報告_UBS_信驊5274_20261007

PDF 原檔：報告_UBS_信驊5274_20261007_original.pdf

圖片清單（已驗證 2026-10-09）

原始內容

First Read

ASPEED Technology Inc

Marvell's new AI management silicon is more complement than competitor

Marvell introduces AI infrastructure management silicon

At its Investor Day, Marvell introduced a new category of AI infrastructure management silicon, which it positioned as a new PU attach opportunity. Marvell argued that nextgeneration AI infrastructure requires substantially greater compute and I/O capabilities for management workloads than traditional server architectures. To address this need, the company has been working with multiple hyperscalers to develop a semi-custom infrastructure management solution leveraging its OCTEON technology and 5nm IP. Marvell described the product as a high-performance multi-core processor capable of delivering roughly 1,000x higher performance for AI infrastructure management workloads, including monitoring servers and switches across large-scale AI clusters. The company indicated that it already has engagements with multiple hyperscalers and views this as an attractive long-term growth opportunity.

More complementar to Aspeed's BMC than a replacement

We do not view Marvell's AI infrastructure management silicon as a direct threat to Aspeed's BMC franchise. Based on Marvell's description, the product appears to target a different layer of the system, focusing on rack- and cluster-level management of largescale AI deployments rather than node-level server management. The use of Marvell's OCTEON multi-core infrastructure processor technology further suggests the solution is designed as a high-performance control-plane processor capable of managing telemetry, monitoring, and orchestration functions across groups of AI servers and switches. As such, we believe the solution is more likely to complement existing BMCs, which remain responsible for server-level monitoring, control, and management functions. In practice, one infrastructure management processor could potentially oversee multiple AI racks or clusters, while each individual AI server would still require its own dedicated BMC. We also believe Aspeed maintains a significant competitive advantage through its long-standing leadership in the BMC market, well-established product roadmap, and deeply entrenched relationships with leading hyperscalers and server OEMs. Given the mission-critical nature of BMCs and the extensive hardware, firmware, and software validation required for platform qualification, switching barriers remain high and customer migration to alternative suppliers is typically infrequent.

Valuation: Bu and target of NT$22,000

Our price target is based on a 55x average 2027-28E PE and a long-term earnings CAGR of 34%.

Source: Company accounts, LSEG Eikon, UBS estimates. Metrics marked as (UBS) have had analyst adjustments applied. Valuations: based on an average share price that year, (E): based on a share price of NT$ 17,750.00 on 07-Oct-2026 16:00:28 CST

Equities

Taiwan

Semiconductors

12-month rating

12m price target Bu NT$22,000.00

Price (07 Oct 2026)

RIC: 5274.TWOBBG: 5274 TT

NT$17,750

Trading data and ke metrics

Sunn Lin

Analyst

sunny.lin@ubs.com

+886-2-8722 7346

R an Sun Analyst ryan-za.sun@ubs.com +886-2-8722 7267

Christine Chen, CFA

Associate Analyst christine.chen@ubs.com +886-2-8722 7352

Forecast returns

Compan Description

ASPEED is the world's largest baseboard management controller (BMC) chipset provider. ASPEED introduced the first generation of server management processors in 2005. It acquired Emulex Pilot's remote server management chip business in 2016. Besides server management chipsets, ASPEED also produces PC/AV extension solutions and image processing system-onchips (SoCs). In 2023, server management chipsets accounted for 88% of total sales.

Valuation Method and Risk Statement

We derive our price target for Aspeed from PE valuation methodology relative to its historical trading range.

We believe key upside risks for Aspeed include: 1) stronger-than-expected server demand, particularly from hyperscalers and from AI servers with less crowding out of traditional servers; 2) further market share expansion; 3) faster-than-expected server platform upgrades; 4) faster-than-expected progress in expanding the addressable content within servers.

We believe key downside risks for Aspeed include: 1) weaker-than-expected server demand, particularly from hyperscalers; 2) market share losses or more intense industry competition; 3) slower-than-expected server platform upgrades; 4) slower-than-expected progress in expanding the addressable content within servers.

Quantitative Research Review

UBS Global Research publishes a quantitative assessment of its analysts' responses to certain questions about the likelihood of an occurrence of a number of short term factors in a product known as the 'Quantitative Research Review'. The views for this month can be found below. Views contained in this assessment on a particular stock reflect only the views on those short term factors which are a different timeframe to the 12-month timeframe reflected in any equity rating set out in this note. For previous responses please make reference to (i) previous UBS Global Research reports; and (ii) where no applicable research report was published that month, the Quantitative Research Review which can be found at https://neo.ubs.com/quantitative, or contact your UBS sales representative for access to the report or the Quantitative Research Team on ubs-quant-answers@ubs.com. A consolidated report which contains all responses is also available and again you should contact your UBS sales representative for details and pricing or the Quantitative Research Team on the email above.

ASPEED Technolog Inc