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報告_MS_譜瑞4966_3Q26_20261028

更新 2026-10-29

PDF 原檔:報告_MS_譜瑞4966_3Q26_20261028_original.pdf

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檔名 size 分類 親眼所見內容
報告_MS_譜瑞4966_3Q26_20261028_001.png 283KB 真資料圖 Parade 歷史 P/E 折線圖 2012–2026:平均 19.6x、+1 STD 26.4x、-1 STD 12.9x;近期約落在 14–16x
報告_MS_譜瑞4966_3Q26_20261028_002.png 34KB 真資料圖 Risk Reward 圖:現價 NT$525,Bull NT$755(+43.81%)、Base NT$444(-15.43%)、Bear NT$288(-45.14%),目標日 2027/10
報告_MS_譜瑞4966_3Q26_20261028_003.png 16KB 真資料圖 市場共識評等分布:Overweight 25%、Equal-weight 69%、Underweight 6%,標示 MS 評等位置在 Underweight
報告_MS_譜瑞4966_3Q26_20261028_004.png 17KB 真資料圖 營收地區曝險圓餅圖,圖例:Europe ex UK、Japan、North America 各 0–10%;APAC ex Japan/Mainland China/India 40–50%;Mainland China 40–50%
報告_MS_譜瑞4966_3Q26_20261028_005.png 25KB 真資料圖 MS 估計 vs 共識 FY2026e:營收 15,683 vs 平均 17,328(區間上緣 18,131);EBITDA 2,334 vs 3,320(3,821);淨利 2,041 vs 2,607(2,821);EPS 26.35 vs 33.19(35.66)
報告_MS_譜瑞4966_3Q26_20261028_006.png 64KB 真資料圖 MS 對 4966 的評等與目標價歷史(2023/10–2026):階梯狀目標價線依序標示 822、1280、999、666、450 前後、747、888、780、570、530、1000、818,並以 E/A、O/A、U/A、U/I 標記評等變動

原始內容

M Idea October 28, 2026 05:16 PM GMT

Parade Technologies Ltd | Asia Pacific

Waiting for new business to bear fruit; cut to UW

What's Changed Parade Technologies Ltd (4966.TWO) From To
Price Target NT$818.00 NT$444.00
Rating Overweight Underweight

AlphaSignals Earnings Reaction

Weakens our thesis

Impact to our thesis

Source: Company data, Morgan Stanley Research

Near-term NB weakness and lack of meaningful contribution from new businesses; downgrade to UW.

Key Takeaways

  • Parade's margin recovery efforts are more than offset by weak NB demand.
  • Ramp-up of ASIC-like business could be slower than we expected.
  • Now trading at 17x our lowered 2027 EPS, which is still not attractive.

3Q26 earnings missed: Please see Exhibit 1.

4Q guidance reflects weak NB demand: Parade is guiding rev. to decline 24% Q/Q at mid-point, 2% below consensus. We overestimated the stability of demand from standard-plus customers, while demand from standard customers remains very weak, as expected. Based on the current demand outlook into 1Q27, it is difficult to see a V-shaped recovery. That said, we appreciate Parade's supply chain management and its ability to pass cost pressures on to customers. We see Parade's TTED business offering LT opportunities amid PCB price hikes.

New business ramp c uld take time: We previously modelled the company's ASIClike business contributing 15-20% of revenue in 2027-28. Given the complexity of the chip design and weak DT demand, we believe we were too optimistic. As for the TTED business, the company expects shipments to exceed 5mn units in 2026, which could account for ~8% of 2026 revenue. The company expects NB shipments to remain similar in 2027 vs. 2026, subject to DRAM pricing. Currently, we do not expect DRAM pricing to decline meaningfully.

