PDF 原檔：報告_MS_PC半導體_20261103_original.pdf
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144KB | 真資料圖 | 義隆 P/E band：橫軸 2013–2026，均值 14x、+1 S.D. 18x、-1 S.D. 10x，近期約 12.5x |
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50KB | 真資料圖 | 義隆 Risk Reward Chart：現價 NT$124.50，目標 NT$160（+28.51%）、Bull NT$234（+87.95%）、Bear NT$84（-32.53%）；共識目標價區間 NT$150〜250，MS PT 位於低端 |
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12KB | 文字卡 | 共識評等分布：Overweight 43%／Equal-weight 57%／Underweight 0% |
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29KB | 真資料圖 | MS 對共識 FY Dec 2026e：EPS 10.56（共識均值 9.05）、淨利 3,023（均值 2,623）、營收 13,257（均值 12,372）、EBIT 2,997（均值 2,772）百萬元 |
原始內容
M Idea November 3, 2026 09:00 PM GMT
Greater China Semiconductors | Asia Pacific
PC Semis: More divergent outlooks
Business diversification, KGD (known good die) ricing ower and su ly chain management create a divergent revenue outlook for PC semis into 4Q and likely also 1Q27. Downgrade Elan to EW.
Key Takeaways
- The FOMP (fear of missing proc rement for PC semis in 1Q-3Q26) has ca sed a deeper correction for some PC semis into 4Q.
- It's easier for large-scale PC semis to navigate thro gh the downt rn, while small design ho ses are more concentrated on PC.
- We stay conservative on PC semis, with no OW and await the cycle bottom sometime in 2027.
A much tougher 4Q… We mentioned in the prior PC semis note that the FOMP (fear of missing proc rement) co ld lead to stable PC semis shipments in 3Q; now, the inventory acc m lation in 1Q-3Q26 co ld ca se a deeper correction in 4Q. PC semis c stomers c rrently still aim for only a 5-10% Q/Q proc rement decline in 4Q. That said, the downside s rprise in Parade's 4Q o tlook (link), which calls for a 2025% Q/Q reven e decline, co ld s ggest a worse component correction. The stillelevated Windows activation period of 200+ days and m ch smaller price hikes from PC semis c stomers in 2H vs. 1H co ld s ggest ongoing weakness into 1Q27.
But why are some companies resilient? Many investors are asking why Realtek's reven e co ld be p Q/Q in 4Q amid the PC correction (link). We cite three factors: 1) Cons mer demand (other than PC/smartphones) is not necessarily all bad, especially for IoT devices (low memory content). Espressif is g iding for Q/Q reven e growth in 4Q, following seq ential growth in 3Q. 2) Price hikes reflect increases at both fo ndries/OSATs and in KGD. For example, TV SoC pricing is several times higher than in past years d e to KGD price hikes (mainly DDR4). 3) Large-scale IC design ho ses s ally have better s pply chain management and lower expos re to PC.
No new growth driver into 0 7: With the recent debate on clo d AI, we think it's still a matter of time before edge AI takes off. However, we haven't seen a clear growth driver for PC semis. Preliminary o tlooks from PC semis c stomers range from flattish to down 20% Y/Y in 2027. Th s, it's diffic lt to t rn positive now.
Reduce earnings: We revise down Elan's PT and earnings and c t the stock to EW. We appreciate the company's growth from smart Edge AI devices, b t its expos re to NB is still too significant to overlook. O r PT implies 16x o r downward-revised 2027 EPS. Stay EW Realtek and UW Novatek, ASMedia, Parade, and N voton.
Morgan Stanley Taiwan Limited+
| Daniel Yen, CFA Equity Analyst Dani l.Y n@morganstanl y.com | +886 2 2730-2863 |
|---|---|
| Charlie Chan Equity Analyst Charli .Chan@morganstanl y.com | +886 2 2730-1725 |
| Morgan Stanley Asia Limited+ Daisy Dai, CFA Equity Analyst Daisy.Dai@morganstanl y.com | +852 2848-7310 |
| Ethan Jia R s arch Associat Ethan.Jia@morganstanl y.com | +852 3963-2287 |
Morgan Stanley appreciates your support in the 2027 Extel Asia Research Survey. Voting opens 10 Novem er 2026.
