PDF 原檔：報告_MS_致茂_20260706_original.pdf
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51KB | 真資料圖 | 致茂月營收（黃線，右軸 NT$mn）vs 股價（藍線，左軸 NT$），2015 至 2026，兩者 2025-2026 急速攀升 |
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66KB | 裝飾·logo·banner | "Asia Summer School 2026" 泳池背景 banner |
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62KB | 真資料圖 | 致茂股價（藍實線）與 MS 目標價歷史（紅虛線階梯），Jul-23 至 Jul-26，目標價從 225 步升至 2,800 |
原始內容
M July 6, 2026 03:05 PM GMT
Chroma Ate Inc. | Asia Pacific
June Sales Fell 10% MoM, Rose 73% YoY
In this report, we focus on Chroma's monthly sales, which we believe could be a catalyst for share price movement.
Details:
- June revenue was NT$4,114mn (-10% MoM/+73% YoY).
- 2Q26 revenue reached NT$13,529mn (+14% QoQ/+110% YoY), exceeding MSe of NT$12,575mn (+6% QoQ/+95% YoY) by 8% and consensus of NT $12,704mn (+7% QoQ/+97% YoY) by 6%.
Our view:
- We expect Chroma to deliver strong revenue growth in 2026, driven by the power testing (AI power product capacity expansions, emerging HVDC migration, and ESS upturn) and semi & photonics (new SLT capex cycle, metrology for advanced packaging and photonics testing for transceivers/ CPO) businesses amid AI deployment.
- Moreover, we expect its FT handlers and burn-in ovens to start contributing in the coming years, as it is qualifying with potential customers now.
- 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+
Update
| 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 (%) | 28 |
| Shr price, close (Jul 6, 2026) | NT$2,180.00 |
| 52-Week Range | NT$2,795.00-400.50 |
| Sh out, dil, curr (mn) | 425 |
| Mkt cap, curr (mn) | US$29,037 |
| EV, curr (mn) | US$28,697 |
| Avg daily trading value (mn) | US$138 |
| Fiscal Year Ending | 12/25 | 12/26e | 12/27e | 12/28e |
|---|---|---|---|---|
| EPS (NT$)** | 27.49 | 39.87 | 55.57 | 65.07 |
| EPS (NT$)§ | 26.88 | 41.79 | 63.61 | 84.65 |
| Revenue, net (NT$ mn) | 28,311 | 50,215 | 66,629 | 77,450 |
| EBITDA (NT$ mn) | 10,038 | 21,153 | 28,956 | 33,826 |
| ModelWare net inc (NT | 11,692 | 16,957 | 23,631 | 27,669 |
| $ mn) | ||||
| P/E | 28.2 | 54.7 | 39.2 | 33.5 |
| P/BV | 10.1 | 22.2 | 17.0 | 14.0 |
| RNOA (%) | 49.4 | 75.0 | 87.8 | 91.4 |
| ROE (%) | 45.9 | 52.1 | 56.5 | 50.9 |
| EV/EBITDA | 31.8 | 43.1 | 31.2 | 26.4 |
| Div yld (%) | 1.2 | 0.9 | 1.3 | 1.8 |
| FCF yld ratio (%)** | 2.4 | 1.4 | 2.3 | 2.9 |
| Leverage (EOP) (%) | (33.4) | (37.6) | (45.8) | (52.2) |
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.