D uble d wngrade t UW; PT NT$444: We cut our earnings forecasts mainly to reflect weaker 4Q guidance and a lower contribution from the ASIC-like business. We lowered 2026/27/28e earnings by 14%/ 9%/4 %. The company is now trading at 17x 2027e EPS. We like Parade's long-term growth potential but would need to see a meaningful resumption in business growth to turn more positive. (continued on the next page)

Morgan Stanley Taiwan Limited+

Daniel Yen, CFA

Equity Analyst Dani l.Y n@morganstanl y.com

Charlie Chan

Equity Analyst Charli .Chan@morganstanl y.com

Morgan Stanley Asia Limited+

Daisy Dai, CFA

Equity Analyst

Daisy.Dai@morganstanl y.com

+886 2 2730-2863

+886 2 2730-1725

+852 2848-7310

Ethan Jia

R s arch Associat Ethan.Jia@morganstanl y.com

+852 3963-2287

Morgan Stanley appreciates your support in the 2027 Extel Asia Research Survey. Voting opens 10 Novem er 2026.

Parade Technologies Ltd(49 .TWO, 49 TT)

Greater China Technology Semiconductors | Taiwan

Stock Rating Underweight
Industry iew Attractive
Price target NT$444.00
Up/downside to price target ( ) (15)
Shr price, close (Oct 28, 2026) NT$525.00
52-Week Range NT$929.00-463.50
Sh out, dil, curr (mn) 77
Mkt cap, curr (mn) NT$40,575
Avg daily trading value (mn) NT$819
Fiscal Year Ending 12 25 12 26e 12 27e 12 28e
EPS (NT$)** 34.67 26.35 30.92 33.20
Prior EPS (NT$)** - 30.34 43.14 50.33
EPS (NT$)§ 35.26 33.19 40.98 53.08
Revenue, net (NT$ mn) 16,531 15,683 16,212 16,982
EBITDA (NT$ mn) 3,482 2,334 2,742 2,941
P/E 17.1 19.9 17.0 15.8
P/BV 2.1 1.8 1.7 1.6
ROE ( ) 12.2 9.2 10.4 10.6
EV/EBITDA 9.9 12.4 10.0 9.0
Div yld ( ) 2.9 2.5 2.9 3.1

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.

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.

  • Modest shortfall Modest revision lower Financial results versus consensus Direction of next 12-month

consensus EPS

M Idea

3Q26 earnings review: Q revenue was NT$4.2bn, -2% Q/Q, -4% Y/Y, and 4% above MSe; Q GM was 40. %, flattish Q/Q, -2.2ppt Y/Y and 2. ppt below MSe; Q EPS was NT$7.67, flat Q/Q, -27% Y/Y and 6% below MSe. Weaker 2H26 demand has been due to OEM pullins in 1H, compressed consumer demand due to price hikes, and compressed enterprise budgets due to allocation to AI spending.

Exhibit 1: 3Q26 arnings r vi w

P/L Comparison - (NT$ mn) 3Q26 Results - 3Q25 3Q26 Results - 2Q26 3Q26 Results - 3Q26 3Q26 Results - Q/Q 3Q26 Results - YIY 3Q26 Results - Mse 3Q26 Results - Diff.
Net sales 4,377 4,249 4,185 -2% -4% 4,038 4%
Gross profit 1,860 1,708 1,686 -1% %6- 1,718 -2%
Operating profit 812 596 567 %5- -30% 644 -12%
Pretax profit 881 646 617 -4% -30% 702 -12%
Net profit 816 593 591 0% -28% 638 -7%
Diluted EPS (NT$) 10.45 7.66 7.67 0% -27% 8.17 -6%
Key ratios (%)
Gross margin 42.5% 40.2% 40.3% 0.1 ppt -2.2 ppt 42.5% -2.3 ppt
Operating margin 18.6% 14.0% 13.5% -0.5 ppt -5.0 ppt 15.9% -2.4 ppt
Pretax margin 20.1% 15.2% 14.7% -0.4 ppt -5.4 ppt 17.4% -2.6 ppt
Net profit margin 18.6% 14.0% 14.1% 0.2 ppt -4.5 ppt 15.8% -1.7 ppt

Sourc : Company data, Morgan Stanl y R s arch (E) stimat s

Why it's n t t late t d wngrade n w: The weak 4Q26 outlook lowers the earnings base, while visibility on a sustained recovery remains limited. With NB shipments expected to remain broadly flat in 2027, TTED growth and initial ASIC-like contributions may be insufficient to offset weakness in the core business. The risk of prolonged earnings pressure and a slower-than-expected ramp in new businesses supports our more cautious view beyond the near-term reset.