Greater China Technology Semiconductors
| Asia Pacific Industry View | Attractive | |
|---|---|---|
| What's Changed | ||
| Elan Microelectronics Corp (2458.TW) | From | To |
| Rating | Overweight | Eq al-weight |
| Price Target | NT$250.00 | NT$160.00 |
Morgan Stanley does and seeks to do business with companies covered in Morgan Stanley Research. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of Morgan Stanley Research. Investors should consider Morgan Stanley Research as only a single factor in making their investment decision.
For analyst certification and other important disclosures, refer to the Disclosure Section, located at the end of this report.
= Analysts employed by non-U.S. affiliates are not registered with FINRA, may not be associated persons of the member and may not be subject to FINRA restrictions on communications with a subject company, public appearances and trading securities held by a research analyst account.
M Idea
Elan Micro: Earnings estimate revisions
We revise our EPS estimates by +1%/- 0%/-16% for 0 6/ 7/ 8: For 2026, we incorporate act al 2Q26 res lts, which benefited from investment gains. For 2027-28, we red ce o r reven e and GM forecasts d e to contin ed weak PC demand, which we believe cannot be f lly offset by the non PC b siness (mainly the drone market).
Exhibit 1: Elan: Estimat r visions
| (NT$ mn) | New'26e | Old '26e | Diff. | New'27e | Old '27e | Diff. | New'28e | Old '28e | Diff. |
|---|---|---|---|---|---|---|---|---|---|
| Net sales | 13,257 | 13,886 | -5% | 13,943 | 15,901 | -12% | 14,686 | 16,713 | -12% |
| COGS | 6,972 | 7,051 | 7,444 | 7,999 | 7,856 | 8,696 | |||
| Gross profit | 6,285 | 6,836 | -8% | 6,499 | 7,902 | -18% | 6,830 | 8,017 | -15% |
| Operating expenses | 3,288 | 3,300 | 3,446 | 3,572 | 3,639 | 3,622 | |||
| Operating profit | 2,997 | 3,535 | -15% | 3,053 | 4,330 | -29% | 3,191 | 4,395 | -27% |
| Non-op. income (exp.) | 443 | 254 | 82 | 187 | 173 | 176 | |||
| Pretax income | 3,440 | 3,789 | %6- | 3,135 | 4,517 | -31% | 3,363 | 4,571 | -26% |
| Taxes | 546 | 901 | 460 | 1,129 | 494 | 1,143 | |||
| Net income | 3,023 | 3,004 | 1% | 2,815 | 3,528 | -20% | 3,010 | 3,568 | -16% |
| Reported EPS | 10.56 | 10.49 | 1% | 9.83 | 12.32 | -20% | 10.51 | 12.46 | -16% |
| Margins | |||||||||
| Gross margin | 47.4% | 49.2% | -1.8% | 46.6% | 49.7% | -3.1% | 46.5% | 48.0% | -1.5% |
| Operating margin | 22.6% | 25.5% | -2.9% | 21.9% | 27.2% | -5.3% | 21.7% | 26.3% | -4.6% |
| Pretax margin | 25.9% | 27.3% | -1.3% | 22.5% | 28.4% | -5.9% | 22.9% | 27.3% | -4.4% |
| Net margin | 22.8% | 21.6% | 1.2% | 20.2% | 22.2% | -2.0% | 20.5% | 21.3% | -0.9%% |
| Opex % | 24.8% | 23.8% | 1.0% | 24.7% | 22.5% | 2.3% | 24.8% | 21.7% | 3.1% |
Sourc : Company data, Morgan Stanl y R s arch ( ) stimat s.
