PDF 原檔：報告_MS_大立光3008升評_20260709_original.pdf
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60986 | 真資料圖 | Consensus Price Target Distribution + Risk Reward Chart：現價 NT$3,950，MS 新 TP NT$4,836（+22.43%），情境上緣 NT$9,007（+128.03%）／下緣 NT$2,924（-25.97%） |
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原始內容
M July 9, 2026 09:00 PM GMT
Largan Precision | Asia Pacific
Fiber Array Project Likely to Kick Off in 2H26; Upgrade to OW
What's Changed
| Largan Precision (3008.TW) | From | To |
|---|---|---|
| Rating | Equal-weight | Overweight |
| Price Target | NT$2,450.00 | NT$4,836.00 |
Reaction to earnings
Strengthens our thesis
Impact to our thesis
Source: Company data, Morgan Stanley Research
The smartphone low season is behind us while the stock has incorporated the CPO-related enthusiasm fade with a 20%+ correction from the peak. However, now we expect a significant new CPO opportunity and seasonal smartphone recovery, and upgrade the stock to OW with a new price target of TW$4,836.
Key Takeaways
- Decent 2Q26 results with 17% YoY revenue growth and 352% YoY net profit growth.
- CPO-related (Fiber Array) has made continued progress and management expects pilot production to kick off in 2H26.
- We believe Largan has good growth potential in CPO opportunity and add positive value of TW$2,022/share into our valuation.
Smartphone low season is behind us: After shipments declined continuously from March 26 to June 26, we expect a seasonal recovery to begin, with a sequential increase highly likely in the coming months. What's more, the key client's foldable smartphone has seen orders increase from 8 mn units to 10 mn units based on Nikkei Asia (link). If the new product performs well in 4Q26, it could become a positive catalyst for the smartphone business.
Adding the potential positive value from CPO opportunity: Management
highlighted that sampling will occur in July, while pilot production could kick off right after. If so, Largan could start this new journey in 2H26. We view this new business development as a significant positive driver for Largan, given its strong optical know-how and excessive cash balance on hand. However, we believe the current share price is already pricing in such new business opportunity, therefore, in Exhibit 2 we conclude that a 20% market share in FAU could boost Largan's earnings by >40% in 2028 and beyond. Applying a 35x P/E to these incremental
Modest upside
Financial results versus consensus
Modest revision higher
Direction of next 12-month consensus EPS
Morgan Stanley Asia Limited+
Andy Meng, CFA
Equity Analyst Andy.Meng@morganstanley.com
+852 2239-7689
Betty Chen
Research Associate
Betty.H.Chen@morganstanley.com
+852 2239-7213
Largan Precision (3008.TW, 3008 TT)
Greater China Technology Hardware | Taiwan
Stock Rating Industry View
Overweight In-Line
Price target Up/downside to price target (%) Shr price, close (Jul 9, 2026)
NT$4,836.00
22
NT$3,950.00
52-Week Range
NT$5,360.00-
2,020.00
Sh out, dil, curr (mn)
134
Mkt cap, curr (mn)
NT$529,854
EV, curr (mn)
NT$398,645
Avg daily trading value (mn)
NT$3,050
| Fiscal Year Ending | 12/25 | 12/26e | 12/27e | 12/28e |
|---|---|---|---|---|
| EPS (NT$)** | 159.40 | 175.24 | 182.48 | 182.90 |
| Prior EPS (NT$)** | - | 153.49 | 165.87 | 165.88 |
| Revenue, net (NT$ mn) | 61,148 | 64,900 | 70,170 | 72,297 |
| EBITDA (NT$ mn) | 31,260 | 32,862 | 35,472 | 36,341 |
| ModelWare net inc (NT | 21,275 | 23,388 | 24,355 | 24,411 |
| $ mn) | ||||
| P/E | 15.7 | 22.5 | 21.6 | 21.6 |
| P/BV | 1.7 | 2.5 | 2.2 | 2.0 |
| ROE (%) | 11.5 | 12.3 | 11.4 | 10.2 |
Unless otherwise noted, all metrics are based on Morgan Stanley ModelWare framework
** = 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.