M Idea

Parade: Earnings Estimate Revisions

We cut ur EPS estimates by 13%/28%/34% f r 2026/27/28: We factor in the actual Q results, the lower 4Q guidance than we had expected, and the delays ramping up the new business.

Exhibit 2: Parad : Summary of stimat r visions

NT$mn Current 2026E Previous 2026E Diff. Current 2027E Previous 2027E Diff. 2028E Current Previous 2028E Diff.
Net sales 15,683 15,865 -1% 16,212 18,478 -12% 16,982 20,064 -15%
COGS 9,303 9,215 9,349 10,597 9,794 11,400
Gross profit 6,380 6,650 -4% 6,863 7,881 -13% 7,188 8,665 -17%
Operating expenses 4,368 4,259 4,449 4,406 4,582 4,572
Operating profit 2,012 2,390 -16% 2,414 3,475 -31% 2,606 4,092 -36%
Non-op. income (exp.) 192 216 199 230 199 230
Pretax Income 2,204 2,606 -15% 2,613 3,705 -29% 2,805 4,322 -35%
Taxes 163 235 235 333 252 389
Net income 2,041 2,371 -14% 2,377 3,371 -29% 2,552 3,933 -35%
Reported Diluted EPS 26.35 30.34 -13% 30.92 43.14 -28% 33.20 50.33 -34%
Margins
Gross margin 40.7% 41.9% -1 ppt 42.3% 42.7% 0p 0 42.3% 43.2% -1 ppt
Operating margin 12.8% 15.1% -2 ppt 14.9% 18.8% -4 ppt 15.3% 20.4% -5 ppt
Pretax margin 14.1% 16.4% -2 ppt 16.1% 20.0% -4 ppt 16.5% 21.5% -5 ppt
Net margin 13.0% 14.9% -2 ppt 14.7% 18.2% -4 ppt 15.0% 19.6% -5 ppt