Exhibit 2: Elan: Quart rly financial stat m nt
| (NT$ mn) | 1Q25 | 2Q25 | 3Q25 | 4Q25 | 1Q26 | 2Q26 | 3Q26e | 4Q26e | 1Q27e | 2Q27e | 3Q27e | 4Q27e | 1Q28e | 2Q28e | 3Q28e | 4Q28e | 2025 | 2026e | 2027e | 2028e |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Total Revenues | 3,119 | 3,032 | 3,316 | 2,860 | 3,225 | 3,205 | 3,365 | 3,463 | 3,355 | 3,472 | 3,568 | 3,549 | 3,409 | 3,585 | 3,775 | 3,918 | 12,326 | 13,257 | 13,943 | 14,686 |
| Sequential Change | 2.7% | -2.8% | 9.4% | -13.8% | 12.8% | %90 | 5.0% | 2.9% | -3.1% | 3.5% | 2.8% | -0.5% | -3.9% | 5.2% | 5.3% | 3.8% | ||||
| Change vs Year Ago | 0.4% | -3.8% | -2.5% | -5.8% | 3.4% | 5.7% | 1.5% | 21.1% | 4.0% | 8.3% | 6.0% | 2.5% | 1.6% | 3.2% | 5.8% | 10.4% | -2.9% | 7.6% | 5.2% | 5.3% |
| Cost of Sales | 1,555 | 1,575 | 1,750 | 1,450 | 1,688 | 1,686 | 1,766 | 1,832 | 1,780 | 1,849 | 1,908 | 1,906 | 1,825 | 1,918 | 2,019 | 2,095 | 6,330 51% | 6,972 | 7,444 | 7,856 |
| Percent of Revenues | 50% | 52% | 53% | 51% | 52% | 53% | 52% | 53% | 53% | 53% | 53% | 54% | 54% | 54% | 53% | 53% | 53% | 53% | 53% | |
| Gross Profit | 1,564 | 1,457 | 1,566 | 1,410 | 1,537 | 1,519 | 1,599 | 1,630 | 1,575 | 1,623 | 1,660 | 1,642 | 1,584 | 1,667 | 1,756 | 1,823 | 5,996 | 6,285 | 6,499 | 6,830 |
| Percent of Revenues | 50.1% | 48.0% | 47.2% | 49.3% | 47.6% | 47.4% | 47.5% | 47.1% | 46.9% | 46.7% | 46.5% | 46.3% | 46.5% | 46.5% 47% | 46.5% | 46.5% | 48.6% | 47.4% | 46.6% | 46.5% |
| Incremental Margin | 67% | NM | 38% | NM | 35% | NM | 50% | 32% | NM | 41% | 39% | NM | NM | 47% | 47% | NM | 31% | 31% | 45% | |
| Total Opex | 778 | 712 | 774 | 748 | 758 | 822 | 853 | 855 | 790 | 843 | 910 | 903 | 830 | 887 | 696 | 963 | 3,014 | 3.288 | 3,446 | 3,639 |
| Percent of Revenues | 25.0% | 23.5% | 23.3% | 26.2% | 23.5% | 25.7% | 25.4% | 24.7% | 23.6% | 24.3% | 25.5% | 25.5% | 24.4% 24.7% | 25.4% | 24.6% | 24.4% | 24.8% | 24.7% | 24.8% | |
| Operating Income | 785 | 744 | 792 | 661 | 779 | 697 | 745 | 776 | 785 | 780 | 750 | 739 | 753 | 780 | 797 | 860 | 2,982 | 2,997 | 3,053 | 3,191 |
| Percent of Revenues | 25.2% | 24.5% | 23.9% | 23.1% | 24.1% | 21.7% | 22.1% | 22.4% | 23.4% | 22.5% | 21.0% | 20.8% | 22.1% | 21.8% | 21.1% | 22.0% | 24.2% | 22.6% | 21.9% | 21.7% |
| Total Non-operating Income (Loss) | (66) | (324) | 151 | 106 | 61 | 294 | 44 | 44 | 21 | 21 | 21 | 21 | 43 | 43 | 43 | 43 | (132) | 443 | 82 | 173 |
| Profit Before Taxes | 719 | 420 | 943 | 768 | 840 | 991 | 789 | 820 | 805 | 800 | 770 | 760 | 797 | 823 | 840 | 903 | 2.850 23% | 3,440 | 3,135 | 3.363 |
| Percent of Revenues | 23% | 14% | 28% | 27% | 26% | 31% | 23% | 24% | 24% | 23% | 22% | 21% | 23% | 23% | 22% | 23% | 26% | 22% | 23% | |
| Taxes | 204 | 110 | 173 | 55 | 164 | 146 | 116 | 120 | 118 | 117 | 113 | 112 | 117 | 121 | 123 | 133 | 543 | 546 | 460 | 494 |
| Tax Rate | 28.4% | 26.2% | 18.3% | 7.2% | 19.5% | 14.7% | 14.7% | 14.7% | 14.7% | 14.7% | 14.7% | 14.7% | 14.7% | 14.7% | 14.7% | 14.7% | 19.0% | 15.9% | 14.7% | 14.7% |
| Reported Income (TW GAAP) | 548 | 354 | 804 | 736 | 705 | 879 | 707 | 733 | 722 | 718 | 692 | 683 | 715 | 737 | 752 | 806 | 2,442 | 3,023 | 2,815 | 3,010 |
