PDF 原檔：報告_MS_愛普6531_20260730_original.pdf
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70KB | 真資料圖 | 愛普（AP Memory, 6531.TW）股價與評等/目標價歷史階梯圖，2023/07-2026/07，目標價自 NT$500 一路上修至 NT$1,555，附評等變動標記（O/A、O/I、E/I） |
原始內容
M July 30, 2026 10:22 AM GMT
AP Memory Technology Corp | Asia Pacific
Strong profitability in June
AP Memory reported June 2026 net profit of NT$327mn, +785% Y/Y. June 2026 EPS was NT$2.01, +784% Y/Y. June 2026 net margin was 40.3%. This is higher than April 2026 net margin of 23.1%, 1Q26 net margin of 32.2% and our 2Q26 net margin estimate of 28.9%. June EPS of NT$2.01 represents 51% of our 2Q26 EPS estimate of NT$3.98.
Remain OW: We remain confident on AP Memory's multiple drivers, including the SSiCap market, which is in structural supply shortage (link), and VHM opportunities helped by edge AI (link). We believe the strong results in June demonstrate AP Memory's improved pricing power.
Update
| Morgan Stanley Taiwan Limited+ Daniel Yen, CFA Equity Analyst Daniel.Yen@morganstanley.com | +886 2 2730-2863 |
|---|---|
| Charlie Chan Equity Analyst Charlie.Chan@morganstanley.com Morgan Stanley Asia Limited+ | +886 2 2730-1725 |
| Daisy Dai, CFA Equity Analyst Daisy.Dai@morganstanley.com | +852 2848-7310 |
| Morgan Stanley Taiwan Limited+ Tiffany Yeh Equity Analyst Tiffany.Yeh@morganstanley.com | +886 2 7712-3032 |
| Lucas Wang Research Associate Lucas.Wang@morganstanley.com | +886 2 2730-2875 |
| Ethan Jia Research Associate Ethan.Jia@morganstanley.com | +852 3963-2287 |
AP Memory Technology Corp (6531.TW, 6531 TT)
Greater China Technology Semiconductors | Taiwan
| Stock Rating | Stock Rating | Stock Rating | Stock Rating | Overweight |
|---|---|---|---|---|
| Industry View | Industry View | Industry View | Industry View | Attractive |
| Price target | Price target | Price target | Price target | NT$1,555.00 |
| Up/downside to price target (%) | Up/downside to price target (%) | Up/downside to price target (%) | Up/downside to price target (%) | 156 |
| Shr price, close (Jul 30, 2026) | Shr price, close (Jul 30, 2026) | Shr price, close (Jul 30, 2026) | Shr price, close (Jul 30, 2026) | NT$607.00 |
| 52-Week Range NT$1,305.00-275.50 | 52-Week Range NT$1,305.00-275.50 | 52-Week Range NT$1,305.00-275.50 | 52-Week Range NT$1,305.00-275.50 | 52-Week Range NT$1,305.00-275.50 |
| Mkt cap, curr (mn) | Mkt cap, curr (mn) | Mkt cap, curr (mn) | Mkt cap, curr (mn) | NT$98,227 |
| Avg daily trading value (mn) | Avg daily trading value (mn) | Avg daily trading value (mn) | Avg daily trading value (mn) | NT$2,880 |
| Fiscal Year Ending | 12/25 | 12/26e | 12/27e | 12/28e |
| EPS (NT$)** | 7.74 | 17.65 | 34.34 | 60.74 |
| Prior EPS (NT$)** | - | - | - | - |
| EPS (NT$)§ | 6.30 | 17.49 | 27.80 | 52.90 |
| Revenue, net (NT$ mn) | 5,658 | 9,601 | 17,829 | 30,478 |
| EBITDA (NT$ mn) | 1,474 | 3,037 | 6,491 | 11,733 |
| ModelWare net inc (NT | 1,258 | 2,874 | 5,591 | 9,888 |
| $ mn) | ||||
| P/E | 57.9 | 34.4 | 17.7 | 10.0 |
| ROE (%) | 10.6 | 23.5 | 39.2 | 55.2 |
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.