PDF 原檔：報告_Daiwa_信驊5274_3Q26_20261105_original.pdf
原始內容
ASPEED Technology (5274 TT)
Target price: TWD21,800.00 (from TWD26,660.00)
Shareprice(5Nov):TWD12,635.00 | Up/downside:+72.5%
3Q26 results: largely in line with expectations
- Decent outlook ahead given solid regular and AI server demand
- Lowering the PER multiple to factor in the weaker market sentiment
- Reaffirming our Buy (1) rating but lowering 12-month TP to TWD21,800
What's new: We update our view on Aspeed after its 3Q26 results, released on 5 November.
What's the impact: 3Q26 results slightly miss expectations. Net income was TWD2.0bn (EPS: TWD48.13), which is 3-4% lower than our estimate (TWD2.08bn) and the Bloomberg consensus (TWD2.06bn). Gross margin (GM) decreased by 2.5pp QoQ to 69.5% (vs. 72.0% in 2Q26), as material prices gradually increased after its price hike in 2Q26. Operating margin fell 1.7pp QoQ to 52.2% (vs. 53.9% in 2Q26) on GM contraction but was much lower than our estimate as we underestimated the opex ratio, mainly due to continuity of the employee stock-based bonus since 2Q26.
Business outlook. The near-term demand outlook remains largely on track, but the US election results and slowing ARR growth at key LLM vendors (eg, Anthropic and OpenAI) have weighed on sentiment. Investors fear sharp data centre capex cuts in 2028E if LLM revenue fails to keep pace with the substantial capacity expansion in 2027E. Although most of the top-4 US hyperscalers' FCF turned negative this year, we believe it is too early to assume such cuts. Factoring in 3Q26 shipment strength, we lift our BMC shipment assumptions to 34m/50m (from 32.7m/47.6m) for 2026E/2027E, but retain 53.8m for 2028E amid slowdown concerns. Rising AI and regular server demand, with no order cuts, does not warrant a major forecast reduction yet. Aspeed's October sales came in at TWD2.0bn (+24% MoM and +178% YoY), largely on track with its revenue guidance of TWD6.6-6.8bn for 4Q26, at a run rate of 30%. Given the ongoing price hikes from substrate, we do not rule out the possibility that Aspeed would conduct another hike again in early 2027. We expect it to be another nearterm share price catalyst. Separately, we remain confident that Marvell's AI infrastructure management silicon (IMCS) will create a new data centre TAM rather than cannibalise Aspeed's existing BMC TAM. Aspeed recently announced its ideal hierarchical architecture in an AI data centre with IMCS => RMC (rack-level controller) => BMC => SMC.
What we recommend: We lower our 2026-28E EPS by 3-12% to factor in the 3Q26 results. We reaffirm our Buy (1) call with a lower 12M TP of TWD21,800 (from TWD26,660), based on a lower PER of 56x (from 66x; high end of its past-3-year PER range of 20-62x), applied to our 1-year forward EPS forecast, given the weaker-than-expected market sentiment due to potential concerns over an AI data centre capex slowdown in 2028E. Key downside risk: weak AI server demand.
How we differ: Our 2027-28E EPS are 6-13% higher than the consensus, likely due to our bullish view on Aspeed's ASP and shipment story.