| Percent of Revenues | 17.6% | 11.7% | 24.3% | 25.7% | 21.9% | 27.4% | 21.0% | 21.2% | 21.5% | 20.7% | 19.4% | 19.2% | 21.0% | 20.6% | 19.9% | 20.6% 18% | 19.8% | 22.8% | 20.2% | 20.5% |
| Change vs Year Ago | -20% | -52% | 13% | 22% | 29% | 148% | -12% | 0% | 2% | -18% | -2% | -7% | -1% | 3% | 9% | -11% | 24% | -7% | 7% | |
| Reported EPS (NT$, TW GAAP) | 1.92 | 1.24 | 2.81 | 2.57 | 2.46 | 3.07 | 2.47 | 2.56 | 2.52 | 2.51 | 2.42 | 2.39 | 2.50 | 2.58 | 2.63 | 2.81 | 10.51 | |||
| Change vs Year Ago | -52% | 148% | -12% | 2% | 8.53 | 10.56 | 9.83 | |||||||||||||
| -20% | 13% | 22% | 29% | 0% | -18% | -2% | -7% | -1% | 3% | 9% | 18% | -11% | 24% | -7% | 7% |
Sourc : Company data, Morgan Stanl y R s arch ( ) stimat s
Valuation Methodology
We cut our price target to NT$160: This reflects o r earnings estimate revisions for 2026-28. O r price target is o r base-case scenario val e, which we contin e to derive from o r resid al income model. We red ce o r intermediate growth rate estimate from 10.0% to 8.0% to reflect a weak PC b siness o tlook. We red ce o r terminal growth rate estimate from 4.5% to 3.0% to better align it with broader economic growth. We contin e to ass me a cost of eq ity of 9.6% and a payo t ratio of 80%.
O r b ll case val e is c t to NT$234 from NT$366, and o r bear case val e is c t to NT $84 from NT$131.
M Idea
Exhibit 3: Elan: R sidual incom
| (NT$ mn) | 2026e | 2027e | 2028e | 2029e | 2030e | 2031e | 2032e | 2033e | 2034e | 2035e | 2036e | 2037e |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Total Equity | 11,841 | 12,628 | 13,750 | 14,660 | 15,643 | 16,705 | 17,851 | 19,089 | 20,427 | 21,871 | 23,430 | 25,115 |
| Net Profit | 3,023 | 2,815 | 3,010 | 3,250 | 3,510 | 3,791 | 4,094 | 4,422 | 4,776 | 5,158 | 5,570 | 6,016 |
| ROAE | 27.1% | 23.0% | 22.8% | 22.9% | 23.2% | 23.4% | 23.7% | 23.9% | 24.2% | 24.4% | 24.6% | 24.8% |
| Residual Income | 1,832 | 1,588 | 1,669 | 1,826 | 1,989 | 2,165 | 2,355 | 2,560 | 2,782 | 3,021 | 3,279 | 3,558 |
| Spread | 17.5% | 13.4% | 13.2% | 13.3% | 13.6% | 13.8% | 14.1% | 14.3% | 14.6% | 14.8% | 15.0% | 15.2% |
| Ending Equity Capital | 11,841 | |||||||||||
| PV of Forecast Period | 13,650 | |||||||||||
| PV of Continuing Value | 20,257 | |||||||||||
| Equity Value | 45,748 | |||||||||||
| No. of Shares | 286 | |||||||||||
| Projected Price | 160 |
Sourc : Company data, Morgan Stanl y R s arch ( ) stimat s
Exhibit 4: Elan Micro l ctronics: P/E band
Sourc : Company data, TEJ, Morgan Stanl y R s arch stimat s
M Idea
Risk Reward - Elan Microelectronics Cor (2458.TW) Risk Reward - Elan Microelectronics Corp (2458.TW)
Non-PC business starting to bear fruit, but PC demand remains weak
NT$160.00 PRICE TARGET
Residual income. We assume a cost of equity of 9.6%, an intermediate growth rate of 8.0%, payout ratio of 80% and terminal growth rate of 3.0%.
NT$186.25
Source: Refinitiv, Morgan Stanley Research
BULL CASE
24x 2027e EPS
We expect AI PC to bring more content upgrades: 1) Elan Micro revenue CAGR of 15% (2025-28e); 2) non-PC contribution rises to 25% in 2027; 3) gross margin goes to 52% on average in 2026-28 vs. 49% in 2025.
