PDF 原檔：8210 勤誠(Chenbro)｜20260608｜MS_original.pdf
原始內容
M June 8, 2026 11:19 PM GMT
Chenbro | Asia Pacific
May Sales +22% MoM/+37% YoY
In this report, we focus on Chenbro's monthly sales, which we believe could be a catalyst for its share price.
Details:
- May sales were NT$2,517mn (+22% MoM/+37% YoY).
- QTD sales reached 60% of our 2Q26 estimate at NT$7,596mn (+7% QoQ/ +40% YoY) and 59% of consensus at NT$7,736mn (+9% QoQ/+42% YoY).
Our view:
- 2Q26 revenue is tracking largely in line with our expectations.
- Management remains optimistic on the 2H26 outlook, supported by GPU/ ASIC and general purpose servers, as well as increasing rack shipments.
- Chenbro is also tapping into more rack-level mechanical components and integration services, by leveraging its expertise in the chassis business.
- We maintain the view that Chenbro will benefit from AI server shipment growth and its share gains, as well as the incremental contribution from rack offerings in the coming years.
Exhibit 1 : Chenbro's monthly sales vs. its share price since 2012
｜20260608｜MS_001.png)
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+
Derrick Yang
Equity Analyst
Derrick.Yang@morganstanley.com
+886 2 2730-2862
Vivi Huang
Research Associate
Vivi.Huang@morganstanley.com
+886 2 2730-2860
Sharon Shih
Equity Analyst
Sharon.Shih@morganstanley.com
+886 2 2730-2865
｜20260608｜MS_002.png)
Chenbro (8210.TW, 8210 TT)
Greater China Technology Hardware | Taiwan
| Stock Rating | Overweight |
|---|---|
| Industry View | In-Line |
| Price target | NT$1,780.00 |
| Up/downside to price target (%) | 29 |
| Shr price, close (Jun 8, 2026) | NT$1,375.00 |
| 52-Week Range | NT$1,590.00-325.50 |
| Sh out, dil, curr (mn) | 122 |
| Mkt cap, curr (mn) | NT$168,351 |
| EV, curr (mn) | NT$165,798 |
| Avg daily trading value (mn) | NT$2,391 |
| Fiscal Year Ending | 12/25 | 12/26e | 12/27e | 12/28e |
|---|---|---|---|---|
| EPS (NT$)** | 29.06 | 47.77 | 58.77 | 68.77 |
| Prior EPS (NT$)** | - | - | - | - |
| EPS (NT$)§ | 28.97 | 48.56 | 65.13 | 71.11 |
| Revenue, net (NT$ mn) | 22,001 | 33,442 | 41,504 | 48,078 |
| EBITDA (NT$ mn) | 5,101 | 8,320 | 10,119 | 11,741 |
| ModelWare net inc (NT | 3,558 | 5,848 | 7,195 | 8,420 |
| $ mn) | ||||
| P/E | 34.6 | 28.8 | 23.4 | 20.0 |
| P/BV | 11.4 | 11.3 | 8.8 | 7.0 |
| RNOA (%) | 48.5 | 68.6 | 66.4 | 72.9 |
| ROE (%) | 49.0 | 52.8 | 47.3 | 43.0 |
| EV/EBITDA | 24.2 | 19.7 | 15.8 | 13.3 |
| Div yld (%) | 0.7 | 1.0 | 1.7 | 2.1 |
| FCF yld ratio (%)** | 2.1 | 2.1 | 3.9 | 4.7 |
| Leverage (EOP) (%) | (28.3) | (32.8) | (44.3) | (53.5) |
Unless otherwise noted, all metrics are based on Morgan Stanley ModelWare framework
** = Based on consensus methodology
§ = Consensus data is provided by Refinitiv Estimates
e = Morgan Stanley Research estimates
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）
回補驗證：僅涵蓋已被 lib 頁嵌入的圖片，非全量驗證。
| 檔名 | size | 分類 | 親眼所見內容 |
|---|---|---|---|
8210 勤誠(Chenbro)｜20260608｜MS_001.png |
55KB | 真資料圖 | 雙軸折線圖，左軸股價NT$（藍線Share price）、右軸月營收NT$mn（黃線Monthly sales），時間軸2012–2026 |