PDF 原檔：報告_MS_研華2395_20260907_original.pdf
原始內容
M September 7, 2026 01:06 PM GMT
Advantech | Asia Pacific
August Sales -8% MoM/+88% YoY
In this report, we focus on Advantech's monthly sales, which we believe could be a catalyst for its share price.
Details:
- August sales were NT$10,419mn (-8% MoM/+88% YoY),
- QTD revenue reached 77% of MSe, at NT$28,185mn (+8% QoQ/+59% YoY), and 76% of consensus, at NT$28,371mn (+9% QoQ/+60% YoY).
- By region, N.A (+106%) outperformed, while other markets, including Europe (+52%), China (+67%), Taiwan (+96%), Japan (+73%), Korea (+79%) and emerging markets (+75%), also performed strongly.
- By segment, Intelligent Systems was +93% YoY, IoT Automation was +36% YoY, while Intelligent Service grew single-digit% YoY. The Embedded Sector grew 61% YoY, of which Embedded IoT grew 83% YoY, while Applied Computing grew 37% YoY.
Our view:
- We think its 3Q26 revenue is tracking ahead of market expectations and more likely to approach 20-25% QoQ growth.
- Management attributed the strength in August to demand from sectors including semi, AI datacenter, energy infrastructure, and factory automation.
- B/B ratio in August was stronger than that in July, continuing to point to a strong revenue outlook in the coming quarters.
- We remain constructive on Advantech, as it is well positioned to benefit from accelerating IoT market growth amid edge AI proliferation.
Exhibit 1 : Advantech's monthly sales vs. its share price since 2010
Note: 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 |
Advantech (2395.TW, 2395 TT)
Greater China Technology Hardware | Taiwan
| Stock Rating | Overweight |
|---|---|
| Industry View | In-Line |
| Price target | NT$720.00 |
| Up/downside to price target (%) | 6 |
| Shr price, close (Sep 7, 2026) | NT$680.00 |
| 52-Week Range | NT$727.00-271.00 |
| Sh out, dil, curr (mn) | 864 |
| Mkt cap, curr (mn) | US$18,590 |
| EV, curr (mn) | US$17,829 |
| Avg daily trading value (mn) | US$41 |
| Fiscal Year Ending | 12/25 | 12/26e | 12/27e | 12/28e |
|---|---|---|---|---|
| EPS (NT$)** | 12.25 | 20.27 | 23.77 | 26.97 |
| Prior EPS (NT$)** | - | - | - | - |
| EPS (NT$)§ | 11.43 | 19.39 | 23.31 | 27.19 |
| Revenue, net (NT$ mn) | 70,882 | 102,882 | 117,458 | 129,338 |
| EBITDA (NT$ mn) | 12,777 | 20,941 | 24,975 | 28,349 |
| ModelWare net inc (NT | 10,593 | 17,527 | 20,547 | 23,317 |
| $ mn) | ||||
| P/E | 23.5 | 33.5 | 28.6 | 25.2 |
| P/BV | 4.5 | 9.5 | 8.5 | 7.7 |
| RNOA (%) | 35.0 | 53.1 | 62.2 | 67.1 |
| ROE (%) | 20.5 | 31.8 | 33.2 | 33.9 |
| EV/EBITDA | 17.6 | 26.6 | 22.1 | 19.2 |
| Div yld (%) | 2.9 | 1.6 | 2.2 | 2.5 |
| FCF yld ratio (%) | 2.2 | 2.5 | 2.9 | 3.6 |
| Leverage (EOP) (%) | (43.7) | (48.6) | (51.1) | (55.3) |
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.