PDF 原檔：報告_MS_致茂2360_20260907_original.pdf
原始內容
M September 7, 2026 01:05 PM GMT
Chroma Ate Inc. | Asia Pacific
August Sales +4% MoM/+156% YoY
In this report, we focus on Chroma's monthly sales, which we believe could be a catalyst for share price movement.
Details:
- August revenue was NT$5,632mn (+4% MoM/+156% YoY).
- QTD revenue reached 75% of MSe, at NT$14,772mn (+9% QoQ/+130% YoY), and 79% of consensus, at NT$13,992mn (+3% QoQ/+118% YoY).
Our view:
- We see 3Q26 tracking ahead of market expectations and likely to deliver over 20% QoQ.
- Looking ahead, we expect its power testing business to stay at an elevated level, and the semiconductor & photonics business to continue growing HoH into 2H26, driven by SLT, metrology, CPO and potential shipment of FT handlers/burn-in ovens.
- Stay OW.
Exhibit 1 : Chroma's monthly sales vs. its share price since 2015
Source: Company data, TEJ, Morgan Stanley Research. Note: Past performance is no guarantee of future results. Results shown do not include transaction costs.
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 |
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 (%) | 26 |
| Shr price, close (Sep 7, 2026) | NT$2,230.00 |
| 52-Week Range | NT$2,795.00-546.00 |
| Sh out, dil, curr (mn) | 425 |
| Mkt cap, curr (mn) | US$29,989 |
| EV, curr (mn) | US$29,646 |
| Avg daily trading value (mn) | US$170 |
| Fiscal Year Ending | 12/25 | 12/26e | 12/27e | 12/28e |
|---|---|---|---|---|
| EPS (NT$)** | 27.49 | 43.97 | 62.77 | 74.77 |
| EPS (NT$)§ | 26.88 | 44.52 | 66.70 | 86.80 |
| Prior EPS (NT$)** | - | - | - | - |
| 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 | 50.7 | 35.5 | 29.8 |
| P/BV | 10.1 | 21.3 | 16.1 | 13.0 |
| RNOA (%) | 49.4 | 80.3 | 95.7 | 98.3 |
| ROE (%) | 45.9 | 57.4 | 59.9 | 53.9 |
| EV/EBITDA | 31.8 | 41.0 | 28.1 | 23.4 |
| Div yld (%) | 1.2 | 0.9 | 1.4 | 2.0 |
| FCF yld ratio (%)** | 2.4 | 1.6 | 2.4 | 3.2 |
| 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.