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Sheng Cheng (886) 2 8758 6253
sheng.cheng@daiwacm-cathay.com.tw
Thomas Kim (886) 2 8758 6249 thomas.kim@daiwacm-cathay.com.tw
Forecast revisions (%)
| Year to 31 Dec | 26E | 27E | 28E |
|---|---|---|---|
| Revenue change | 0.8 | (1.0) | (11.5) |
| Net profit change | (3.1) | (4.3) | (12.0) |
| Core EPS (FD) change | (3.1) | (4.3) | (12.0) |
Source: Daiwa forecasts
Share price performance
| 12-month range | 5,113.64-20,905.00 |
|---|---|
| Market cap (USDbn) | 15.99 |
| 3m avg daily turnover (USDm) | 170.72 |
| Shares outstanding (m) | 42 |
| Major shareholder | FENG HUA INVEST (13.9%) |
Financial summary (TWD)
| Year to 31 Dec | 26E | 27E | 28E |
|---|---|---|---|
| Revenue (m) | 18,416 | 35,495 | 46,131 |
| Operating profit (m) | 9,806 | 19,763 | 26,064 |
| Net profit (m) | 8,136 | 16,098 | 21,131 |
| Core EPS (fully-diluted) | 195.557 | 386.955 | 507.911 |
| EPS change (%) | 107.1 | 97.9 | 31.3 |
| Daiwa vs Cons. EPS (%) | (2.3) | 12.9 | 5.9 |
| PER (x) | 64.6 | 32.7 | 24.9 |
| Dividend yield (%) | 0.6 | 0.6 | 0.9 |
| DPS | 80.0 | 80.0 | 120.0 |
| PBR (x) | n.a. | 21.3 | 12.9 |
| EV/EBITDA (x) | 51.6 | 25.2 | 18.5 |
| ROE (%) | 83.6 | 88.1 | 64.5 |
Source: FactSet, Daiwa forecasts
Aspeed: Daiwa's revenue and earnings forecasts vs. consensus
| (TWDm) | 2026E - Previous | 2026E - New | 2026E - Consensus | 2027E - Previous | 2027E - New | 2027E - Consensus | 2028E - Previous | 2028E - New | 2028E - Consensus |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | 18,268 | 18,416 | 18,194 | 35,844 | 35,495 | 30,667 | 52,117 | 46,131 | 42,649 |
| Diff (%) | 0.8% | 1.2% | -1.0% | 15.7% | -11.5% | 8.2% | |||
| Gross Margin (%) | 70.6% | 69.9% | 69.6% | 70.9% | 69.8% | 69.2% | 69.7% | 69.7% | 68.8% |
| Operating profit | 10,096 | 9,806 | 9,906 | 20,645 | 19,763 | 17,403 | 29,623 | 26,064 | 24,504 |
| Op Margin (%) | 55.3% | 53.2% | 54.4% | 57.6% | 55.7% | 56.7% | 56.8% | 56.5% | 57.5% |
| Net profit | 8,396 | 8,136 | 8,329 | 16,814 | 16,098 | 14,254 | 24,001 | 21,131 | 19,950 |
| EPS (TWD) | 201.82 | 195.56 | 200.20 | 404.15 | 386.96 | 342.62 | 576.91 | 507.91 | 479.54 |
| Diff (%) | -3.1% | -2.3% | -4.3% | 12.9% | -12.0% | 5.9% |
Source: Bloomberg, Daiwa forecasts
Aspeed: quarterly and annual P&L statement
| 2026 | 2026 | 2026 | 2026 | 2027E | 2025 | 2026E | 2027E | 2028E | ||||
| (TWDm) | 1Q | 2Q | 3Q | 4QE | 1QE | 2QE | 3QE | 4QE | ||||
| Net revenue | 3,147 | 3,871 | 4,786 | 6,612 | 6,913 | 7,963 | 9,547 | 11,073 | 9,085 | 18,416 | 35,495 | 46,131 |
| COGS | -970 | -1,084 | -1,461 | -2,022 | -2,081 | -2,403 | -2,887 | -3,356 | -2,906 | -5,537 | -10,727 | -13,993 |
| Gross profit | 2,177 | 2,788 | 3,325 | 4,589 | 4,831 | 5,559 | 6,660 | 7,717 | 6,179 | 12,879 | 24,768 | 32,138 |
