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原始內容
M August 3, 2026 01:42 PM GMT
Chroma Ate Inc. | Asia Pacific
Our Thoughts on the Share Price Movement
Chroma's share price was down 6.7% (limit-down during the session) vs. the TAIEX up ~1%.
We think the underperformance was mainly driven by two investor concerns:
- Rubin Ultra might only have a TDP of 1,800W as the mainstream spec, which might affect its GPU SLT growth in 2027.
- Chroma might not win CPU SLT orders from one major chip vendor.
Our views:
- We believe that 1,800W TDP for the Rubin Ultra GPU does not sound reasonable. The TDP for the Rubin GPU already reaches 1,800-2,300W. Our checks suggest that the mainstream spec for Rubin Ultra should be higher than that of Rubin and will need a higher spec of SLT from Chroma as well.
- For the SLT business, Chroma used to focus more on the GPU market, but it is turning more aggressive on CPUs as well. It has already secured the CPU SLT project with one hyperscaler and is qualifying with a major chip vendor for its new CPU model.
- We stay OW on Chroma (price target NT$2,800, 45x 2027e P/E) and would suggest building positions into the dip for the growth potential driven by power, semiconductor, and photonics testing tools.
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 |
Chroma Ate Inc. (2360.TW, 2360 TT)
Greater China Technology Hardware | Taiwan
| Stock Rating | Overweight |
|---|---|
| Industry View | In-Line |
| Price target | NT$2,800.00 |
| Up/downside to price target (%) | 43 |
| Shr price, close (Aug 3, 2026) | NT$1,960.00 |
| 52-Week Range | NT$2,795.00-434.00 |
| Sh out, dil, curr (mn) | 425 |
| Mkt cap, curr (mn) | US$25,808 |
| EV, curr (mn) | US$25,471 |
| Avg daily trading value (mn) | US$153 |
| Fiscal Year Ending | 12/25 | 12/26e | 12/27e | 12/28e |
|---|---|---|---|---|
| EPS (NT$)** | 27.49 | 43.97 | 62.77 | 74.77 |
| EPS (NT$)§ | 26.88 | 42.90 | 64.67 | 86.76 |
| Prior EPS (NT$)** | - | - | - | - |
| Revenue, net (NT$ mn) | 28,311 | 55,154 | 76,117 | 89,224 |
| EBITDA (NT$ mn) | 10,038 | 22,684 | 32,742 | 38,930 |
| ModelWare net inc (NT | 11,692 | 18,697 | 26,691 | 31,797 |
| $ mn) | ||||
| P/E | 28.2 | 44.6 | 31.2 | 26.2 |
| P/BV | 10.1 | 18.7 | 14.1 | 11.4 |
| RNOA (%) | 49.4 | 80.3 | 95.7 | 98.3 |
| ROE (%) | 45.9 | 57.4 | 59.9 | 53.9 |
| EV/EBITDA | 31.8 | 36.0 | 24.6 | 20.4 |
| Div yld (%) | 1.2 | 1.0 | 1.6 | 2.3 |
| FCF yld ratio (%)** | 2.4 | 1.8 | 2.8 | 3.6 |
| Leverage (EOP) (%) | (33.4) | (39.0) | (46.3) | (52.8) |
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.