Sourc : Morgan Stanl y R s arch (E) stimat s

Exhibit 3: Quart rly arnings summary

NT$ in million 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26 4Q26E 1Q27E 2Q27E 3Q27E 4Q27E 1Q28E 2Q28E 3Q28E 4Q28E 2025 2026E 2027E 2028E
Total Revenues Sequential Change Change vs Year Ago 4,152 0%8% 88% 4,114 -0%% 5.2% 4,377 6.4% -0.5% 3,888 -11.2% -5.6% 3,990 2.6% -399%% 4,249 6.5% 3.3% 4,185 -1.5% -.% 3,259 -22.1% -16.2% 3,586 10.1% -10.1% 3,808 6.2% -10.4% 4,467 17.3% 6.7% 4,350 -2.6% 33.5% 4,207 -3.3% 17.3% 4,183 -0.6% %8% 4,446 6.3% -0.5% 4,145 -6.8% .7% 16,531 1.8% 15,683 -5.1% 16,212 3.4% 16,982 4.8%
Cost of Sales Percent of Revenues 2,385 57% 2,341 57% 2,517 57% 2,254 58% 2,382 %09 2,541 %09 2,499 %09 1,881 58% 2,068 58% 2,196 58% 2,573 58% 2,512 58% 2,425 58% 2,413 58% 2,561 58% 2,395 58% 9,496 57% 9,303 59% 9,349 58% 9,794
Gross Margin Percent of Revenues Incremental Margin 1,767 42.6% 91% 1,774 43.1% NM 1,860 42.5% 1,634 42.0% NM 1,608 40.3% -9% 1,708 40.2% 1,686 40.3% NM 1,378 42.3% NM 1,519 42.3% 43% 1,612 42.3% 1,893 42.4% 43% 1,838 42.3% NM 1,782 42.4% NM 1,771 42.3% NM 1,885 42.4% 1,750 42.2% 7,035 42.6% 6,380 40.7% NM 6,863 42.3% 91% 58% 7,188 42.3% 42%
Total Opex Percent of Revenues 1,110 26.7% 1,065 25.9% 33% 1,048 1,103 28.4% 1,068 26.8% 39% 1,112 26.2% 1,119 26.7% 1,069 32.8% 1,087 30.3% 42% 1,099 28.9% 1,135 25.4% 1,128 25.9% 1,140 27.1% 1,139 27.2% %40 1,153 25.9% NM 1,149 27.7% 469% 4,326 4,368 27.9% 4,449 27.4% 4,582 27.0%
R&D Percent of Revenues 744 199% 723 17.6% 23.9% 700 742 19.1% 728 18.3% 749 17.6% 748 17.9% 748 23.0% 748 20.9% 748 19.6% 748 16.8% 748 768 18.3% 768 18.4% 768 17.3% 780 18.8% 26.2% 2,910 17.6% 2,974 19.0% 2,993 18.5% 3,084
General & administrative 156 143 3.5% 16.0% 134 136 136 3.4% 146 3.4% 143 3.4% 143 4.4% 143 143 143 3.2% 17.2% 143 143 3.4% 143 3.4% 143 32% 243 143 3.4% 226 569 3.4% 567 3.6% 571 3.5% 18.2% 571
Percent of Revenues Selling & marketing 3.7% 210 5.1% 199 4.8% 3.1% 213 4.9% 3.5% 225 5.8% 203 5.1% 540 218 5.1% 596 228 5.5% 178 5.5% 4.0% 196 3.7% 208 244 5.5% 3.3% 237 5.5% 230 5.5% 228 5.5% 5.5% 5.5% 601 847 5.1% 827 5.3% 884 5.5% 3.4% 926 5.5%
Percent of Revenues Operating Income Percent of Revenues 657 709 812 531 13.7% 13.5% -17.9% 14.0% -15.9% 567 13.5% 309 95% 5.5% 432 5.5% 513 759 710 642 632 15.1% 732 16.5% 14.5% 2,709 16.4% 2,012 12.8% 2,414 2,606
Change vs Year Ago 15.8% 25.7% 17.2% 38.7% 69 18.6% %8% 69 -20.1% 65 42 50 -30.2% 50 -41.8% 50 12.0% -20.0% 13.5% 13.8% 17.0% 33.8% 50 16.3% 129.5% 50 15.3% 48.5% 50 23.0% 50 -3.5% 50 -15.3% 50 10% 273 -9% 192 14.9% 20% 199 15.3% %8 199
Total Non-operating Income(Loss Profit Before Taxes 71 728 777 19% 881 20% 596 15% 582 646 617 359 50 482 50 563 808 759 691 16% 681 781 651 2,982 18% 2,204 14% 2,613 16% 2,805
Percent of Revenues 18% 75 66 51 15% 15% 15% 11% 13% 15% 18% 73 17% 68 62 16% 61 18% 70 16% 59 163 235 17%
Taxes Tax Rate Net Income, Cont Ops 64 8.8% 664 9.6% 702 17% 74% 816 19% 8.6% 544 14% 53 9.1% 529 52 8.1% 593 26 4.2% 32 9.0% 327 43 9.0% 438 51 9%0% 512 9.0% 736 16% 9.0% 691 16% 9.0% 629 15% 9.0% 620 15% 9.0% 711 16% 9.0% 592 14% 256 8.6% 2,727 16% 74% 2,041 9.0% 2,377 252 9.0% 2,552
Percent of Revenues Reported Income (TW GAAP) 169% 664 702 17% 816 19% 544 13% 529 14% 593 591 14% 591 10% 327 12% 438 12% 13% 512 736 16% 691 16% 629 15% 620 15% 711 16% 592 14% 2,727 16% 13% 2,041 13% -5% 15% 2,377 15% 15% 2,552 15%
Percent of Revenues Change vs Year Ago Reported EPS (NTS, TW GAAF Change vs Year Ago 16% %0 8.38 16% %0 8.95 25% %0 10.45 %6 14% %0 6.89 -20% 13% %0 6.77 -19% 14% %0 7.66 -14% 14% %0 7.67 -27% 10% %0 4.25 -38% %0 5.70 -16% 13% %0 6.67 13% %0 9.57 25% %0 8.99 112% %0 8.18 %40 %0 8.06 2% %0 9.25 -% %0 7.70 -14% 5% 34.67 7% 26.35 -24% 17% 30.92 17% 7% 33.20 7%

Sourc : Morgan Stanl y R s arch (E) stimat s M Idea

Parade: aluation Methodology

We cut ur price target fr m NT$818 t NT$444: Our price target is our base case scenario value, which we continue to derive from a residual income model. Our bull and bear case scenario values are cut from NT$948 to NT$755, and from NT$418 to NT$288, respectively.

