PDF 原檔：報告_MS_勤誠8210_20260707_original.pdf
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55KB | 真資料圖 | 勤誠（8210）股價（NT$，左軸）與月營收（NT$mn，右軸）雙軸走勢圖——2012年至2026年7月，灰色長條為月營收，藍色折線為股價，Jun-26 月營收 NT$3,238mn 創歷史新高 |
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66KB | 裝飾·logo·banner | "Asia Summer School 2026" 藍色泳池景觀 banner，摩根士丹利活動宣傳圖，無財務資料 |
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52KB | 真資料圖 | 勤誠（8210）摩根士丹利目標價歷史折線圖——TP 從 NT$700 依序調升至 730→1130→1200→1280→1780，現行 TP NT$1,780，附評等 Overweight（OW）標記 |
原始內容
M July 7, 2026 03:47 PM GMT
Chenbro | Asia Pacific
June Sales Rose 29% MoM, 98% YoY
In this report, we focus on Chenbro's monthly sales, which we believe could be a catalyst for its share price.
Details:
- June sales were NT$3,238mn (+29% MoM/+98% YoY), a record high.
- 2Q26 revenue came in at NT$7,821mn (+10% QoQ/+44% YoY), above our estimate of NT$7,596mn (+7% QoQ/+40% YoY) and consensus at NT $7,711mn (+8% QoQ/+42% YoY) by 3% and 1%, respectively.
Our view:
- Management remains optimistic on the 2H26 outlook, supported by GPU/ ASIC and general servers, as well as increasing rack shipments.
- Looking ahead, it is also leveraging its expertise in chassis manufacturing to tap in more mechanical components and integration services in AI clusters.
- We maintain our view that Chenbro should benefit from AI server shipment growth and its share gains, as well as incremental contribution from rack offerings, in the coming years.
Exhibit 1 : Chenbro's monthly sales vs. its share price since 2012
Note: Past performance is no guarantee of future results. Results shown do not include transaction costs. Source: Company data, TEJ, Morgan Stanley Research.
Morgan Stanley Taiwan Limited+
Derrick Yang
Equity Analyst
Derrick.Yang@morganstanley.com
+886 2 2730-2862
Vivi Huang
Research Associate
Vivi.Huang@morganstanley.com
+886 2 2730-2860
Morgan Stanley Asia Limited+
Andy Meng, CFA
Equity Analyst
Andy.Meng@morganstanley.com
+852 2239-7689
Chenbro (8210.TW, 8210 TT)
Greater China Technology Hardware | Taiwan
| Stock Rating | Overweight |
|---|---|
| Industry View | In-Line |
| Price target | NT$1,780.00 |
| Up/downside to price target (%) | 51 |
| Shr price, close (Jul 7, 2026) | NT$1,175.00 |
| 52-Week Range | NT$1,590.00-473.50 |
| Sh out, dil, curr (mn) | 122 |
| Mkt cap, curr (mn) | NT$143,863 |
| EV, curr (mn) | NT$141,311 |
| Avg daily trading value (mn) | NT$2,357 |
| Fiscal Year Ending | 12/25 | 12/26e | 12/27e | 12/28e |
|---|---|---|---|---|
| EPS (NT$)** | 29.06 | 47.77 | 58.77 | 68.77 |
| EPS (NT$)§ | 28.97 | 48.99 | 65.13 | 71.11 |
| Revenue, net (NT$ mn) | 22,001 | 33,442 | 41,504 | 48,078 |
| EBITDA (NT$ mn) | 5,101 | 8,320 | 10,119 | 11,741 |
| ModelWare net inc (NT | 3,558 | 5,848 | 7,195 | 8,420 |
| $ mn) | ||||
| P/E | 34.6 | 24.6 | 20.0 | 17.1 |
| P/BV | 11.4 | 9.7 | 7.5 | 6.0 |
| RNOA (%) | 48.5 | 68.6 | 66.4 | 72.9 |
| ROE (%) | 49.0 | 52.8 | 47.3 | 43.0 |
| EV/EBITDA | 24.2 | 16.8 | 13.4 | 11.2 |
| Div yld (%) | 0.7 | 1.2 | 2.0 | 2.4 |
| FCF yld ratio (%)** | 2.1 | 2.5 | 4.5 | 5.5 |
| Leverage (EOP) (%) | (28.3) | (32.8) | (44.3) | (53.5) |
Unless otherwise noted, all metrics are based on Morgan Stanley ModelWare framework
§ = Consensus data is provided by Refinitiv Estimates
** = Based on consensus methodology
e = Morgan Stanley Research estimates
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.