| Operating expenses | -518 | -702 | -829 | -1,025 | -1,051 | -1,155 | -1,327 | -1,473 | -1,518 | -3,073 | -5,005 | -6,073 |
| Operating profit | 1,659 | 2,086 | 2,496 | 3,565 | 3,781 | 4,405 | 5,333 | 6,244 | 4,660 | 9,806 | 19,763 | 26,064 |
| Non-operating profit | 109 | 180 | 23 | 36 | 135 | 37 | 36 | 36 | 195 | 348 | 243 | 194 |
| Pre-tax profit | 1,768 | 2,265 | 2,520 | 3,600 | 3,916 | 4,442 | 5,369 | 6,280 | 4,855 | 10,154 | 20,007 | 26,258 |
| Income taxes | -354 | -424 | -514 | -720 | -764 | -866 | -1,047 | -1,225 | -928 | -2,012 | -3,901 | -5,120 |
| Net profit | 1,414 | 1,841 | 2,001 | 2,879 | 3,151 | 3,574 | 4,320 | 5,054 | 3,928 | 8,136 | 16,098 | 21,131 |
| Net EPS (TWD) | 34.01 | 44.27 | 48.13 | 69.24 | 75.77 | 85.94 | 103.90 | 121.54 | 94.41 | 195.56 | 386.96 | 507.91 |
| Operating Ratios | ||||||||||||
| Gross margin | 69.2% | 72.0% | 69.5% | 69.4% | 69.9% | 69.8% | 69.8% | 69.7% | 68.0% | 69.9% | 69.8% | 69.7% |
| Operating margin | 52.7% | 53.9% | 52.2% | 53.9% | 54.7% | 55.3% | 55.9% | 56.4% | 51.3% | 53.2% | 55.7% | 56.5% |
| Pre-tax margin | 56.2% | 58.5% | 52.6% | 54.5% | 56.6% | 55.8% | 56.2% | 56.7% | 53.4% | 55.1% | 56.4% | 56.9% |
| Net margin | 44.9% | 47.6% | 41.8% | 43.5% | 45.6% | 44.9% | 45.3% | 45.6% | 43.2% | 44.2% | 45.4% | 45.8% |
| YoY (%) | ||||||||||||
| Net revenue | 52% | 72% | 105% | 171% | 120% | 106% | 99% | 67% | 41% | 103% | 93% | 30% |
| Gross profit | 59% | 83% | 106% | 174% | 122% | 99% | 100% | 68% | 49% | 108% | 92% | 30% |
| Operating profit | 62% | 76% | 103% | 193% | 128% | 111% | 114% | 75% | 60% | 110% | 102% | 32% |
| Pre-tax profit | 60% | 188% | 67% | 147% | 121% | 96% | 113% | 74% | 53% | 109% | 97% | 31% |
| Net profit | 59% | 193% | 65% | 140% | 123% | 94% | 116% | 76% | 53% | 107% | 98% | 31% |
| QoQ (%) | ||||||||||||
| Net revenue | 29% | 23% | 24% | 38% | 5% | 15% | 20% | 16% | ||||
| Gross profit | 30% | 28% | 19% | 38% | 5% | 15% | 20% | 16% | ||||
| Operating profit | 36% | 26% | 20% | 43% | 6% | 17% | 21% | 17% | ||||
| Pre-tax profit | 21% | 28% | 11% | 43% | 9% | 13% | 21% | 17% | ||||
| Net profit | 18% | 30% | 9% | 44% | 9% | 13% | 21% | 17% |
Source: Company, Daiwa forecasts
Aspeed: 3Q26 comparison table
| (TWDm) | Actual | QoQ% | YoY% | Daiwa | Diff % | Consensus | Diff % |
|---|---|---|---|---|---|---|---|
| Revenue | 4,786 | 24% | 105% | 4,573 | 5% | 4,691 | 2% |
| Gross profit | 3,325 | 19% | 106% | 3,222 | 3% | 3,230 | 3% |
| Gross margin (%) | 69.5% | 70.5% | 68.9% | ||||
| Operating profit | 2,496 | 20% | 103% | 2,564 | -3% | 2,515 | -1% |
| Operating margin (%) | 52.2% | 56.1% | 53.6% | ||||
| Pre-tax profit | 2,520 | 11% | 67% | 2,605 | -3% | 2,563 | -2% |
| Net profit | 2,001 | 9% | 65% | 2,083 | -4% | 2,067 | -3% |
| EPS (TWD) | 48.13 | 9% | 65% | 50.10 | -4% | 49.70 | -3% |
Source: Company, Daiwa forecasts, Bloomberg
Aspeed: BMC TAM forecast