NT$234.00
BASE CASE
16x 2027e EPS
NT$160.00
We expect the haptics touchpad and non-PC business to add growth: 1) Elan Micro revenue CAGR of 6% (2025-28); 2) non-PC contribution rises to 15% in 2027; 3) gross margin to be around 46-47% in 2026-28e.
EQUAL-WEIGHT THESIS
- ▪Elan Microelectronics is a global leader in notebook-related ICs, capturing a 50%+ share of touchpads, point-sticks and other peripheral ICs.
- ▪We expect haptic touchpad penetration to increase as the Windows 11 operating system allows users to customize the feel of their touchpads.
- ▪Shipments have begun in non-PC segments such as drones, ADAS and AI glasses, and growth is expected to be robust over the next three years.
- ▪However, exposure to NB is still significant, and PC demand remains weak.
Source: Refinitiv, Morgan Stanley Research
Risk Reward Themes
New Data Era:
Positive
Self-help:
Positive
View descriptions of Risk Rewards Themes here
BEAR CASE
9x 2027e EPS
We expect the notebook replacement cycle to stay at around four years over the next three years: 1) Elan Micro revenue CAGR (2025-28e) to be zero; 2) non-PC contribution stays at 10% in 2027; 3) gross margin falls to 40% on average in 2026-28e vs. 49% in 2025.
NT$84.00
M Idea
Risk Reward - Elan Microelectronics Corp (2458.TW)
KEY EARNINGS INPUTS
| Drivers | Dec 2025 | Dec 2026e | Dec 2027e | Dec 2028e |
|---|---|---|---|---|
| Touchpad shipment growth (%) | (2) | (12) | (3) | (5) |
| Touchpad ASP growth (%) | 1 | 7 | 8 | 4 |
| Gross margin (%) | 48.6 | 47.4 | 46.6 | 46.5 |
INVESTMENT DRIVERS
- Global notebook shipment growth
- Touchpad, controller IC and fingerprint market share in notebooks
- Notebook peripheral IC content growth
GLOBAL REVENUE EXPOSURE
Source: Morgan Stanley Research Estimate View explanation of regional hierarchies here
RISKS TO PT/RATING
RISKS TO UPSIDE
- Notebook shipments stronger than expected.
- AI PCs help content growth in notebook peripheral ICs.
- e-book controller IC ramps up faster then expected.
RISKS TO DOWNSIDE
- Notebook replacement cycle extents, shipments lower than expected.
- No spec upgrade in notebook peripheral ICs in AI PC era.
- No progress in e-book controller IC.
OWNERSHIP POSITIONING
Inst. Owners, % Active
68.9%
Source: Refinitiv, Morgan Stanley Research
MS ESTIMATES VS. CONSENSUS
Source: Refinitiv, Morgan Stanley Research M Idea
Elan: Financial Summary
Exhibit 5: Elan Micro: Financial Summary
Income Statement
Cash Flow Statement
| NT$mn (Years End Dec ) | 2025 | 2026e | 2027e | 2028e |
|---|---|---|---|---|
| Net sales | 12,326 | 13,257 | 13,943 | 14,686 |
| COGS | (6,330) | (6,972) | (7,444) | (856) |
| Gross profit | 5,996 | 6,285 | 6,499 | 6,830 |
| Operating expenses | (3,014) | (3,288) | (3,446) | (3,639) |
| Operating income | 2,982 | 2,997 | 3.053 | 3,191 |
| Non-operating income | (132) | 443 | 82 | 173 |
| Pre-tax income | 2,850 | 3,440 | 3,135 | 3,363 |
| Income tax | 543 | 546 | 460 | 494 |
| Net Income, Cont Ops | 2,307 | 2,894 | 2,675 | 2,870 |
| Minority Interest | 135 | 129 | 140 | 140 |
