PDF 原檔：報告_MS_致茂2360_20261006_original.pdf
圖片清單（已驗證 2026-10-07）
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43KB | 真資料圖 | 致茂月營收（NT$mn，右軸）與股價（NT$，左軸）2015–2026 對照圖，2026 月營收衝至約 6,800、股價高點約 2,600（財務／股價圖） |
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51KB | 真資料圖 | MS 目標價階梯圖（2023/10–2026/10，紅色虛線），最新 TP 2800（前 2710、1530/1350…）疊股價線 |
原始內容
M Update October 6, 2026 11:48 AM GMT
Chroma Ate Inc. | Asia Pacific
September Sales +22% MoM/ +206% YoY
In this report, we focus on Chroma's monthl sales, which we believe could be a catal st for share price movement.
Details:
- September revenue was NT$6,860mn (22% MoM/+206% YoY), a re ord high.
- 3Q26 revenue ame in at NT$17,926mn (+32% QoQ/+180% YoY), signifi antly higher than our estimate at NT$14,772mn (+9% QoQ/+130% YoY) and onsensus at NT$14,555mn (+8% QoQ/+127% YoY).
Our view:
- We believe that the strength in 3Q26 was mainly driven by the semi ondu tor and photoni s business, espe ially SLT, metrology, trans eiver/CPO testing, et .
- We think that Chroma might start to ship FT handlers and ovens in small volume from late 2026/early 2027, whi h represent new business opportunities for the oming years.
- Stay OW.
Exhibit 1: Chroma's monthly sales vs. its share price since 2015
Source: Company data, TEJ, organ Stanley Research. Note: Past performance is no guarantee of future results. Results shown do not include transaction costs.
organ Stanley Taiwan Limited+
| Derri k Yang Equity Analyst Derrick.Yang@morganstanley.com | +886 2 2730-2862 |
|---|---|
| Vivi Huang Research Associate Vivi.Huang@morganstanley.com | +886 2 2730-2860 |
| organ Stanley Asia Limited+ Andy Meng, CFA Equity Analyst Andy. eng@morganstanley.com | +852 2239-7689 |
Chroma Ate Inc.(2360.TW, 2360 TT)
Greater China Technology Hardware | Taiwan
| Stock Rating | Overweight |
|---|---|
| Industry iew | In-Line |
| Price target | NT$2,800.00 |
| Up/downside to price target (%) | 19 |
| hr price, close (Oct 6, 2026) | NT$2,350.00 |
| 52-Week Range | NT$2,795.00-599.00 |
| h out, dil, curr (mn) | 425 |
| Mkt cap, curr (mn) | U $31,512 |
| EV, curr (mn) | U $31,169 |
| Avg daily trading value (mn) | U $182 |
| Fiscal Year Ending | 12/25 | 12/26e | 12/27e | 12/28e |
|---|---|---|---|---|
| EP (NT$)** | 27.49 | 43.97 | 62.77 | 74.77 |
| EP (NT$)§ | 26.88 | 44.69 | 66.84 | 86.80 |
| Prior EP (NT$)** | - | - | - | - |
| 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 | 53.4 | 37.4 | 31.4 |
| P/BV | 10.1 | 22.4 | 16.9 | 13.7 |
| RNOA (%) | 49.4 | 80.3 | 95.7 | 98.3 |
| ROE (%) | 45.9 | 57.4 | 59.9 | 53.9 |
| EV/EBITDA | 31.8 | 43.3 | 29.7 | 24.7 |
| Div yld (%) | 1.2 | 0.8 | 1.3 | 1.9 |
| FCF yld ratio (%)** | 2.4 | 1.5 | 2.3 | 3.0 |
| Leverage (EOP) (%) | (33.4) | (39.0) | (46.3) | (52.8) |
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
AlphaSignals Catalyst Event Reaction
| Company / Catalyst | Date | Impact to thesis | Catalyst versus expectation |
|---|---|---|---|
| Chroma Ate Inc. 2360.TW | |||
| eptember 2026 sales | 06 Oct 2026 | Unchanged | Modest upside surprise |
ource:Company data, Morgan tanley Research M Update
Valuation Methodology and Risks
Chroma Ate Inc. (2360.TW)
Base ase, 45x 2027e P/E. We use P/E as our valuation methodology be ause we think it better aptures Chroma's earnings growth momentum. The sto k traded at an average valuation of ~19x P/E during 2014-25 with an operating profit CAGR of 20%, implying a PEG of 1.0. We think our target multiple of 45x is justified by the 61% operating profit CAGR we proje t for 2025-28.
Risks to Upside
- n Better-than-expe ted ma ro onditions
- n Stronger semi and photoni s and power testing demand
- nMargin improvement via better produ t mix
- n Better opex ontrol
Risks to Downside
- nMa ro slowdown
- n Softer-than-expe ted AI apex
- n Slower progress in the advan ed pa kaging apa ity expansion
- nWeaker onsumer ele troni s and automobile related demand
- nMargin ontra tion arising from la k of revenue s ale and in reasing opex
M Update
Disc osure Section
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