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74KB | 真資料圖 | 「Asus (2357.TW)」Goldman Sachs 評等與目標價沿革圖（2023/7-2026/6）：目標價標籤 522、506、566、563、639、681、688、690、691、703、794、825、814、775、784、849、856、854、672、611，右下端標 690.1 與 1,082；評等於 2025/12/17 由 B 轉 N（沿革圖，公司頁不嵌） |
原始內容
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Asus (2357.TW): AI server racks in expansion along with PC product mix upgrade; Aug beat; Neutral
3-month revenues preview: We expect sequential revenue growth in Sep, leading 3Q26 revenues to grow at 8% QoQ, while we expect sequential revenues decline in 4Q26 at 7%, considering the PC consumption pull in under the high memory costs along with AI servers model transition. We remain positive on the company's expansion toward AI servers and expect the upcoming new models carrying higher ASP to further drive its growth in late 2026 / early 2027. We continue to expect double digit revenues YoY in 3Q26 / 4Q26E at 39% / 27% YoY driven by PC product mix upgrade and AI server racks ramp up. The company retains strong commitments on capacity expansion and diversification, with issuance of US$0.5bn of convertible bonds and US$1bn of exchangeable bonds, supporting the expansion. Maintain Neutral on fair valuation.
Exhibit 1: ASUS 2025-26 monthly revenues and YoY change
Source: Company data, Goldman Sachs Global Investment Research
Exhibit 2: We expect ASUS Sep revenue to grow +19% YoY/+4% MoM to NT$98bn
| Jul-26 | Aug-26 | Sep-26E | Oct-26E | Nov-26E | Dec-26E | 3Q26E | 4Q26E | |
|---|---|---|---|---|---|---|---|---|
| Rev (NT$m) | 84,131 | 94,956 | 98,385 | 90,514 | 85,988 | 82,158 | 277,472 | 258,660 |
| Rev YoY | 53% | 51% | 19% | 36% | 29% | 18% | 39% | 27% |
| Rev MoM / QoQ | -21% | 13% | 4% | -8% | -5% | -4% | 8% | -7% |
| GS estimates (NT$m) | 72,325 | 88,338 | ||||||
| Act vs. GS | 16% | 7% |
Source: Company data, Goldman Sachs Global Investment Research
Earnings revision: We factor in ASUS's Aug revenue and raise our 2026-28E net incomes by 4% / 7% / 4%, mainly on higher revenues. 2026-28E revenues are raised by 4% / 4% / 4%, mainly on robust AI server growth momentum, and PC product mix upgrade along with rising selling price under the high memory costs.
Goldman Sachs does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. For Reg AC certification and other important disclosures, see the Disclosure Appendix, or go to www.gs.com/research/hedge.html. Analysts employed by non-US affiliates are not registered/qualified as research
analysts with FINRA in the U.S.
Allen Chang
+852-2978-2930 | allen.k.chang@gs.com Goldman Sachs (Asia) L.L.C.
Verena Jeng +852-2978-1681 | verena.jeng@gs.com Goldman Sachs (Asia) L.L.C.
