報告_MS_智邦2345_現增_20261026
PDF 原檔：報告_MS_智邦2345_現增_20261026_original.pdf
圖片清單（已驗證 2026-10-27）
ingest 時建立的「眼見為憑」圖片索引，是 lib/ 嵌圖的唯一真相來源；嵌入時只從這裡挑分類為「真資料圖」的。本份無架構／製程／產品圖，lib 不嵌圖。
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57KB | 真資料圖 | 附錄：Accton 股價與 MS 目標價歷史折線（2023-10 至 2026-10）：藍線股價、紅色階梯線目標價（可見 295、550、700、850、880、830、1170、1250、1430、1620、1850、2750、3150、3350、3800、3500）；圖左上標 E/I、NA/I、O/I；屬股價／目標價歷史，lib 不嵌 |
原始內容
M Update October 26, 2026 10:24 PM GMT
Accton Technology Corporation | Asia Pacific
Announced Rights Issuance
What's new:
- Accton's BoD has approved a rights issuance of up to 10mn common shares.
- Proceeds will be used for working capital and bank loan repa ment.
Our view:
- The share dilution will be manageable at up to ~2%.
- We view the recent correction (-10% vs. flat for Taiex over the past 2 trading sessions) a good opportunit to accumulate positions, as the current valuation of 15-16x 2027e P/E has approached the trough level since 2020 and the revenue and gross margin should continue to grow on a QoQ basis into 4Q26.
- Sta OW.
Morgan Stanley Taiwan Limited+
| Derrick Yang Equity Analyst D rrick.Yang@morganstanl y.com | +886 2 2730-2862 |
|---|---|
| Vivi Huang R s arch Associat Vivi.Huang@morganstanl y.com | +886 2 2730-2860 |
| Morgan Stanley Asia Limited+ And Meng, CFA Equity Analyst Andy.M ng@morganstanl y.com | +852 2239-7689 |
Morgan Stanley appreciates your support in the 2027 Extel Asia Research Survey. Voting opens 10 Novem er 2026.
Accton Technology Corporation(2345.TW, 2345 TT)
Top Pick
Greater China Technology Hardware | Taiwan
| Stock Rating | Stock Rating | Stock Rating | Stock Rating | Overweight |
|---|---|---|---|---|
| Industry View | Industry View | Industry View | Industry View | In Line |
| Price target | Price target | Price target | Price target | NT$3,500.00 |
| Up/downside to price target (%) | Up/downside to price target (%) | Up/downside to price target (%) | Up/downside to price target (%) | 97 |
| hr price, close (Oct 22, 2026) | hr price, close (Oct 22, 2026) | hr price, close (Oct 22, 2026) | NT$1,775.00 | NT$1,775.00 |
| 52-Week Range | 52-Week Range | 52-Week Range | NT$2,825.00-888.00 | NT$2,825.00-888.00 |
| h out, dil, curr (mn) | h out, dil, curr (mn) | h out, dil, curr (mn) | 559 | 559 |
| Mkt cap, curr (mn) | Mkt cap, curr (mn) | Mkt cap, curr (mn) | NT$992,062 | NT$992,062 |
| EV, curr (mn) | EV, curr (mn) | EV, curr (mn) | NT$931,410 | NT$931,410 |
| Avg daily trading value (mn) | Avg daily trading value (mn) | Avg daily trading value (mn) | NT$8,391 | NT$8,391 |
| Fiscal Year Ending | 12/25 | 12/26e | 12/27e | 12/28e |
| EP (NT$)** | 47.13 | 83.77 | 115.77 | 145.77 |
| Prior EP (NT$)** | - | - | - | - |
| EP (NT$)§ | 45.42 | 85.80 | 118.74 | 166.21 |
| Revenue, net (NT$ mn) | 248,320413,479541,272667,428 | |||
| EBITDA (NT$ mn) | 33,894 | 62,436 | 85,653106,950 | |
| ModelWare net inc (NT | 26,342 | 46,817 | 64,707 | 81,472 |
| $ mn) | ||||
| P/E | 25.1 | 21.2 | 15.3 | 12.2 |
| P/BV | 11.5 | 10.6 | 6.9 | 4.8 |
| 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 | 14.4 | 10.0 | 7.4 |
| Div yld (%) | 0.9 | 1.1 | 1.5 | 1.9 |
| FCF yld ratio (%)** | 4.5 | 4.3 | 6.1 | 7.8 |
| Leverage (EOP) (%) | (101.7) | (96.2) | (94.8) | (94.4) |
Unless otherwise noted, all metrics are based on Morgan tanley ModelWare framework
** = Based on consensus methodology
§ = Consensus data is provided by Refinitiv Estimates
e = Morgan tanley 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.
For analyst certification and other important disclosures, refer to the Disclosure Section, located at the end of this report.
= Analysts employed by non-U.S. affiliates are not registered with FINRA, may not be associated persons of the member and may not be subject to FINRA restrictions on communications with a subject company, public appearances and trading securities held by a research analyst account.
M Update
Valuation Methodology and Risks
Accton Technology Corporation (2345.TW)
Base case, P/E, which we believe better captures the compan 's earnings growth momentum. We assign a target P/E of 30x to our 2027 EPS estimate, which we view as justified b an operating profit CAGR of 48% for 2025-28, based on our estimates. This implies a PEG of around 0.6, vs. its average of 0.7 over 2019-25, when the stock was trading at a P/E of 22x for an operating profit CAGR of 32%.
Risks to Upside
- n Stronger data center capex
- n Faster network switch spec migration
- n InfiniBand losing share in AI networks
- n Stronger custom AI accelerator growth
- n Stronger ODM direct business model adoption
Risks to Do nside
- nWeaker data center capex
- n Slower network switch spec migration
- n InfiniBand taking more share in AI networks
- n Softer custom AI accelerator growth
- n Softer ODM direct business model adoption
M Update