May notebook shipments were 1.7M units (-6% m/m, -6% y/y), 15% below MSe.
Our view:
- May revenue is tracking below our estimate and roughly in-line with the Street's.
- We believe Wistron shipped 1.3-1.4K GB200/300 server computing trays in May, up ~2% m/m.
- NB shipments came in 15% below MSe at 1.7M units (-6% m/m, -6% y/y).
- We estimate Wistron's 2Q GB rack-equivalents shipments at ~4.2K (+4% q/ q), unchanged from our previous estimate.
- We remain OW on the stock.
Exhibit 1 : Wistron'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
Wistron Corporation (3231.TW, 3231 TT)
Greater China Technology Hardware | Taiwan
| Stock Rating | Overweight |
|---|---|
| Industry View | In-Line |
| Price target | NT$210.00 |
| Up/downside to price target (%) | 33 |
| Shr price, close (Jun 10, 2026) | NT$158.00 |
| 52-Week Range | NT$201.00-109.00 |
| Sh out, dil, curr (mn) | 3,276 |
| Mkt cap, curr (mn) | NT$517,675 |
| EV, curr (mn) | NT$627,151 |
| Avg daily trading value (mn) | NT$6,353 |
| Fiscal Year Ending | 12/25 | 12/26e | 12/27e | 12/28e |
|---|---|---|---|---|
| EPS (NT$)** | 9.04 | 13.95 | 18.11 | 21.30 |
| Prior EPS (NT$)** | - | - | - | - |
| Revenue, net (NT$ bn) | 2,186.5 | 3,479.3 | 4,669.1 | 4,775.2 |
| EBITDA (NT$ bn) | 91.5 | 149.3 | 190.1 | 219.2 |
| ModelWare net inc (NT | 27.4 | 42.3 | 54.9 | 64.6 |
| $ bn) | ||||
| P/E | 18.0 | 12.2 | 9.4 | 8.0 |
| P/BV | 1.9 | 1.8 | 1.6 | 1.4 |
| RNOA (%) | 35.0 | 29.7 | 52.5 | 50.9 |
| ROE (%) | 14.7 | 16.7 | 19.5 | 20.2 |
| EV/EBITDA | 6.6 | 3.3 | 2.6 | 2.1 |
| Div yld (%) | 2.4 | 2.4 | 3.5 | 5.4 |
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