Intermediate growth cut to 9.4% from 11.4% to reflect slower ramp up of new businesses. Other key RI assumptions are unchanged:

  • 9.8% cost of equity (beta 1. , risk-free rate 2% and risk premium 6%)
  • Payout ratio of 50%
  • Terminal growth rate of 4.0%

Exhibit 4: Parad : R sidual incom mod l

NT$million 2026E 2027E 2028E 2029E 2030E 2031E 2032E 2033E 2034E 2035E 2036E 2037E
Total Equity 22,780 24,151 25,523 27,059 28,740 30,580 32,593 34,796 37,206 39,844 42,731 45,890
Net Profit 2,041 2,377 2,552 2,793 3,056 3,345 3,660 4,005 4,383 4,796 5,248 5,743
ROAE 9.1% 10.1% 10.3% 10.6% 11.0% 11.3% 11.6% 11.9% 12.2% 12.4% 12.7% 13.0%
Residual Income (151) 80 120 215 318 430 553 687 833 993 1,168 1,360
Spread -0.7% 0.4% 0.5% 0.8% 1.2% 1.5% 1.8% 2.1% 2.4% 2.7% 2.9% 3.2%
Ending Equity Capital 22,780
PV of Forecast Period 2,780
PV of Continuing Value 8,765
Equity Value 34,325
No. of Shares 77
Projected Price 444

Sourc : Morgan Stanl y R s arch (E) stimat s

M Idea

Parade: Relative aluation

Parade stock is trading at 17x our new 2026 EPS estimate, which we still consider unattractive vs. its historical average of 19.6x since 2012, given near-term demand weakness and delays in the new business ramp-up.

Exhibit 5: Parad : Historical P/E

Sourc : FactS t, Morgan Stanl y R s arch M Idea

Risk Reward - Parade Technologies Ltd (4966.TWO) Risk Reward - Parade Technologies Ltd (4966.TWO)

Waiting for new business to bear fruit

NT$444.00 PRICE TARGET

Base case, residual income model. Key assumptions: cost of equity (beta 1.3, risk-free rate 2%, risk premium 6%) of 9.8%, medium-term growth rate of 9.4%, and terminal growth rate of 4.0%.

Consensus Price Target Distribution

Source: Refinitiv, Morgan Stanley Research

Source: Refinitiv, Morgan Stanley Research

BULL CASE

BASE CASE

UNDERWEIGHT THESIS

  • ▪2H26 PC demand is weak, due to 1H26 pull-in, compressed consumer demand and compressed enterprise budget. Parade now has 90% revenue exposure to PCs. It's difficult to see a V-shaped recovery into 1Q27.
  • ▪For DisplayPort, low-end panel price competition should get worse before it gets better; the company is leveraging a high-end strategy to differentiate its products.
  • ▪For high-speed interface, Parade seeks to expand beyond the NB market to the data center and automotive markets.
  • ▪It could take time to see new business (ASIC, TTED) ramp.

Source: Refinitiv, Morgan Stanley Research

Risk Reward Themes

Secular Growth:

Negative

Technology Diffusion: Positive

View descriptions of Risk Rewards Themes here

BEAR CASE

24x 2027e P/E

We expect: 1) significant share gain in the chipset market; 2) T-Con sales to grow 10% Y/Y in 2027; 3) high-speed interface to rise 10% in 2027; 4) overall gross margin of 45%+ in 2027-28.

14x 2027e P/E

We expect: 1) chipset ramp up delays; 2) TCon sales to grow 1% Y/Y in 2027; 3) highspeed interface to remain flattish in 2027; 4) overall gross margin of ~42% in 2027-28.

9x 2027e P/E

We expect: 1) no share gain in the chipset market; 2) T-Con sales to drop 20% Y/Y in 2027; 3) high-speed interface to drop 10% in 2027; 4) overall gross margin of ~40% in 2027-28.