| Reported net Income | 2,442 | 3,023 | 2,815 | 3,010 |
| Adj.wtd.avg.shrs (million) | 286 | 286 | 286 | 286 |
| Reported EPS (NT$) | 8.53 | 10.56 | 9.3 | 10.51 |
| Modelvare Diluted EPS (NT$) | 8.46 | 10.51 | 9.3 | 10.51 |
Balance Sheet
| NT$mn (Years End Dec ) | 2025 | 2026e | 2027e | 2028e |
|---|---|---|---|---|
| Cash | 2,400 | 3,127 | 3,312 | 3,785 |
| Mkt Securities | 380 | 380 | 380 | 380 |
| AR/NR | 1,236 | 1,325 | 1,394 | 1,468 |
| Inventory | 1,583 | 1,833 | 1,957 | 2,066 |
| Other | 2,411 | 2,411 | 2,411 | 2,411 |
| Current Assets | 8,010 | 9,077 | 9,455 | 10,110 |
| Long-term investments | 1,901 | 1,901 | 1,901 | 1,901 |
| Fixed assets | 4,398 | 4,837 | 5,321 | 5,853 |
| Deffered assets | 53 | 53 | 53 | 53 |
| Other assets | 1,210 | 1,210 | 1,210 | 1,210 |
| Total Assets | 15,572 | 17,079 | 17,941 | 19,128 |
| S/T borrowings | 200 | 200 | 200 | 200 |
| AP/NP | 982 | 1,103 | 1,178 | 1,243 |
| Other ST liabilities | 1,976 | 1,976 | 1,976 | 1,976 |
| LT debt | 696 | 969 | 969 | 969 |
| Other LT liabilities | 990 | 990 | 990 | 990 |
| Common shares | 3,039 | 3,039 | 3,039 | 3,039 |
| Total Liabilities | 5,116 | 5,238 | 5,312 | 5,377 |
| Additional capital | 3,467 | 3,467 | 3,467 | 3,467 |
| Retained earning | 3,877 | 5,263 | 6,050 | 7,172 |
| Other shareholders'equity | 72 | 72 | 72 | 72 |
| Total Equity | 10,456 | 11,841 | 12,628 | 13,750 |
| Total Liab. & Shrhldr's Equity | 15,572 | 17,079 | 17,941 | 19,128 |
e = Morgan Stanley Recearch Estimates
Source: Morgan Stanley Rescarch, Company Data
Sourc : Company data, Morgan Stanl y R s arch ( ) stimat s
| NT$mn (Years End Dec ) | 2025 | 2026e | 2027e | 2028e |
|---|---|---|---|---|
| Cashflow from Operations | 2,650 | 2,956 | 2,853 | 3,053 |
| Net profits | 2,442 | 3,023 | 2,815 | 3,010 |
| Depreciation | 147 | 151 | 156 | 161 |
| Working Capital Change | 102 | (219) | (8L1L) | (117) |
| Other adjustments | (41) | 0 | 0 | 0 |
| Cashflov from Investing | (2,253) | (591) | (640) | (693) |
| Capex | (1,709) | (591) | (640) | (693) |
| Change of LT Investment | (35) | 0 | 0 | 0 |
| Change of ST Investment | (27) | 0 | 0 | 0 |
| Other adjustments | (481) | 0 | 0 | 0 |
| Cashflow from financing | (1,269) | (1,638) | (2,027) | (1,888) |
| Increase in L/T debt | 500 | 0 | 0 | 0 |
| Increase in S/T debt | 70 | 0 | 0 | 0 |
| Cash Dividend Paid | (1,835) | (1,638) | (2,027) | (1,888) |
| Dir& Emp Bonus Paid | 0 | 0 | 0 | 0 |
| Issuance of stock | 16 | 0 | 0 | 0 |
| Other adjustments | (20) | 0 | 0 | 0 |
| Exchange rate adjustment | (1) | 0 | 0 | 0 |
| Net change in cash | -873 | 727 | 186 | 472 |
Financial Ratios
| 2025 | 2026e | 2027e | 2028e | |
|---|---|---|---|---|
| Growth(%) | ||||
| Turnover | -2.9 | 7.6 | 5.2 | 5.3 |
| Operating profits | -2.7 | 0.5 | 1.9 | 4.5 |
| Pretax profits | -12.9 | 20.7 | -8.9 | 7.3 |
| Net profits | -10.7 | 23.8 | -6.9 | 6.9 |
| EPS | -10.9 | 24.3 | -6.5 | 6.9 |
| Margins (%) | ||||
| Gross Margin | 48.6 | 424 | 46.6 | 46.5 |
| Operating Margin | 24.2 | 22.6 | 21.9 | 21.7 |
