PDF 原檔：260528_2360_致茂_ms_chroma_original.pdf
原始內容
M May 28, 2026 04:07 PM GMT
Chroma Ate Inc. | Asia Pacific
Preliminary April Profit Announcement
We think the preliminary April profit points to potential upside to consensus estimates for 2Q26. Stay OW.
Chroma announced its preliminary profit for April, per TWSE regulatory requirements:
- Revenue in April reached NT$4,866mn (+11% MoM/+129% YoY), which was 39% of both our estimated revenue of NT$12,575mn (+6% QoQ/+95% YoY) and 40% of the consensus of NT$12,245mn (+3% QoQ/+90% YoY) for 2Q26.
- Pretax income in April was NT$2,194mn, which was 42% of both our estimated pretax income of NT$5,207mn and consensus of NT$5,275mn for 2Q26.
- Net income in April was NT$1,712mn (EPS NT$4.05), which was 41% of both our estimated net income of NT$4,183mn (EPS NT$9.87) and consensus of NT$4,220mn (EPS NT$9.96) for 2Q26.
Our view :
- We see upside to our and consensus earnings estimates for 2Q26.
- We believe Chroma will show strong revenue growth in 2026, driven by the power testing business, e.g., AI power-related demand, emerging HVDC migration, and ESS upturn, and semiconductor business, e.g., SLT, metrology, and CPO.
- Also, its FT handlers are under qualification now and we believe they might contribute some revenue from 2027.
- We think the strong preliminary April monthly profits should be positive for sentiment in the near term. Stay OW.
Update
| Morgan Stanley Taiwan Limited+ | Morgan Stanley Taiwan Limited+ | Morgan Stanley Taiwan Limited+ | Morgan Stanley Taiwan Limited+ |
|---|---|---|---|
| Derrick Yang | Derrick Yang | Derrick Yang | Derrick Yang |
| Equity Analyst | Equity Analyst | Equity Analyst | Equity Analyst |
| Derrick.Yang@morganstanley.com | Derrick.Yang@morganstanley.com | Derrick.Yang@morganstanley.com | +886 2 2730-2862 |
| Vivi Huang | Vivi Huang | Vivi Huang | Vivi Huang |
| Research Associate | Research Associate | Research Associate | Research Associate |
| Vivi.Huang@morganstanley.com | Vivi.Huang@morganstanley.com | Vivi.Huang@morganstanley.com | +886 2 2730-2860 |
| Sharon Shih | Sharon Shih | Sharon Shih | Sharon Shih |
| Equity Analyst | Equity Analyst | Equity Analyst | Equity Analyst |
| Sharon.Shih@morganstanley.com | Sharon.Shih@morganstanley.com | Sharon.Shih@morganstanley.com | +886 2 2730-2865 |
| Chroma Ate Inc. (2360.TW, 2360 TT) | Chroma Ate Inc. (2360.TW, 2360 TT) | Chroma Ate Inc. (2360.TW, 2360 TT) | Chroma Ate Inc. (2360.TW, 2360 TT) |
| Greater China Technology Hardware | Taiwan | Greater China Technology Hardware | Taiwan | Greater China Technology Hardware | Taiwan | Greater China Technology Hardware | Taiwan |
| Stock Rating | Stock Rating | Stock Rating | Overweight |
| Industry View | Industry View | Industry View | In-Line |
| Price target | Price target | Price target | NT$2,800.00 |
| Up/downside to price target (%) | Up/downside to price target (%) | Up/downside to price target (%) | 9 |
| Shr price, close (May 28, 2026) | Shr price, close (May 28, 2026) | Shr price, close (May 28, 2026) | NT$2,570.00 |
| 52-Week Range | 52-Week Range | 52-Week Range | NT$2,795.00-330.00 |
| Sh out, dil, curr (mn) | Sh out, dil, curr (mn) | Sh out, dil, curr (mn) | 425 |
| Mkt cap, curr (mn) | Mkt cap, curr (mn) | Mkt cap, curr (mn) | US$34,823 |
| US$34,477 | |||
| EV, curr (mn) Avg daily trading value (mn) | EV, curr (mn) Avg daily trading value (mn) | EV, curr (mn) Avg daily trading value (mn) | US$117 |
| Fiscal Year Ending | 12/25 | 12/26e | 12/27e 12/28e |
| EPS (NT$)** | 27.49 | 39.87 | 55.57 65.07 |
| Prior EPS (NT$)** | - | - | - - |
| EPS (NT$)§ | 26.88 | 40.63 | 60.76 83.69 |
| Revenue, net (NT$ mn) | 28,311 | 50,215 | 66,629 77,450 |
| EBITDA (NT$ mn) | 10,038 | 21,153 | 28,956 33,826 |
| ModelWare net inc (NT | 11,692 | 16,957 | 23,631 27,669 |
| $ mn) | |||
| P/E | 28.2 | 64.5 | 46.2 39.5 |
| P/BV | 10.1 | 26.1 | 20.1 16.5 |
| RNOA (%) | 49.4 | 75.0 | 87.8 91.4 |
| ROE (%) | 45.9 | 52.1 | 56.5 50.9 |
| EV/EBITDA | 31.8 | 50.9 | 36.9 31.3 |
| Div yld (%) | 1.2 | 0.8 | 1.1 1.5 |
| FCF yld ratio (%)** | 2.4 | 1.2 | 1.9 2.4 |
| Leverage (EOP) (%) | (33.4) | (37.6) | (45.8) (52.2) |
Unless otherwise noted, all metrics are based on Morgan Stanley ModelWare framework
§ = Consensus data is provided by Refinitiv Estimates
** = Based on consensus methodology 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.