PDF 原檔：6223旺矽(MPI)｜20260609｜MS_original.pdf
原始內容
M June 9, 2026 08:34 AM GMT
MPI Corporation | Asia Pacific
Strong ASIC Ramp-up Drives May Sales; OW
What's new? MPI reported May sales of NT$1,907mn, +28% M/M and 58% Y/Y, above MSe of NT$1,646mn. This was driven by a strong ramp-up in Trainium 3 and Google TPU, with additional contributions from networking and DDIC applications.
Stay OW: While management maintained its 2Q26 guidance of +20% Q/Q, we see upside potential to this outlook. A new non-AI ASIC customer is on track to begin shipments in 4Q26, and we expect contribution to extend beyond CPU. On our estimates the stock is trading at 38x 2027e EPS vs. 105% EPS CAGR, 2025-2028e.
Update
| Morgan Stanley Taiwan Limited+ Tiffany Yeh Equity Analyst Tiffany.Yeh@morganstanley.com | +886 2 7712-3032 |
|---|---|
| Charlie Chan Equity Analyst Charlie.Chan@morganstanley.com | +886 2 2730-1725 |
| Daniel Yen, CFA Equity Analyst Daniel.Yen@morganstanley.com Morgan Stanley Asia Limited+ | +886 2 2730-2863 |
| Daisy Dai, CFA Equity Analyst Daisy.Dai@morganstanley.com | +852 2848-7310 |
| Henry Zhao Research Associate Henry.Zhao@morganstanley.com Morgan Stanley Taiwan | +852 2239-7731 |
| Limited+ Lucas Wang Research Associate Lucas.Wang@morganstanley.com | +886 2 2730-2875 |
| Morgan Stanley Asia Limited+ Ethan Jia Research Associate | +852 |
| Ethan.Jia@morganstanley.com | 3963-2287 |
｜20260609｜MS_001.png)
MPI Corporation (6223.TWO, 6223 TT)
Greater China Technology Semiconductors | Taiwan
| Stock Rating | Overweight Attractive |
|---|---|
| Industry View | |
| Price target | NT$7,500.00 |
| Up/downside to price target (%) | 36 |
| Shr price, close (Jun 8, 2026) | NT$5,515.00 |
| 52-Week Range | NT$6,665.00-802.00 |
| Sh out, dil, curr (mn) | 95 |
| Mkt cap, curr (mn) | NT$523,081 |
| EV, curr (mn) | NT$519,566 |
| Avg daily trading value (mn) | NT$4,286 |
| Fiscal Year Ending | 12/25 | 12/26e | 12/27e | 12/28e |
|---|---|---|---|---|
| EPS (NT$)** | 32.77 | 68.59 | 143.38 | 288.46 |
| Prior EPS (NT$)** | - | - | - | - |
| EPS (NT$)§ | 33.07 | 60.79 | 117.95 | 209.32 |
| Revenue, net (NT$ mn) | 13,371 | 23,296 | 44,080 | 76,231 |
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