| Pretax Margin | 23.1 | 25.9 | 22.5 | 22.9 |
| Net Profit | 19.8 | 22.8 | 20.2 | 20.5 |
| Return (%) | ||||
| ROAE | 23.9 | 27.1 | 23.0 | 22.8 |
| ROAA | 16.0 | 18.5 | 16.1 | 16.2 |
| Gearing (%) | ||||
| Net Debt/Equity | (21.0) | (24.7) | (24.6) | (26.1) |
| Liabilities/Equity | 48.9 | 44.2 | 42.1 | 39.1 |
| Ratios (X) | ||||
| Current ratio | 2.5 | 2.8 | 2.8 | 3.0 |
| Quick ratio | 1.2 | 1.4 | 1.4 | 1.5 |
| Others | ||||
| AR/NR Turnover (days) | 36 | 36 | 36 | 36 |
| Inventory Turnover (days) | 96 | 96 | 96 | 96 |
| AP Turnover (days) | 58 | 58 | 58 | 58 |
| Cash Conversion (days) | 75 | 75 | 75 | 75 |
M Idea
Risk Reward Reference links
- View explanation of Options Probabilities methodology -
Options_Probabilities_Exhibit_Link.pdf
- View descriptions of Risk Rewards Themes - RR_Themes_Exhibit_Link.pdf
-
View explanation of regional hierarchies - GEG_Exhibit_Link.pdf
-
View explanation of Theme/Expos re methodology -
ESG_S stainable_Sol tions_External_Link.pdf
- View explanation of HERS methodology - ESG_HERS_External_Link.pdf
M Idea
INDUSTRY COVERAGE: Greater Ch na Technology Sem conductors
| Company (Ticker) | Rating (As Of) | Price* (11/02/2026) |
|---|---|---|
| Charlie Chan | ||
| Advanced Wireless Semiconductor Co (8086.TWO) | U (07/14/2025) | NT$114.50 |
| Alchip Technologies Ltd (3661.TW) | O (05/14/2021) | NT$3,395.00 |
| ASE Technology Holding Co. Ltd. (3711.TW) | O (09/15/2024) | NT$674.00 |
| Cambricon Technology Corporation (688256.SS) | O (04/27/2026) | Rmb861.00 |
M Idea M Idea Stock Ratings ar subj ct to chang . Pl as s lat st r s arch for ach company.
| CXMT Corp (688825.SS) | O (08/26/2026) | Rmb41.72 |
|---|---|---|
| Global Unichip Corp (3443.TW) | O (06/24/2026) | NT$7,285.00 |
| GlobalWafers Co Ltd (6488.TWO) | E (05/19/2026) | NT$760.00 |
| Gudeng Precision (3680.TWO) | O (11/25/2025) | NT$489.00 |
| Hua Hong Semiconductor Ltd (1347.HK) | E (03/12/2026) | HK$62.50 |
| Iluvatar CoreX Semiconductor Co., Ltd. (9903.HK) | O (04/27/2026) | HK$61.55 |
| MediaTek (2454.TW) | O (11/28/2025) | NT$3,970.00 |
| MetaX Integrated Circuits (688802.SS) | U (11/02/2026) | Rmb466.50 |
| Nanya Technology Corp. (2408.TW) | O (05/28/2026) | NT$456.50 |
| Phison Electronics Corp (8299.TWO) | E (02/25/2026) | NT$1,875.00 |
| SG Micro Corp. (300661.SZ) | E (11/03/2025) | Rmb79.51 |
| Silergy Corp. (6415.TW) | U (05/19/2026) | NT$501.00 |
| SMIC (0981.HK) | O (10/21/2025) | HK$43.62 |
| TSMC (2330.TW) | O (02/07/2022) | NT$2,330.00 |
| UMC (2303.TW) | O (05/19/2026) | NT$110.00 |
| Vanguard International Semiconductor (5347.TWO) | U (10/30/2026) | NT$145.00 |
| WIN Semiconductors Corp (3105.TWO) | O (10/29/2026) | NT$588.00 |
| Daisy Dai, CFA | ||
| ASMPT Ltd (0522.HK) | O (07/24/2025) | HK$107.70 |
| China Resources Microelectronics Limited (688396.SS) | U (03/02/2026) | Rmb47.50 |
| Empyrean Technology Co Ltd (301269.SZ) | O (11/02/2026) | Rmb91.38 |
| Hangzhou Silan Microelectronics Co. Ltd. (600460.SS) | U (08/25/2025) | Rmb23.14 |
