Compal Electronics, Inc. Servers tracking ahead, but PC headwinds likely to dominate into 2H; N

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Compal Electronics, Inc. Servers tracking ahead, but PC headwinds likely to dominate into 2H; N

J P M O R G A N Asia Pacific Equity Research

12 May 2026

Compal Electronics, Inc. Neutral

2324.TW, 2324 TT

Servers tracking ahead, but PC headwinds likely to Price (12 May 26):NT$29.90

dominate into 2H; N Price Target (Dec-26):NT$30.00

Compal reported in-line 1Q26 core earnings after the Taiwan market close on 12 Technology - Hardware

ACMay. Management guided a robust 2Q26 outlook and stayed upbeat on server Albert Hung

business, but was cautious on the 2H26 PC demand outlook. Compal’s stock has (886-2) 2725-9875

underperformed Taiex by 43% YTD, and we remain cautious on the name on albert.hung@jpmchase.com

sluggish earnings growth and likely 2H26 PC end demand weakness. Stay Neutral. J.P.MorganMorganSecuritiesSecurities(Asia(Taiwan)Pacific) Limited/Limited/ J.P.J.P.

Morgan Broking (Hong Kong) Limited

• In-line 1Q26 core earnings: Compal’s 1Q26 core earnings were largely in line Anthony Leng

with our estimates, as an unfavorable product mix (higher contribution from (886-2) 2725-9240

smart devices) and memory-led PC margin dilution offset the revenue upsides. anthony.leng@jpmorgan.com

The bottom line was 16% above our estimates, helped by higher net interest J.P. Morgan Securities (Taiwan) Limited

income and FX gains. Gokul Hariharan

• Healthy 2Q26 revenue outlook, but guarded on 2H26 PC demand: (852)gokul.hariharan@jpmorgan.com2800-8564

Management expects NB shipment/smart device/server revenues to be up J.P. Morgan Securities (Asia Pacific) Limited/ J.P.

single digits/down double digits/up strong double digits sequentially in 2Q26. Morgan Broking (Hong Kong) Limited

NB ASP could see continued expansion (after 10%+ ASP expansion in 1Q),