Risk Reward Update

Research evidence excerpt

Not for redistribution without written consent of Morgan Stanley

M

Update

August 5, 2026 03:58 PM GMT

Nuvoton Technology Corporation | Asia Pacific

Morgan Stanley Taiwan Limited+

Daniel Yen, CFA

Equity Analyst

Risk Reward Update

What’s Changed

Nuvoton Technology Corporation (4919.TW)

From

To

Price Target

NT$98.00

NT$95.00

Bull Case

NT$139.00

NT$143.00

Base Case

NT$98.00

NT$95.00

Bear Case

NT$47.00

NT$48.00

Updated Components

EPS

Investment Thesis

Bull Base Bear Scenarios

Risk Reward for Nuvoton Technology Corporation (4919.TW) has

been updated.

Reason for change

Nuvoton Technology Corporation (4919.TW, 4919 TT)

Greater China Technology Semiconductors | Taiwan

Stock Rating

Industry View

Price target

Shr price, close (Aug 5, 2026)

52-Week Range

Underweight

Attractive

NT$95.00

NT$130.00

NT$230.00-49.80

Fiscal Year Ending

12/25 12/26e 12/27e 12/28e

EPS (NT$)**

Prior EPS (NT$)**

(3.96)

(1.17)

(1.24)

4.15

4.41

7.64

7.89

Unless otherwise noted, all metrics are based on Morgan Stanley ModelWare

framework

** = Based on consensus methodology

e = Morgan Stanley Research estimates

Updating the financial model and changing price target after 2Q preliminary results.

Full-year 2026 loss estimate narrows 5%; we trim 2027 and 2028 EPS estimates 6%

and 3%, respectively. We reduce our base case value/price target 3% but nudge up

our bull and bear case values.

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