PDF 原檔：260601_6770_力積電_ms_psmc_original.pdf
原始內容
M June 1, 2026 12:05 PM GMT
Powerchip Semiconductor Manufacturing Co | Asia Pacific
Profitability turnaround in April
Turning profitable in April: Powerchip reported Apr 2026 net profit of NT$552mn, +243.46% Y/Y; April 2026 EPS of NT$0.13, +244.44% Y/Y. Apr 2026 net margin was 10.94%. This is not comparable to 1Q26 net margin, which was skewed by NT $20.1bn gains from the Fab P5 disposal and NT$5.5bn related impairments booked in 1Q. Excluding these gains and impairments, 1Q26 net margin would be -2.7%. Therefore, April's profit reflects the company actually turning profitable excluding one-off items. The 10.94% margin is also stronger than our 2Q26e net margin estimate of 7.1%. April EPS of NT$0.13 represents 66% of our 2Q26e EPS estimate of NT$0.29.
Reiterate OW : we believe Powerchip is a beneficiary of mature node up-cycle and EMIB supply chain. The company's improved profitability reflects its ability to benefit from the mature mode up-cycle, and the volume ramp-up of the company's Si-SiCap production as the foundry partner of AP Memory.
Morgan Stanley Taiwan Limited+
Update
| Daniel Yen, CFA Equity Analyst Daniel.Yen@morganstanley.com | +886 2 2730-2863 |
|---|---|
| Charlie Chan Equity Analyst Charlie.Chan@morganstanley.com Morgan Stanley Asia Limited+ | +886 2 2730-1725 |
| Daisy Dai, CFA Equity Analyst Daisy.Dai@morganstanley.com | +852 2848-7310 |
| Tiffany Yeh Equity Analyst Tiffany.Yeh@morganstanley.com | +886 2 7712-3032 |
| Lucas Wang Research Associate Lucas.Wang@morganstanley.com | +886 2 2730-2875 |
| Ethan Jia Research Associate Ethan.Jia@morganstanley.com | +852 3963-2287 |
Powerchip Semiconductor Manufacturing Co (6770.TW,
6770 TT)
Greater China Technology Semiconductors | Taiwan
| Stock Rating | Stock Rating | Overweight |
|---|---|---|
| Industry View | Industry View | Attractive |
| Price target | Price target | NT$88.00 |
| Up/downside to price target (%) | Up/downside to price target (%) | 1 |
| Shr price, close (Jun 1, 2026) | Shr price, close (Jun 1, 2026) | NT$87.00 |
| 52-Week Range | 52-Week Range | NT$94.50-14.50 |
| Sh out, dil, curr (mn) | Sh out, dil, curr (mn) | 4,188 |
| Mkt cap, curr (mn) | Mkt cap, curr (mn) | NT$364,349 |
| EV, curr (mn) | EV, curr (mn) | NT$351,572 |
| Avg daily trading value (mn) | Avg daily trading value (mn) | NT$6,994 |
| Fiscal Year Ending | 12/25 12/26e | 12/27e 12/28e |
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