PDF 原檔：260823_6187_萬潤_ms_allring_original.pdf
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62KB | 真資料圖 | MS 萬潤目標價沿革圖（2023-08～2026-08）：500 → 620 → 660 → 280 → 350 → 340 → 450 → 688 → 1,280 → 1,580；股價線 2026 年由約 400 升至 6 月高點約 1,400、8 月約 1,200 |
原始內容
M August 23, 2026 08:07 PM GMT
AllRing Tech Co. | Asia Pacific
CPO Business Remains Intact; OW
Key Takeaways
- Shares fell 5.5% last Friday on market commentary about equipment share loss, dispensing disqualification, and uncertainty around next-gen heat sink attachment.
- Dispensing for CoW remains in the qualification stage and is not described as disqualified, with additional updates expected later in 4Q.
What's new? AllRing fell 5.5% vs. Taiex up 0.65% last Friday, mainly on market concerns about: (1) losing CPO coupling equipment share to MRSI (under Mycronic AB Group; MYCR.ST; NC); (2) CoW dispensing being disqualified; and (3) heat sink attachment uncertainty in Rubin Ultra.
Stay OW: Our supply chain checks suggest AllRing's CPO coupling equipment and next-gen GPU heat sink attachment shares remain intact. CoW dispensing is still under qualification, with more updates likely in 4Q. We are also confident in AllRing's engagement with a US advanced packaging supplier, with more details likely on the August 27 onsite earnings call. The stock trades at 20x 2027e EPS, which we view as an attractive entry point to participate in the company's long-tail advanced packaging and CPO opportunities.
Update
| Morgan Stanley Taiwan Limited+ Tiffany Yeh Equity Analyst Tiffany.Yeh@morganstanley.com | +886 2 7712-3032 |
|---|---|
| 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 Morgan Stanley Taiwan Limited+ | +852 2848-7310 |
| Lucas Wang Research Associate Lucas.Wang@morganstanley.com | +886 2 2730-2875 |
AllRing Tech Co. (6187.TWO, 6187 TT)
Greater China Technology Semiconductors | Taiwan
| Stock Rating | Overweight |
|---|---|
| Industry View | Attractive |
| Price target | NT$1,580.00 |
| Shr price, close (Aug 21, 2026) | NT$1,195.00 |
| 52-Week Range | NT$1,490.00-307.50 |
| Sh out, dil, curr (mn) | 96 |
| Mkt cap, curr (mn) | NT$114,808 |
| EV, curr (mn) | NT$110,912 |
| Avg daily trading value (mn) | NT$1,918 |
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