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Exhibit 3: Earnings revision
| NT m | 2026E - Old | 2026E - New | 2026E - Chg | 2027E - Old | 2027E - New | 2027E - Chg | 2028E - Old | 2028E - New | 2028E - Chg |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | 964,144 | 1,002,234 | 4% | 1,048,547 | 1,090,445 | 4% | 1,146,944 | 1,193,871 | 4% |
| GP | 149,175 | 155,650 | 4% | 157,827 | 166,867 | 6% | 175,983 | 183,600 | 4% |
| OP | 60,175 | 62,987 | 5% | 61,256 | 66,437 | 8% | 73,332 | 76,748 | 5% |
| Net income | 54,397 | 56,787 | 4% | 52,647 | 56,202 | 7% | 61,817 | 64,563 | 4% |
| Margins | |||||||||
| GM | 15.5% | 15.5% | 15.1% | 15.3% | 15.3% | 15.4% | |||
| OPM | 6.2% | 6.3% | 5.8% | 6.1% | 6.4% | 6.4% | |||
| NM | 5.6% | 5.7% | 5.0% | 5.2% | 5.4% | 5.4% | |||
| Opex | 9.2% | 9.2% | 9.2% | 9.2% | 9.0% | 9.0% |
Source: Company data, Goldman Sachs Global Investment Research
Exhibit 4: ASUS P&L Summary
| (NT$ m) | 1Q25 | 2Q25 | 3Q25 | 4Q25 | 1Q26 | 2Q26 | 3Q26E | 4Q26E | 2022 | 2023 | 2024 | 2025 | 2026E | 2027E | 2028E |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 147,693 | 188,006 | 200,281 | 202,924 | 208,370 | 257,732 | 277,472 | 258,660 | 537,192 | 482,314 | 587,087 | 738,905 | 1,002,234 | 1,090,445 | 1,193,871 |
| Gross profit | 24,600 | 25,963 | 28,706 | 32,346 | 30,969 | 44,243 | 41,587 | 38,851 | 74,145 | 72,405 | 103,474 | 111,614 | 155,650 | 166,867 | 183,600 |
| Operating income | 12,580 | 7,835 | 9,839 | 9,403 | 11,896 | 20,974 | 16,615 | 13,502 | 12,982 | 11,164 | 29,595 | 39,656 | 62,987 | 66,437 | 76,748 |
| Net income | 12,791 | 9,806 | 10,556 | 11,405 | 9,797 | 19,048 | 15,257 | 12,685 | 14,691 | 15,928 | 31,394 | 44,558 | 56,787 | 56,202 | 64,563 |
| EPS (NT$) | 17.22 | 13.20 | 14.21 | 15.36 | 13.19 | 25.64 | 20.54 | 17.08 | 19.78 | 21.44 | 42.27 | 59.99 | 76.45 | 75.67 | 86.68 |
| Margins / ratio | |||||||||||||||
| Gross margin | 16.7% | 13.8% | 14.3% | 15.9% | 14.9% | 17.2% | 15.0% | 15.0% | 13.8% | 15.0% | 17.6% | 15.1% | 15.5% | 15.3% | 15.4% |
| Operating margin | 8.5% | 4.2% | 4.9% | 4.6% | 5.7% | 8.1% | 6.0% | 5.2% | 2.4% | 2.3% | 5.0% | 5.4% | 6.3% | 6.1% | 6.4% |
| Net margin | 8.7% | 5.2% | 5.3% | 5.6% | 4.7% | 7.4% | 5.5% | 4.9% | 2.7% | 3.3% | 5.3% | 6.0% | 5.7% | 5.2% | 5.4% |
| QoQ | |||||||||||||||
| Revenue | -4% | 27% | 7% | 1% | 3% | 24% | 8% | -7% | |||||||
| Gross profit | -6% | 6% | 11% | 13% | -4% | 43% | -6% | -7% | |||||||
| Operating income | 699% | -38% | 26% | -4% | 27% | 76% | -21% | -19% | |||||||
| Net income | 681% | -23% | 8% | 8% | -14% | 94% | -20% | -17% | |||||||
| EPS | 681% | -23% | 8% | 8% | -14% | 94% | -20% | -17% | |||||||
| YoY | |||||||||||||||
| Revenue | 21% | 30% | 20% | 32% | 41% | 37% | 39% | 27% | 0% | -10% | 22% | 26% | 36% | 9% | 9% |
| Gross profit | 26% | -7% | -4% | 24% | 26% | 70% | 45% | 20% | -33% | -2% | 43% | 8% | 39% | 7% | 10% |
| Operating income | 160% | -32% | -16% | 497% | -5% | 168% | 69% | 44% | -74% | -14% | 165% | 34% | 59% | 5% | 16% |
| Net income | 135% | -17% | -16% | 596% | -23% | 94% | 45% | 11% | -67% | 8% | 97% | 42% | 27% | -1% | 15% |
| EPS | 135% | -17% | -16% | 596% | -23% | 94% | 45% | 11% | -67% | 8% | 97% | 42% | 27% | -1% | 15% |
Source: Company data, Goldman Sachs Global Investment Research
Valuation: We continue to use near term P/E to derive our 12M TP. Our target P/E is updated to 14.8x 2027E EPS, (vs. 15.7x previously), still derived from peers' avg. ratio of 2027E PE to 2028E NI YoY and OPM. With the updated earnings estimates and target P/E, our 12M TP is raised to NT$1,115 (vs. NT$1,109 previously). Maintain Neutral.
