Wistron (3231 TT) Buy: Nov sales beat on strong AI server shipments; further upside likely into 1Q26 [Correction]

Research evidence excerpt

9 December 2025

Wistron (3231 TT)

Equities

Computers & Peripherals

Buy: Nov sales beat on strong AI server shipments; further

upside likely into 1Q26 [Correction]

Taiwan

◆ November sales up 52% MoM, 195% YoY, tracking ahead of

MAINTAIN BUY

consensus estimates

◆ AI server demand outlook getting stronger into 2026e, offsetting

the weaker outlook for PCs

◆ Maintain Buy; raise TP to TWD190 (from TWD180), which

implies 27.5% upside

November sales tracking ahead: Wistron reported November sales of TWD280.6bn,

up 52% MoM and 195% YoY, tracking ahead at 83% of the 4Q25 consensus

estimate. We believe the outperformance was driven by stronger than expected AI

server shipments. Management has increased AI shipment target for 4Q25 and also

expects the momentum to extend into 1Q26. Monthly sales strength was also

supported by Wiwynn (6669 TT, CMP TWD4,630, Buy), which continue to benefit from

ASIC and general servers (see November sales beat on both ASIC servers and

general servers, 8 Dec).

Continue to expect upside from strong AI server demand: We expect further

upside from Dell’s increasing AI server contribution into CY26e. Wistron assembles

L10 servers for Dell’s AI server racks. According to Dell’s earnings call for 3QFY26

(Oct quarter), it recorded AI server orders of USD12.3bn (from USD5.6bn in 2QFY26)

and reported AI server shipments of USD5.6bn (from USD8.3bn in 2QFY26, exhibit

2). Dell also revised up its FY26 AI server shipment outlook to USD25bn (from

USD20bn). Therefore, we expect Wistron’s GB-related AI server momentum to

continue into CY26. We estimate 1Q26 will see a further 25% QoQ increase in

Wistron’s GB300 shipments. Additionally, we also expect Wistron to see additional

growth from the initial shipment for Vera Rubin and AMD’s MI450 L10 beginning in

mid-2026. On the other hand, PC business growth will likely remain muted in 2026e,

but could be offset by AI servers as we estimate PC sales to account for only 16% of

Wistron’s revenue in 2026e vs server-related sales (including Wiwynn) of 79%.

Maintain Buy: We raise our 2026 EPS forecast by c4% to reflect a greater AI server

contribution. Our 2026e EPS estimate is c13% higher than consensus. We raise our

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