Aspeed: 1-year-forward PER bands
Source: Company, Daiwa forecasts
Source: Daiwa forecasts, Bloomberg
Financial summary
Key assumptions
| Year to 31 Dec | 2021 | 2022 | 2023 | 2024 | 2025 | 2026E | 2027E | 2028E |
|---|---|---|---|---|---|---|---|---|
| Server BMC shipment (m) | 12.8 | 14.9 | 6.7 | 13.0 | 18.4 | 34.1 | 50.1 | 53.7 |
| Server BMC ASP (USD) | 9.3 | 10.7 | 12.3 | 12.6 | 13.7 | 15.7 | 20.4 | 24.7 |
| PC/AV extension IC ASP (USD) | 15.6 | 14.7 | 14.1 | 14.1 | 12.2 | 11.2 | 11.5 | 11.2 |
Profit and loss (TWDm)
| Year to 31 Dec | 2021 | 2022 | 2023 | 2024 | 2025 | 2026E | 2027E | 2028E |
|---|---|---|---|---|---|---|---|---|
| Server BMC | 3,392 | 4,784 | 2,581 | 5,261 | 7,748 | 16,873 | 32,687 | 42,430 |
| PC/AV extension IC | 244 | 344 | 276 | 328 | 351 | 367 | 426 | 464 |
| Other Revenue | 2 | 82 | 274 | 871 | 985 | 1,176 | 2,382 | 3,237 |
| Total Revenue | 3,638 | 5,210 | 3,130 | 6,460 | 9,085 | 18,416 | 35,495 | 46,131 |
| Other income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| COGS | (1,262) | (1,819) | (1,122) | (2,306) | (2,906) | (5,537) | (10,727) | (13,993) |
| SG&A | (217) | (314) | (295) | (407) | (476) | (1,045) | (1,527) | (1,808) |
| Other op.expenses | (506) | (628) | (633) | (829) | (1,042) | (2,029) | (3,478) | (4,265) |
| Operating profit | 1,652 | 2,449 | 1,080 | 2,918 | 4,660 | 9,806 | 19,763 | 26,064 |
| Net-interest inc./(exp.) | 7 | 28 | 73 | 69 | 143 | 139 | 143 | 144 |
| Assoc/forex/extraord./others | (49) | 138 | 43 | 180 | 52 | 208 | 100 | 50 |
| Pre-tax profit | 1,610 | 2,615 | 1,195 | 3,167 | 4,855 | 10,154 | 20,007 | 26,258 |
| Tax | (297) | (509) | (188) | (596) | (928) | (2,012) | (3,901) | (5,120) |
| Min. int./pref. div./others | 0 | 0 | 0 | 0 | 0 | (6) | (7) | (7) |
| Net profit (reported) | 1,313 | 2,106 | 1,007 | 2,571 | 3,928 | 8,136 | 16,098 | 21,131 |
| Net profit (adjusted) | 1,313 | 2,106 | 1,007 | 2,571 | 3,928 | 8,136 | 16,098 | 21,131 |
| EPS (reported)(TWD) | 31.572 | 50.612 | 24.201 | 61.806 | 94.412 | 195.557 | 386.955 | 507.911 |
| EPS (adjusted)(TWD) | 31.572 | 50.612 | 24.201 | 61.806 | 94.412 | 195.557 | 386.955 | 507.911 |
| EPS (adjusted fully-diluted)(TWD) | 31.572 | 50.612 | 24.201 | 61.806 | 94.412 | 195.557 | 386.955 | 507.911 |
| DPS (TWD) | 21.486 | 28.915 | 40.909 | 20.000 | 52.000 | 80.000 | 80.000 | 120.000 |
| EBIT | 1,652 | 2,449 | 1,080 | 2,918 | 4,660 | 9,806 | 19,763 | 26,064 |
| EBITDA | 1,871 | 2,689 | 1,385 | 3,174 | 4,984 | 9,996 | 20,064 | 26,577 |
Cash flow (TWDm)
| Year to 31 Dec | 2021 | 2022 | 2023 | 2024 | 2025 | 2026E | 2027E | 2028E |
|---|---|---|---|---|---|---|---|---|
| Profit before tax | 1,610 | 2,615 | 1,195 | 3,167 | 4,855 | 10,154 | 20,007 | 26,258 |
| Depreciation and amortisation | 219 | 240 | 306 | 256 | 324 | 190 | 300 | 513 |