Exhibit 5: Target P/E is derived from peers' avg. ratio of 2027E PE to 2028E NI YoY and OPM
| Company Ticker Rating | ASUS 2357.TW Neutral | Lenovo 0992.HK Buy | Gigabyte 2376.TW Neutral | Dell DELL Buy | Quanta 2382.TW Neutral | HP HPQ Sell | Apple AAPL Buy |
|---|---|---|---|---|---|---|---|
| 2027E PE | 14.8 | 20.0 | 10.0 | 17.6 | 11.5 | 10.1 | 36.1 |
| 2028E NI YoY | 15% | 34% | 14% | 12% | 13% | 9% | 5% |
| 2028E OPM | 6.4% | 7.0% | 4.5% | 11.2% | 3.3% | 6.9% | 31% |
| Ratio | 0.7 | 0.5 | 0.5 | 0.8 | 0.7 | 0.7 | 1.0 |
| Avg. | 0.7 |
Source: Company data, Goldman Sachs Global Investment Research
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Exhibit 6: ASUS 12M forward PE ratio
Exhibit 7: ASUS QFII
Source: Company data, Goldman Sachs Global Investment Research Source: TEJ
Price Target Risks and Methodology - Asus
We are Neutral-rated on ASUS with a 12-month target price of NT$1,115. Our target price is based on 14.8x 2027E P/E, which is derived from brand makers' average ratio of 2027E P/E to 2028E NI YoY and OPM. We see EPS growth and OPM as major factors for the stock's share performance.
Key upside/downside risks include: 1) stronger / weaker-than-expected PC market growth; 2) faster / slower-than-expected AI and gaming PC growth; and 3) faster / slower-than-expected AI server ramp-up.
| 2357.TW 12m Price | Target: NT$1,115.00 | Price: NT$953.00 | Price: NT$953.00 | Upside: 17.0% | Upside: 17.0% |
|---|---|---|---|---|---|
| Neutral | GS Forecast | GS Forecast | GS Forecast | GS Forecast | GS Forecast |
| Market cap: NT$710.6bn / $22.3bn Enterprise value: NT$802.2bn / $25.2bn 3m ADTV: NT$3.6bn / $112.5mn Taiwan Greater China Technology | Revenue (NT$ mn) New Revenue (NT$ mn) Old EBITDA (NT$ mn) EPS (NT$) New EPS (NT$) Old P/E (X) P/B (X) Dividend yield (%) | 12/25 738,904.8 738,904.8 42,773.2 59.99 | 12/26E 1,002,233.8 964,144.2 | 12/27E 1,090,445.2 | 12/28E 1,193,870.8 1,146,944.3 81,521.5 86.68 82.98 |
| 1,048,546.6 | |||||
| 68,721.1 | 71,627.7 | ||||
| 76.45 | 75.67 | ||||
| 59.99 | 73.24 | 70.88 | |||
| 10.6 | 12.5 | 12.6 | 11.0 | ||
| M&A Rank: 3 | 1.8 | 2.5 | 2.4 | 2.2 | |
| Leases incl. in net debt & EV?: Yes | 6.5 | 5.6 | 5.5 | 6.4 | |
| CROCI (%) 26.9 | 24.6 | 24.0 | 24.6 | ||
| 6/26 | 9/26E | 12/26E | 3/27E | ||
| EPS (NT$) 25.64 | 20.54 | 17.08 | 15.71 |
Source: Company data, Goldman Sachs Research estimates, FactSet. Price as of 24 Sep 2026 close.
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