PDF 原檔：260622_4958_甄鼎_ms_ZDT_original.pdf
原始內容
M June 22, 2026 11:08 AM GMT
Zhen Ding | Asia Pacific
Strong preliminary May profits
Key Takeaways
- ZDT reported May 2026 profit per TWSE regulatory requirements.
- Revenue was NT$16.2B. NP was NT$808M (+299% y/y), accounting for 38% of our estimate and 36% of the Street's 2Q26 NP estimates.
- The unaudited preliminary May results imply slight upside to our estimates.
Stay OW: Profitability continues to improve meaningfully, with May net profit increasing approximately 300% y/y. This implies a net profit margin of roughly 5.0%, compared with 1.7% in the prior-year period. May net profit accounted for approximately 38% of our 2Q earnings forecasts, suggesting modest upside risk to our estimates, while remaining broadly in line with consensus expectations; consensus forecasts currently imply a net profit margin of approximately 5.0% for 2Q.
We remain constructive on ZDT, supported by its increasing exposure to key AIrelated growth drivers, including ABF substrates, optical transceiver PCBs, and AI server PCBs, which we believe will continue to support earnings growth and margin expansion over the medium term.
Related reports:
Greater China Technology Hardware: Optics Drives the Board: PCB Beneficiaries of the AI Interconnect Build-out (12 Jun 2026)
Greater China Technology Hardware: ABF Substrates: Same Thesis, Better Numbers. (18 May 2026)
Exhibit 1 : Yageo preliminary May 2026 profit announcement
| 2Q26 | 2Q26 | ||||
|---|---|---|---|---|---|
| NT$ M | May-26 | May-25 | y/y | MSe | Cons |
| Revenue | )6 VB() mmmm | ))V79) mmmm | L7D | 48V)74 mmmm | 47V()( mmmm |
| Pre-tax profit | )VL)7 mmmmmm | )69 m | 679D | 4V)7L mmmmmm | 4VB88 mmmmmm |
| Net profit | 8(8 m | B(B m | B99D | BV)B) mmmmmm | BVL5( mmmmmm |
| EPS (NT$) | (,75 mmmmmmm m | (,B( mmmmmmmm | B74D | ),98 mmmmmmmm | B,)) |
| Pre-tax margin | 8,)D | ),4D | 8,7D | 9,)D | |
| Net margin | 5,(D | ),7D | 4,4D | 5,(D |
Source: Company data, Visible Alpha consensus, Morgan Stanley Research (MSe) estimates.
mmmmmmmm
Update
| Morgan Stanley Taiwan Limited+ Howard Kao Equity Analyst Howard.Kao@morganstanley.com | +886 2 2730-2989 |
|---|---|
| Irene Yen Research Associate Irene.Yen@morganstanley.com | +886 2 2730-2869 |
| Sharon Shih Equity Analyst Sharon.Shih@morganstanley.com | +886 2 2730-2865 |
Zhen Ding (4958.TW, 4958 TT)
Greater China Technology Hardware | Taiwan
| Stock Rating | Overweight |
|---|---|
| Industry View | In-Line |
| Price target | NT$666.00 |
| Up/downside to price target (%) | 7 |
| Shr price, close (Jun 22, 2026) | NT$622.00 |
| 52-Week Range | NT$654.00-95.70 |
| Sh out, dil, curr (mn) | 1,070 |
| Mkt cap, curr (mn) | US$21,016 |
| EV, curr (mn) | US$20,675 |
| Avg daily trading value (mn) | US$172 |
| Fiscal Year Ending | 12/25 | 12/26e | 12/27e | 12/28e |
|---|---|---|---|---|
| EPS (NT$)** | 6.91 | 14.46 | 24.21 | 33.37 |
| Prior EPS (NT$)** | - | - | - | - |
| EPS (NT$)§ | 8.38 | 13.44 | 23.92 | 32.76 |
| Revenue, net (NT$ mn) | 182,522 | 226,287 | 291,591 | 337,349 |
| EBITDA (NT$ mn) | 32,599 | 34,460 | 51,041 | 67,183 |
| ModelWare net inc (NT | 6,791 | 15,470 | 25,909 | 35,713 |
| $ mn) | ||||
| P/E | 20.6 | 43.0 | 25.7 | 18.6 |
| P/BV | 0.8 | 3.6 | 3.3 | 3.0 |
| RNOA (%) | 7.6 | 12.4 | 18.2 | 24.2 |
| ROE (%) | 4.5 | 9.1 | 14.2 | 17.7 |
| EV/EBITDA | 4.0 | 19.3 | 12.8 | 9.5 |
| Div yld (%) | 3.4 | 0.6 | 1.0 | 1.7 |
| FCF yld ratio (%) | (4.9) | (1.0) | 2.7 | 3.9 |
| Leverage (EOP) (%) | (18.7) | (12.4) | (16.9) | (21.8) |
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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