PDF 原檔：報告_Citi_祥碩5269_20260810_original.pdf
圖片清單（已驗證 2026-08-11）
| 檔名 | size | 分類 | 親眼所見內容 |
|---|---|---|---|
260810_citi_asmedia_001.png |
196KB | 真資料圖 | 上半 Ratings and Target Price History：股價走勢圖＋評等/目標價變動表（3 個分表，共 7 筆編號紀錄），最新第 7 筆日期 12-May-26 22:55:35、Rating 2（Neutral）、Target Price NT$1,650.00、Closing Price NT$1,525.00；下半 Short-Term View/Catalyst Watch History 走勢圖＋變動紀錄表（4 筆） |
原始內容
citivelocity.com
10 Aug 2026 13:16:37 ET │ 11 pages
ASMedia (5269.TW)
PC headwinds continues in 2H26
CITI'S TAKE
Due to weakness in PC industry, ASMedia's 2Q26 sales (-22% QoQ) was dragged by decline in AMD chipset products. Given higher memory costs, AMD slowed down its product migration, focusing more on existing AM4 platform rather than new AM5 platform. Thus, 2Q26 GM faced product mix headwinds (i.e., more legacy products) and rising packaging costs, resulting in GM miss vs Citi/consensus forecasts by 1.4ppt/1.0ppt. Overall, OP levels missed Citi/consensus forecasts by 8%/4%. Non-op gain was mainly due to its investment income. Looking forward, the company expects PC headwinds to continues, resulting in QoQ decline in 3Q/4Q26 sales. For GM, given unfavorable product mix, price hike for passing through costs only and rising packaging costs, GM is guided to be >50%+ levels in 2H26. For new pipelines like PCIe packet switch and new chipset customers, we don't think the contribution would be meaningful till 2027.
Prepared for Kevin Lu
Flash |
Neutral
Price (10 Aug 26 13:30)
NT$1,400.00
Target price
NT$1,650.00
Expected share price return
17.9%
Expected dividend yield
3.2%
Expected total return
21.1%
Market Cap
NT$103,819M
US$3,219M
Jack Chen AC
+886-2-8726-9091
jack1.chen@citi.com
See Appendix A-1 for Analyst Certification, Important Disclosures and Research Analyst Affiliations
Figure 1. AsMedias <≥<o results comparison
2Q25
Actual
3,393
1,778
2,723
1,369
1Q26
Actual
3,498
1,777
YoY
-20%
-23%
QoQ
-22%
-23%
Figure 1. ASMedia's 2Q26 results comparison
2Q26
Citi
2,896
1,497
704
1,490
2Q26
diff Consensus
-6%
2,942
-9%
-8%
1,509
676
1,238
diff
-7%
-9%
-4%
| 2,185 (168) | 1,354 (233) 1,936 | (82) 61% | 13% | 2,193 (373) | 1,914 na | 14% |
|---|---|---|---|---|---|---|
| - | - | - | na | |||
| 2,017 | 1,121 1,854 | 80% | 9% | 1,821 | 1,674 | 21% |
| 26.98 | 14.99 24.79 | 80% | 9% | 24.35 | 22.38 | 21% |
| 50.3% | 52.4% 50.8% | -2.1 ppt | -0.5 ppt | 51.7% | 51.3% | -1.0 ppt |
| -26.5% | -15.9% | -27.7% -10.5 ppt | 1.2 ppt | -27.4% | - 28.3% | 1.9 ppt |
| 23.8% | 36.5% 23.1% | -12.6 ppt | 0.7 ppt | 24.3% -0.5 ppt | 23.0% | 0.9 ppt |
| 7.7% | 17.2% | 4.3% | 17.0% | na | ||
| 74.1% | 33.0% 53.0% | 41.1 ppt | 21.1 ppt | 62.9% | 56.9% | 17.2 ppt |
(NT$mn)
Revenue
Gross profit
OP profit
Non-op
PBT
Tax
Minority
Net Income
EPS (NT$)
GM
OPEX ratio
OPM
Taxrate
NM
M 2MG Mitideoun Ina Moro
Prepared for Kevin Lu
Prepared for Kevin Lu
ASMedia
Valuation
Our target price for ASMedia of NT$1,650 is based on SOTP, with 22x 2026E EPS for ASMedia's core business plus 13x 2026E EPS for WT Micro contribution. Our TP implies blended 16x/13x 2026E EPS, which is lower than -1std of the past 5-year PE range. We think this PE is justified by PC weakness likely continuing into 1H27E, GM pressure from inflation in 2H26E and potential competition from a new peer in 2027E.
Risks
Key upside risks that could cause the shares to trade above our target price include a stronger-than-expected recovery in PC demand, successfully passing on material price hikes to customers, better-than-anticipated momentum from USB4 products, and rapid progress in the packet switch business. Conversely, key downside risks that could cause the shares to trade below our target price include a slower-than-expected recovery in PC demand, failure to pass on material price hikes to customers, weaker-than-expected momentum from USB4 products, and slow progress in the packet switch business.
ASMedia (5269.TW)
Analyst: Jack Chen
If you are visually impaired and would like to speak to a Citi representative regarding the details of the graphics in this document, please call USA 1-888-500-5008 (TTY: 711), from outside the US +1-210-677-3788
Date
Covered
Not covered sonomi so no manias o nominiti
Appendix A-1
[207-Aug-24 12:15:52
1
*2,400.00
1,500.00
5 07-Aug-25 14:06:28