| Hygon Information Technology Co., Ltd. (688041.SS) | O (07/03/2026) | Rmb177.00 |
| Innoscience (2577.HK) | E (10/13/2025) | HK$26.70 |
| JCET Group Co Ltd (600584.SS) | O (09/16/2026) | Rmb50.30 |
| Shanghai Fudan Microelectronics (1385.HK) | O (03/07/2025) | HK$21.84 |
| SICC Co Ltd (688234.SS) | O (03/20/2026) | Rmb71.41 |
| SJ Semiconductor Corp (688820.SS) | E (09/16/2026) | Rmb76.65 |
| StarPower Semiconductor Ltd (603290.SS) | U (10/31/2026) | Rmb67.03 |
| Unigroup Guoxin Microelectronics Co Ltd (002049.SZ) | U (01/10/2023) | Rmb47.93 |
| Universal Scientific Ind. (Shanghai) (601231.SS) | O (11/05/2025) | Rmb18.09 |
| Yangjie Technology (300373.SZ) | O (06/10/2022) | Rmb72.51 |
| Daniel Yen, CFA | ||
| AP Memory Technology Corp (6531.TW) | O (07/11/2025) | NT$775.00 |
| ASMedia Technology Inc (5269.TW) | U (10/03/2025) | NT$1,400.00 |
| Aspeed Technology (5274.TWO) | O (06/09/2025) | NT$15,625.00 |
| Egis Technology Inc (6462.TWO) | E (01/28/2026) | NT$93.70 |
| Elan Microelectronics Corp (2458.TW) | E (11/03/2026) | NT$124.50 |
| eMemory Technology Inc (3529.TWO) | O (08/18/2026) | NT$2,395.00 |
| Espressif Systems (688018.SS) | O (05/15/2023) | Rmb135.64 |
| GigaDevice Semiconductor Beijing Inc (603986.SS) | O (05/15/2025) | Rmb265.67 |
| Himax Technologies Inc (HIMX.O) | E (02/04/2026) | US$10.45 |
| Macronix International Co Ltd (2337.TW) | O (09/18/2025) | NT$96.20 |
| Montage Technology Co Ltd (6809.HK) | O (03/18/2026) | HK$212.20 |
| (688008.SS) | O (03/18/2026) | |
| Montage Technology Co Ltd | Rmb164.58 | |
| Novatek (3034.TW) Nuvoton Technology Corporation (4919.TW) | U (02/04/2026) U (11/10/2025) | NT$571.00 NT$119.00 |
| Parade Technologies Ltd (4966.TWO) | U (10/29/2026) | NT$485.00 |
| Powerchip Semiconductor Manufacturing Co (6770.TW) | O (10/27/2025) | NT$65.30 |
| Realtek Semiconductor (2379.TW) | E (01/30/2026) | NT$785.00 |
| Shenzhen Goodix Technology Co Ltd (603160.SS) | U (07/14/2025) | Rmb59.96 |
| Silicon Motion (SIMO.O) | O (05/06/2024) | US$187.90 |
| Winbond Electronics Corp (2344.TW) | O (05/28/2026) | NT$162.00 |
| WPG Holdings (3702.TW) | O (03/16/2026) | NT$105.50 |
| WT Microelectronics Co. Ltd. (3036.TW) | O (01/27/2026) | NT$204.50 |
| Henry Zhao | ||
|---|---|---|
| ACM Research Inc (ACMR.O) | O (03/07/2023) | US$44.15 |
| Advanced Micro-Fabrication Equipment Inc (688012.SS) | O (11/06/2023) | Rmb216.59 |
| Maxscend Microelectronics Co Ltd (300782.SZ) | U (01/11/2021) | Rmb50.60 |
| NAURA Technology Group Co Ltd (002371.SZ) | O (11/06/2023) | Rmb504.00 |
| OmniVision Integrated Circuits Group Inc (603501.SS) | E (10/29/2026) | Rmb83.15 |
| Lucas Wang | ||
| AllRing Tech Co. (6187.TWO) | O (09/23/2025) | NT$1,195.00 |
| FOCI Fiber Optic Communications Inc (3363.TWO) | E (10/09/2026) | NT$458.00 |
| Hon Precision (7769.TW) | O (04/17/2026) | NT$4,915.00 |
| King Yuan Electronics Co Ltd (2449.TW) | O (03/03/2023) | NT$263.00 |
| MPI Corporation (6223.TWO) | O (04/17/2026) | NT$4,655.00 |
- Historical pric s ar not split adjust d.