NT$288.00

NT$755.00

NT$444.00

M Idea

Risk Reward - Parade Technologies Ltd (4966.TWO)

KEY EARNINGS INPUTS

Drivers - T-Con revenue (NT$, mn) Dec 2025 - 6,396 Dec 2026eDec 2027eDec 2028e - 5,497 Dec 2026eDec 2027eDec 2028e - 5,534 Dec 2026eDec 2027eDec 2028e - 5,593
High speed interface revenue (NT$, mn) 7,662 8,095 8,111 7,835
Driver IC revenue (NT$, mn) 1,980 1,258 1,094 1,069
Touch IC revenue (NT$, mn) 546 840 719 642

INVESTMENT DRIVERS

  • eDP Tcon shipments and spec upgrades
  • HDMI jitter cleaning shipments
  • USB and PCI-e repeater shipments
  • USB-C DP/HDMI shipments

GLOBAL REVENUE EXPOSURE

Source: Morgan Stanley Research Estimate

View explanation of regional hierarchies here

RISKS TO PT/RATING

RISKS TO UPSIDE

  • Faster-than-expected launch of next-gen server platform
  • Easing of US tariffs

RISKS TO DOWNSIDE

  • Intensifying competition in high-speed interface area for converters, switches, and redrivers/retimers
  • Slower-than-expected launch of next-gen server platform

OWNERSHIP POSITIONING

Inst. Owners, % Active

78.5%

Source: Refinitiv, Morgan Stanley Research

MS ESTIMATES VS. CONSENSUS

Morgan Stanley Estimates

Mean

Source: Refinitiv, Morgan Stanley Research M Idea

Parade: Financial Summary

Exhibit 6: Parad : Financial Summary

Income Statement NT$mn (Years End Dec ) 2025 2026E 2027E 2028E
Net sales 16,531 15,683 16,212 16,982
COGS (9,496) (9,303) (9,349) (9,794)
Gross profit 7,035 6,380 6,863 7,188
Operating expenses (4,326) (4,368) (4,449) (4,582)
Operating income 2,709 2,012 2,414 2,606
Non-operating income 273 192 199 199
Pre-tax income 2,982 2,204 2,613 2,805
Income tax 256 163 235 252
Reported net Income 2,727 2,041 2,377 2,552
Adj.wtd.avg.shrs( m) 80 77 77 77
Reported EPS (NT$) 34.67 26.35 30.92 33.20

Balance Sheet

NT$mn (Years End Dec ) 2025 2026E 2027E 2028E
Cash 10,900 11,736 13,030 14,194
Mkt Securities 0 0 0 0
AR/NR 1,858 1,623 1,678 1,758
Inventory 3,622 3,725 3,743 3,922
Other 589 589 589 589
Current Assets 16,969 17,673 19,041 20,463
Long-term investments 0 0 0 0
Fixed assets 298 308 318 328
Deferred assets 326 326 326 326
Other assets 8,363 8,363 8,363 8,363
Total Assets 25,956 26,671 28,048 29,480
S/T borrowings 0 0 0 0
APINP 1,240 1,255 1,261 1,321
Other ST liabilities 2,381 2,381 2,381 2,381
LT dbt 0 0 0 0
Other LT liabilities 255 255 255 255
Common shares 801 801 801 801
Total Liabilities 3,877 3,891 3,897 3,957
Additional capital 4,421 4,421 4,421 4,421
Retained earning 16,846 17,546 18,918 20,290
Other shareholders' equity 12 12 12 12
Total Equity 22,080 22,780 24,151 25,523
Total Liab. & Shrhldr's Equity 25,956 26,671 28,048 29,480

E = Morgan Stanley Research Estimates

Source: Morgan Stanley Research, Company Data

Cash Flow Statement

NT$mn (Years End Dec ) 2025 2026E 2027E 2028E
Cashflov from Operations 3,419 2,508 2,639 2,689
Net profits 2,727 2,041 2,377 2,552
Depreciation 315 322 328 335
Working Capital Change 99 146 (67) (198)
Other adjustments 279 0 0 0
Cashflov from Investing (308) (332) (338) (345)
Capex (139) (332) (338) (345)
Change of LT Investment 0 0 0 0
Change of ST Investment 0 0 0 0
Other adjustments (169) 0 0 0
Cashflov from financing (2,468) (1,340) (1,006) (1,180)
Increase in L/T debt 0 0 0 0
Increase in S/T debt 0 0 0 0
Cash Dividend Paid (1,295) (1,340) (1,006) (1,180)
Dir& Emp Bonus Paid 0 0 0 0
Issuance of stock 0 0 0 0
Other adjustments (1,174) 0 0 0
Exchange rate adjustment (275) 0 0 0
Net change in cash 368 836 1,295 1,164

