260607_2395_研華_ms_advantech

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M June 7, 2026 08:14 AM GMT

Advantech | Asia Pacific

May Sales -6% MoM/+32% YoY

In this report, we focus on Advantech's monthly sales, which we believe could be a catalyst for its share price.

Details:

• May sales were NT$7,734mn (-6% MoM/+32% YoY).
• QTD revenue reached 75% of consensus at NT$21,274mn (+4% QoQ/+19% YoY) and 77% of the company's guidance at NT$20,790mn (+2% QoQ/+17% YoY at mid-point).

Our view:

• We see 2Q26 revenue tracking ahead of market expectations.
• Management sees limited GM impact from elevated component costs, as it remains confident in passing most incremental costs to customers (see our report).
• A solid B/B ratio continues to point to a strong revenue outlook, supported by demand from the semi equipment, robotics, and smart manufacturing segments.
• We remain constructive on Advantech, as it is well positioned to benefit from accelerating IoT market growth amid edge AI proliferation.

Exhibit 1 : Advantech's monthly sales vs. its share price since 2010

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+

Advantech (2395.TW, 2395 TT)

Greater China Technology Hardware | Taiwan

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.

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