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原始內容
M July 28, 2026 09:19 PM GMT
Accton Technology Corporation | Asia Pacific
Read-across from Celestica's 2Q26 Results
Positive implications from Celestica's optimistic comments on the network switch and overall AI demand in 2026-27 and beyond.
Celestica (CLS.N, NC, US$318.24) 2Q26 results:
- 2Q26 revenue of US$4,699mn (+16% QoQ/+62% YoY), non-GAAP operating margin of 8.2%, a record high, and non-GAAP EPS of US$2.54 (+18% QoQ/ +83% YoY).
- ° Surpassed high end of guidance and 7%/10% above consensus for revenue/earnings, respectively.
- ° Drivers: Stronger CCS revenue (81% of the mix in 2Q26), including communications (networking) and enterprise (server+storage) growth of 62% and 167% YoY, respectively, vs. guidance 50% and 130% YoY.
- 3Q26 revenue guided at US$5,250-5,550mn (+15% QoQ/+69% YoY at the midpoint) vs. consensus at US$4,999mn and 2026 revenue target raised to US$20.5bn for revenue (+65% YoY vs. prior US$19bn).
- ° Drivers: Strong demand for network switches (ramps of 800G and initial shipments of 1.6T) and AI/ML compute as well as improved storage orders.
- 2027 revenue guided to grow over 65% YoY, off the high base this year.
- ° Drivers: Network switch (growing 800G, more 1.6T, AMD Helios scale up switch) and AI/ML compute (next-generation platform from its largest customer and customize rack for OpenAI).
- Other comments
- ° Samples for its CPO project will come out in 1H27 with mass production in 2H27.
- ° Component supply still tight, but guidance has taken that into consideration.
Our view:
- We see positive implications from Celestica's comments on the increasing demand from 800G switches and the ramp of 1.6T, on top of the continuous strength from 400G, extending into 2027.
- Component supply tightness remains an issue, but that could put big players, e.g., Accton and Celestica, better positioned to fulfill orders.
- We stay constructive on Accton, as it will continue to benefit from the secular growth in network switches amid increasing data traffic, spec upgrades, and a wider customer base as well as the AI accelerator modules on the initiatives for compute diversity.
Update
| 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 |
Accton Technology Corporation (2345.TW, 2345 TT)
Top Pick
Greater China Technology Hardware | Taiwan
| Stock Rating | Overweight |
|---|---|
| Industry View | In-Line |
| Price target | NT$3,800.00 |
| Up/downside to price target (%) | 86 |
| Shr price, close (Jul 28, 2026) | NT$2,040.00 |
| 52-Week Range | NT$2,825.00-791.00 |
| Sh out, dil, curr (mn) | 559 |
| Mkt cap, curr (mn) | NT$1,140,172 |
| EV, curr (mn) | NT$1,079,521 |
| Avg daily trading value (mn) | NT$7,637 |
| Fiscal Year Ending | 12/25 | 12/26e | 12/27e | 12/28e |
|---|---|---|---|---|
| EPS (NT$)** | 47.13 | 85.77 | 115.77 | 145.77 |
| EPS (NT$)§ | 45.42 | 77.68 | 115.26 | 161.41 |
| Revenue, net (NT$ mn) | 248,320 | 396,284 | 507,015 | 619,002 |
| EBITDA (NT$ mn) | 33,894 | 63,604 | 85,643 | 106,946 |
| ModelWare net inc (NT | 26,342 | 47,937 | 64,707 | 81,469 |
| $ mn) | ||||
| P/E | 25.1 | 23.8 | 17.6 | 14.0 |
| P/BV | 11.5 | 12.1 | 7.9 | 5.5 |
| RNOA (%) | 622.3(1,508.8) | 4,169.4 | 1,577.1 | |
| ROE (%) | 72.6 | 83.2 | 68.6 | 56.6 |
| EV/EBITDA | 17.8 | 16.5 | 11.7 | 8.8 |
| Div yld (%) | 0.9 | 1.0 | 1.3 | 1.7 |
| FCF yld ratio (%)** | 4.5 | 3.8 | 5.4 | 6.8 |
| Leverage (EOP) (%) | (101.7) | (96.3) | (95.1) | (94.8) |
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.