PDF 原檔：報告_MS_智邦2345_20260907_original.pdf
原始內容
M September 7, 2026 03:44 PM GMT
Accton Technology Corporation | Asia Pacific
August Sales +4% MoM/+59% YoY
In this report, we focus on Accton's monthly sales, which we believe could be a catalyst for share price movement.
Details:
- August sales were NT$40,873mn (+4% MoM/+59% YoY).
- QTD reached 66% of our 3Q26 estimate, at NT$120,883mn (+27% QoQ/ +66% YoY), and 70% of consensus, at NT$114,321mn (+20% QoQ/+57% YoY).
Our view:
- We see 3Q26 revenue tracking in line with our estimates
- Our checks indicate that Accton has been negotiating with customers to let them consign those expensive components, which could weigh on its revenue growth but should be positive to margins.
- Looking ahead, we expect the momentum to remain elevated into 2H26, as it should benefit from broader-based migration to 800G network switches from both existing and new customers, and the ramp of the new AI accelerator model from its major customer should be in full swing.
- Stay OW with a PT of NT$3,500, based on 30x 2027 P/E.
Exhibit 1 : Accton's monthly sales vs. its share price since 2015
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 |
| 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 | Overweight | ||
|---|---|---|---|---|
| Industry View | In-Line | |||
| Price target | NT$3,500.00 | |||
| Up/downside to price | target (%) | 67 | ||
| Shr price, close (Sep 7, | 2026) | NT$2,100.00 | ||
| 52-Week Range | NT$2,825.00-884.00 | |||
| Sh out, dil, curr (mn) | 559 | |||
| Mkt cap, curr (mn) | NT$1,173,707 | |||
| EV, curr (mn) | NT$1,113,055 | |||
| Avg daily trading value | (mn) | NT$7,929 | ||
| Fiscal Year Ending | 12/25 | 12/26e | 12/27e | 12/28e |
| EPS (NT$)** | 47.13 | 83.77 | 115.77 | 145.77 |
| Prior EPS (NT$)** | - | - | - | - |
| EPS (NT$)§ | 45.42 | 84.45 | 117.13 | 164.99 |
| Revenue, net (NT$ mn) | 248,320 | 413,479 | 541,272 | 667,428 |
| EBITDA (NT$ mn) | 33,894 | 62,436 | 85,653 | 106,950 |
| ModelWare net inc (NT | 26,342 | 46,817 | 64,707 | 81,472 |
| $ mn) | ||||
| P/E | 25.1 | 25.1 | 18.1 | 14.4 |
| P/BV | 11.5 | 12.5 | 8.2 | 5.7 |
| RNOA (%) | 622.3(1,479.8) | 4,110.1 | 1,435.9 | |
| ROE (%) | 72.6 | 81.2 | 69.2 | 56.9 |
| EV/EBITDA | 17.8 | 17.3 | 12.1 | 9.1 |
| Div yld (%) | 0.9 | 0.9 | 1.3 | 1.6 |
| FCF yld ratio (%)** | 4.5 | 3.6 | 5.2 | 6.6 |
| Leverage (EOP) (%) | (101.7) | (96.2) | (94.8) | (94.4) |
Unless otherwise noted, all metrics are based on Morgan Stanley ModelWare framework
** = Based on consensus methodology
§ = Consensus data is provided by Refinitiv Estimates
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.