| Tax paid | (297) | (509) | (188) | (596) | (928) | (2,012) | (3,901) | (5,120) |
| Change in working capital | (148) | (380) | 272 | (645) | 77 | (1,480) | (2,579) | (1,604) |
| Other operational CF items | 305 | 344 | (1,066) | 962 | 167 | 0 | 0 | 0 |
| Cash flow from operations | 1,689 | 2,310 | 519 | 3,145 | 4,496 | 6,852 | 13,826 | 20,047 |
| Capex | (93) | (120) | (83) | (25) | (274) | (368) | (710) | (923) |
| Net (acquisitions)/disposals | 0 | 0 | (46) | (130) | (50) | 0 | 0 | 0 |
| Other investing CF items | (281) | (55) | 128 | (191) | (71) | 0 | 0 | 0 |
| Cash flow from investing | (374) | (175) | (0) | (345) | (395) | (368) | (710) | (923) |
| Change in debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net share issues/(repurchases) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends paid | (892) | (1,202) | (1,702) | (756) | (1,967) | (3,328) | (3,328) | (4,992) |
| Other financing CF items | (24) | (151) | (26) | (25) | (25) | 0 | 0 | 0 |
| Cash flow from financing | (916) | (1,353) | (1,728) | (781) | (1,991) | (3,328) | (3,328) | (4,992) |
| Forex effect/others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in cash | 398 | 781 | (1,210) | 2,018 | 2,110 | 3,155 | 9,788 | 14,132 |
| Free cash flow | 1,595 | 2,189 | 436 | 3,120 | 4,222 | 6,483 | 13,116 | 19,124 |
Source: FactSet, Daiwa forecasts
Financial summary continued …
Balance sheet (TWDm)
| Year to 31 Dec | 2021 | 2022 | 2023 | 2024 | 2025 | 2026E | 2027E | 2028E |
|---|---|---|---|---|---|---|---|---|
| Cash & short-term investment | 2,510 | 3,356 | 1,984 | 4,011 | 6,298 | 9,453 | 19,242 | 33,374 |
| Inventory | 158 | 400 | 306 | 357 | 280 | 607 | 1,175 | 1,533 |
| Accounts receivable | 831 | 995 | 728 | 1,487 | 1,642 | 3,171 | 6,112 | 7,943 |
| Other current assets | 10 | 28 | 405 | 132 | 188 | 188 | 188 | 188 |
| Total current assets | 3,509 | 4,779 | 3,423 | 5,987 | 8,408 | 13,419 | 26,717 | 43,038 |
| Fixed assets | 189 | 218 | 198 | 355 | 409 | 588 | 997 | 1,407 |
| Goodwill & intangibles | 650 | 757 | 620 | 705 | 608 | 608 | 608 | 608 |
| Other non-current assets | 209 | 173 | 304 | 679 | 909 | 417 | 417 | 417 |
| Total assets | 4,557 | 5,927 | 4,544 | 7,726 | 10,334 | 15,032 | 28,739 | 45,470 |
| Short-term debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts payable | 264 | 317 | 242 | 426 | 616 | 992 | 1,922 | 2,508 |
| Other current liabilities | 667 | 1,067 | 438 | 1,457 | 1,828 | 1,828 | 1,828 | 1,828 |
| Total current liabilities | 931 | 1,385 | 680 | 1,883 | 2,444 | 2,820 | 3,750 | 4,336 |
| Long-term debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other non-current liabilities | 79 | 54 | 31 | 204 | 319 | 319 | 319 | 319 |
| Total liabilities | 1,010 | 1,439 | 710 | 2,087 | 2,763 | 3,139 | 4,069 | 4,655 |
| Share capital | 344 | 378 | 378 | 378 | 378 | 416 | 416 | 416 |