Financial Ratios

2025 2026E 2027E 2028E
Growth(%)
Turnover 1.8 -5.1 3.4 4.8
Operating profits 10.5 -25.7 20.0 8.0
EPS 6.5 -24.0 17.3 7.4
Margins (%)
Gross Margin 42.6 40.7 42.3 42.3
Operating Margin 16.4 12.8 14.9 15.3
Pretax Margin 18.0 14.1 16.1 16.5
Net Margin 16.5 13.0 14.7 15.0
Return (%)
ROAE 12.3 9.1 10.1 10.3
ROAA 10.5 7.8 8.7 8.9
Gearing (%)
Net Debt/Equity (49.4) (51.5) (54.0) (55.6)
Liabilities/Equity 17.6 17.1 16.1 15.5
Ratios (X)
Current ratio 4.7 4.9 5.2 5.5
Quick ratio 3.5 3.7 4.0 4.3
Others
AR/NR Turnover (days) 38 38 38 38
Inventory Turnover (days) 146 146 146 146
AP Turnover (days) 49 49 49 49
Cash Conversion (days) 135 135 135 135

M Idea

  1. View explanation of Options Probabilities methodology -

Options_Probabilities_Exhibit_Link.pdf

  1. View descriptions of Risk Rewards Themes - RR_Themes_Exhibit_Link.pdf
  2. . View explanation of regional hierarchies - GEG_Exhibit_Link.pdf

  3. View explanation of Theme/Exposure methodology -

ESG_Sustainable_Solutions_External_Link.pdf

  1. View explanation of HERS methodology - ESG_HERS_External_Link.pdf

M Idea

INDUSTRY COVERAGE: Greater China Technology Semiconductors

Company (Ticker) Rating (As Of) Price* (10/28/2026)
Charlie Chan
Advanced Wireless Semiconductor Co (8086.TWO) U (07/14/2025) NT$125.00
Alchip Technologies Ltd (3661.TW) O (05/14/2021) NT$3,800.00
ASE Technology Holding Co. Ltd. (3711.TW) O (09/15/2024) NT$695.00
Cambricon Technology Corporation (688256.SS) O (04/27/2026) Rmb958.00
CXMT Corp (688825.SS) O (08/26/2026) Rmb44.36
Global Unichip Corp (3443.TW) O (06/24/2026) NT$8,170.00
GlobalWafers Co Ltd (6488.TWO) E (05/19/2026) NT$849.00
Gudeng Precision (3680.TWO) O (11/25/2025) NT$532.00
Hua Hong Semiconductor Ltd (1347.HK) E (03/12/2026) HK$70.00
Iluvatar CoreX Semiconductor Co., Ltd. (9903.HK) O (04/27/2026) HK$73.60
MediaTek (2454.TW) O (11/28/2025) NT$4,235.00
MetaX Integrated Circuits (688802.SS) E (04/27/2026) Rmb489.40
Nanya Technology Corp. (2408.TW) O (05/28/2026) NT$477.00
OmniVision Integrated Circuits Group Inc (603501.SS) E (11/17/2025) Rmb85.20
Phison Electronics Corp (8299.TWO) E (02/25/2026) NT$2,040.00
SG Micro Corp. (300661.SZ) E (11/03/2025) Rmb90.03
Silergy Corp. (6415.TW) U (05/19/2026) NT$525.00
SMIC (0981.HK) O (10/21/2025) HK$47.80
TSMC (2330.TW) O (02/07/2022) NT$2,425.00
UMC (2303.TW) O (05/19/2026) NT$128.00
Vanguard International Semiconductor (5347.TWO) E (01/14/2026) NT$167.50
WIN Semiconductors Corp (3105.TWO) E (10/09/2026) NT$540.00

