PDF 原檔：260607_2059_川湖_ms_kingslide_original.pdf
原始內容
M June 7, 2026 07:11 AM GMT
King Slide Works Co. Ltd. | Asia Pacific
May Sales +46% MoM/+172% YoY
In this report, we focus on King Slide's monthly sales, which we believe could be a catalyst for its share price movement.
Details:
- May sales were NT$3,791mn (+46% MoM/+172% YoY) - another record high.
- QTD revenue reached 89% of MSe at NT$7,211mn (+32% QoQ/+71% YoY) and 91% of consensus at NT$7,016mn (+29% QoQ/+66% YoY).
Our view:
- We see 2Q26 revenue tracking significantly ahead of the market's expectations.
- We believe the meaningful sequential top-line growth in the past two months was mainly driven by multiple projects, and we expect the momentum to sustain in the coming quarters as customers ramp new models in 2H26 and more devices adopt rail kits.
- We believe King Slide should continue to benefit from server market growth and increasing dollar content, driven by more complex designs and broader adoption of rail kits. We view it as a good proxy for the AI capex cycle, given its dominant position, strong patent portfolio, and solid execution.
Exhibit 1 : King Slide's monthly sales vs. its share price since 2015
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
King Slide Works Co. Ltd. (2059.TW, 2059 TT)
Greater China Technology Hardware | Taiwan
Stock Rating
Overweight In-Line
Industry View
Price target
NT$6,650.00
Up/downside to price target (%)
18
Shr price, close (Jun 5, 2026)
NT$5,620.00
52-Week Range
NT$5,805.00-
1,970.00
Sh out, dil, curr (mn)
95
Mkt cap, curr (mn)
NT$535,570
EV, curr (mn)
NT$511,867
Avg daily trading value (mn)
NT$2,762
| Fiscal Year Ending | 12/25 | 12/26e | 12/27e | 12/28e |
|---|---|---|---|---|
| EPS (NT$)** | 103.23 | 167.77 | 193.77 | 225.77 |
| Prior EPS (NT$)** | - | - | - | - |
| EPS (NT$)§ | 100.25 | 168.76 | 207.52 | 236.37 |
| Revenue, net (NT$ mn) | 17,501 | 27,054 | 31,974 | 37,358 |
| EBITDA (NT$ mn) | 12,449 | 19,188 | 22,866 | 26,727 |
| ModelWare net inc (NT | 9,837 | 15,988 | 18,466 | 21,516 |
| $ mn) | ||||
| P/E | 36.3 | 33.5 | 29.0 | 24.9 |
| RNOA (%) | 216.6 | 346.2 | 383.5 | 428.4 |
| ROE (%) | 46.2 | 57.0 | 47.9 | 42.0 |
| EV/EBITDA | 26.8 | 26.1 | 21.4 | 17.8 |
| Div yld (%) | 0.9 | 0.9 | 1.1 | 1.3 |
| FCF yld ratio (%)** | 2.9 | 2.9 | 3.4 | 4.0 |
| Leverage (EOP) (%) | (84.6) | (87.9) | (90.5) | (92.3) |
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 |
|---|---|---|---|
260607_2059_川湖_ms_kingslide_001.png |
59529 bytes | 真資料圖 | 雙軸折線圖，2015-2026，藍線為Share price(NT$，左軸)、黃線為Monthly Sales(RHS, NT$mn)，兩線走勢皆呈現2023年後大幅上升 |