| Reserves/R.E./others | 3,203 | 4,110 | 3,456 | 5,261 | 7,193 | 11,476 | 24,253 | 40,399 |
| Shareholders' equity | 3,546 | 4,488 | 3,834 | 5,639 | 7,571 | 11,892 | 24,669 | 40,815 |
| Minority interests | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total equity & liabilities | 4,557 | 5,927 | 4,544 | 7,726 | 10,334 | 15,032 | 28,739 | 45,470 |
| EV | 523,141 | 522,295 | 523,667 | 521,640 | 519,353 | 516,198 | 506,409 | 492,277 |
| Net debt/(cash) | (2,510) | (3,356) | (1,984) | (4,011) | (6,298) | (9,453) | (19,242) | (33,374) |
| BVPS (TWD) | 85.275 | 107.871 | 92.162 | 135.549 | 181.978 | 285.853 | 592.975 | 981.057 |
Key ratios (%)
| Year to 31 Dec | 2021 | 2022 | 2023 | 2024 | 2025 | 2026E | 2027E | 2028E |
|---|---|---|---|---|---|---|---|---|
| Sales (YoY) | 18.7 | 43.2 | (39.9) | 106.4 | 40.6 | 102.7 | 92.7 | 30.0 |
| EBITDA (YoY) | 26.6 | 43.7 | (48.5) | 129.1 | 57.0 | 100.5 | 100.7 | 32.5 |
| Operating profit (YoY) | 30.0 | 48.2 | (55.9) | 170.3 | 59.7 | 110.4 | 101.5 | 31.9 |
| Net profit (YoY) | 30.7 | 60.4 | (52.2) | 155.4 | 52.8 | 107.1 | 97.9 | 31.3 |
| Core EPS (fully-diluted) (YoY) | 30.5 | 60.3 | (52.2) | 155.4 | 52.8 | 107.1 | 97.9 | 31.3 |
| Gross-profit margin | 65.3 | 65.1 | 64.1 | 64.3 | 68.0 | 69.9 | 69.8 | 69.7 |
| EBITDA margin | 51.4 | 51.6 | 44.3 | 49.1 | 54.9 | 54.3 | 56.5 | 57.6 |
| Operating-profit margin | 45.4 | 47.0 | 34.5 | 45.2 | 51.3 | 53.2 | 55.7 | 56.5 |
| Net profit margin | 36.1 | 40.4 | 32.2 | 39.8 | 43.2 | 44.2 | 45.4 | 45.8 |
| ROAE | 40.1 | 52.4 | 24.2 | 54.3 | 59.5 | 83.6 | 88.1 | 64.5 |
| ROAA | 31.8 | 40.2 | 19.2 | 41.9 | 43.5 | 64.1 | 73.6 | 56.9 |
| ROCE | 50.5 | 61.0 | 25.9 | 61.6 | 70.6 | 100.8 | 108.1 | 79.6 |
| ROIC | n.a | n.a | 61.0 | n.a | n.a | n.a | n.a | n.a |
| Net debt to equity | n.a. | n.a. | n.a. | n.a. | n.a. | n.a. | n.a. | n.a. |
| Effective tax rate | 18.5 | 19.5 | 15.7 | 18.8 | 19.1 | 19.8 | 19.5 | 19.5 |
| Accounts receivable (days) | 67.7 | 64.0 | 100.4 | 62.6 | 62.9 | 47.7 | 47.7 | 55.6 |
| Current ratio (x) | 3.8 | 3.5 | 5.0 | 3.2 | 3.4 | 4.8 | 7.1 | 9.9 |
| Net interest cover (x) | n.a. | n.a. | n.a. | n.a. | n.a. | n.a. | n.a. | n.a. |
| Net dividend payout | 88.8 | 91.6 | 80.8 | 82.6 | 84.1 | 84.7 | 40.9 | 31.0 |
| Free cash flow yield | 0.3 | 0.4 | 0.1 | 0.6 | 0.8 | 1.2 | 2.5 | 3.6 |
Source: FactSet, Daiwa forecasts
Company profile
Established in November 2004, Aspeed is a fabless IC design company specialising in baseboard management controllers (BMCs), which are mostly used for the remote management of servers. Aspeed is a global leader in BMC, with about 70% market share. Its other products include PC/AV extension SoC, which supports the extension of digital signals of PCs or multimedia content to remote terminals; and Cupola360, which is a spherical image processor that supports 360-degree cameras.
