PDF 原檔：260529_5347_世界_ms_vanguard_original.pdf
原始內容
M May 29, 2026 07:35 AM GMT
Vanguard International Semiconductor | Asia Pacific
Asia AI Summit 2026 Feedback
- Revenue outlook: Management expects 2026 revenue to grow ~20% Y/Y, driven by (1) AI server power management, (2) a smartphone power management order shift to Vanguard, and (3) an ASP hike.
- Capex: Management expects 2026 capex to reach NT$60-70bn: 90% for VSMC's 12-inch capacity ramp and the rest for 8-inch fab maintenance. NXP is VSMC's largest customer; 40% of capacity will go to NXP.
- Utilization : 2Q26 utilization is guided to be 85-90%, vs. ~80% in 1Q26.
- Interposer opportunity: Management expects the upcoming Singapore 12inch capacity to include interposer production (55nm/65nm), with technology transferred from TSMC.
- GaN and SiC opportunity: Current GaN capacity is ~3kwpm (8-inch). Vanguard licensed TSMC technology; early commercial runs of GaN on Silicon products are targeted for early 2027. For SiC, the company cooperates with Episil.
Update
| Morgan Stanley Taiwan Limited+ Charlie Chan Equity Analyst Charlie.Chan@morganstanley.com | +886 2 2730-1725 |
|---|---|
| Daniel Yen, CFA Equity Analyst Daniel.Yen@morganstanley.com | +886 2 2730-2863 |
| Daisy Dai, CFA Equity Analyst Daisy.Dai@morganstanley.com | +852 2848-7310 |
| Lucas Wang Research Associate Lucas.Wang@morganstanley.com | +886 2 2730-2875 |
| Henry Zhao Research Associate Henry.Zhao@morganstanley.com | +852 2239-7731 |
| Morgan Stanley Taiwan Limited+ Tiffany Yeh Equity Analyst Tiffany.Yeh@morganstanley.com | |
| +886 2 7712-3032 | |
| Ethan Jia Research Associate | +852 |
| Ethan.Jia@morganstanley.com | 3963-2287 |
Vanguard International Semiconductor (5347.TWO, 5347
TT)
Greater China Technology Semiconductors | Taiwan
| Stock Rating | Equal-weight |
|---|---|
| Industry View | Attractive |
| Price target | NT$180.00 |
| Up/downside to price target (%) | 11 |
| Shr price, close (May 28, 2026) | NT$161.50 |
| 52-Week Range | NT$185.50-79.20 |
| Sh out, dil, curr (mn) | 1,858 |
| Mkt cap, curr (mn) | NT$300,133 |
| EV, curr (mn) | NT$277,587 |
| Avg daily trading value (mn) | NT$2,014 |
| Fiscal Year Ending | 12/25 | 12/26e | 12/27e | 12/28e |
|---|---|---|---|---|
| EPS (NT$)** | 4.18 | 5.46 | 6.76 | 8.32 |
| EPS (NT$)§ | 4.32 | 5.70 | 6.55 | 8.08 |
| Revenue, net (NT$ mn) | 48,591 | 56,799 | 68,133 | 77,468 |
| EBITDA (NT$ mn) | 16,326 | 20,717 | 25,023 | 29,713 |
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