Daisy Dai, CFA

M Idea

ASMPT Ltd (0522.HK) O (07/24/2025) HK$118.30
China Resources Microelectronics Limited (688396.SS) U (03/02/2026) Rmb49.10
Empyrean Technology Co Ltd (301269.SZ) E (01/17/2025) Rmb101.92
Hangzhou Silan Microelectronics Co. Ltd. (600460.SS) U (08/25/2025) Rmb25.07
Hygon Information Technology Co., Ltd. (688041.SS) O (07/03/2026) Rmb192.70
Innoscience (2577.HK) E (10/13/2025) HK$30.92
JCET Group Co Ltd (600584.SS) O (09/16/2026) Rmb55.41
Shanghai Fudan Microelectronics (1385.HK) O (03/07/2025) HK$23.22
SICC Co Ltd (688234.SS) O (03/20/2026) Rmb81.00
SJ Semiconductor Corp (688820.SS) E (09/16/2026) Rmb87.90
StarPower Semiconductor Ltd (603290.SS) E (05/14/2026) Rmb70.98
Unigroup Guoxin Microelectronics Co Ltd (002049.SZ) U (01/10/2023) Rmb50.13
Universal Scientific Ind. (Shanghai) (601231.SS) O (11/05/2025) Rmb22.02
Yangjie Technology (300373.SZ) O (06/10/2022) Rmb74.94
Daniel Yen, CFA
AP Memory Technology Corp (6531.TW) O (07/11/2025) NT$843.00
ASMedia Technology Inc (5269.TW) U (10/03/2025) NT$1,505.00
Aspeed Technology (5274.TWO) O (06/09/2025) NT$17,295.00
Egis Technology Inc (6462.TWO) E (01/28/2026) NT$99.00
Elan Microelectronics Corp (2458.TW) O (10/03/2025) NT$130.00
eMemory Technology Inc (3529.TWO) O (08/18/2026) NT$2,655.00
Espressif Systems (688018.SS) O (05/15/2023) Rmb142.55
GigaDevice Semiconductor Beijing Inc (603986.SS) O (05/15/2025) Rmb289.88
Himax Technologies Inc (HIMX.O) E (02/04/2026) US$11.94
Macronix International Co Ltd (2337.TW) O (09/18/2025) NT$103.50
Montage Technology Co Ltd (6809.HK) O (03/18/2026) HK$230.20
Montage Technology Co Ltd (688008.SS) O (03/18/2026) Rmb174.70
Novatek (3034.TW) U (02/04/2026) NT$598.00
Nuvoton Technology Corporation (4919.TW) U (11/10/2025) NT$142.00
Parade Technologies Ltd (4966.TWO) U (10/28/2026) NT$525.00
Powerchip Semiconductor Manufacturing Co (6770.TW) O (10/27/2025) NT$71.30
Realtek Semiconductor (2379.TW) E (01/30/2026) NT$791.00
Shenzhen Goodix Technology Co Ltd (603160.SS) U (07/14/2025) Rmb61.38
Silicon Motion (SIMO.O) O (05/06/2024) US$204.17
Winbond Electronics Corp (2344.TW) O (05/28/2026) NT$172.00
WPG Holdings (3702.TW) O (03/16/2026) NT$116.00
WT Microelectronics Co. Ltd. (3036.TW) O (01/27/2026) NT$217.00
Henry Zhao
ACM Research Inc (ACMR.O) O (03/07/2023) US$51.97
Advanced Micro-Fabrication Equipment Inc (688012.SS) O (11/06/2023) Rmb240.00
Maxscend Microelectronics Co Ltd (300782.SZ) U (01/11/2021) Rmb56.00
NAURA Technology Group Co Ltd (002371.SZ) O (11/06/2023) Rmb511.68
Lucas Wang
AllRing Tech Co. (6187.TWO) O (09/23/2025) NT$1,345.00
FOCI Fiber Optic Communications Inc (3363.TWO) E (10/09/2026) NT$533.00
Hon Precision (7769.TW) O (04/17/2026) NT$5,565.00
King Yuan Electronics Co Ltd (2449.TW) O (03/03/2023) NT$277.50
MPI Corporation (6223.TWO) O (04/17/2026) NT$5,115.00

Stock Ratings ar subj ct to chang . Pl as s lat st r s arch for ach company.

  • Historical pric s ar not split adjust d.

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