ESG analysis
ESG risks
| Risks | Management | Analystcomments |
|---|---|---|
| Executive/board quality | 2 | Aspeed's board consists of 9 directors, with 4 independent directors. The directors' backgrounds appear to have a high correlation to semiconductors (either education or work experience), which we see as a positive for executive quality. In 2025, Aspeed held 6 board meetings and the average attendee rate was 100%. Given Aspeed's Chairman is also the CEO, we think it is a negative factor for board/executive management as well as external shareholders. |
| G Capital | management 1 | Aspeed declared a DPS of TWD80 in 2025, representing an 77% payout ratio. Being a leading global board management controller (BMC) IC design vendor with c.70% market share globally, the company's leading position and asset-light model (major expenses are from R&D employees) allow it to maintain high ROE/ROA ratios and a high dividend payout policy. BMC IC recently penetrated new applications (such as power supply, storage, edge servers), which can improve its profitability on a higher revenue scale, in our view. |
| Related party transaction Supplychain | & 2 | In 2025, there were no sales to or purchases from related parties. In previous years, the main purchases from related parties was from Avago. After selling its fully-owned Emulex unit to Aspeed, Avago (Broadcom) became an Aspeed's shareholder with a c.6% stake in 2016. We believe the bargaining power from its 6% shareholding was not sufficient to preload its IC products on Aspeed's products or earn unfair profits. In any case, this relationship ended in February 2021. As such, we see limited risk from related-party transactions. |
| S management | 1 | Aspeed ensures that suppliers comply with social responsibility, green environmental protection, occupational safety and health, human rights and RBA, and prefer to work with ISO9001, ISO14001 and ISO45001 certified suppliers. In addition, every Aspeed supplier is required to issue a publicly disclosed sustainability management report. |
| E Water&wastewater management | 1 | Being a fabless IC design company, Aspeed's business doesn't involve a production process. According to the company's data, it produced 4,035 tonnes of wastewater in 2025. As such, we see limited risk from its water and waste water management. |
| E management | Waste & hazardous materials 1 | Being a fabless IC design company, Aspeed's business doesn't involve production processes that may produce hazardous materials. That said, the company indicated it would employ green design concepts and simplified product structures throughout its R&D process in order to reduce pollution. As such, we see limited risk from its waste and hazardous materials management. |
| E | GHGemissions 1 | Due to its fabless business model, Aspeed produces limited emissions of GHG, wastewater, and waste materials each year. According to the company's data, it produced around 273.5 tonnes of CO2 in 2025. |
Note: Management score represents a company's ability to manage/benefit from certain ESG topics. The scores range from 1 to 3, with 1 being the strongest.
Update Date: 14 Sep 2026
Source: Daiwa, Company
圖片清單（已驗證 2026-11-07）
| 檔名 | size | 分類 | 親眼所見內容 |
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報告_Daiwa_信驊5274_3Q26_20261105_001.png |
24KB | 未逐項檢視（<40KB） | 股價表現小圖，未採用 |
報告_Daiwa_信驊5274_3Q26_20261105_002.png |
27KB | 真資料圖 | BMC TAM 預測（百萬顆）2026E–2030E 堆疊柱：通用伺服器 BMC、AI 相關通用伺服器 BMC、GPU 伺服器 BMC、AI ASIC 伺服器 BMC；總量由約 33 增至約 66，AI 伺服器占比折線由約 28% 升至約 38%；小於 40KB 未嵌 lib |
報告_Daiwa_信驊5274_3Q26_20261105_003.png |
28KB | 未逐項檢視（<40KB） | 1 年前瞻本益比通道圖，未採用 |