Chicony Electronics (2385 TT, NT$135) - Lack of short-term catalysts

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Chicony Electronics (2385 TT, NT$135) - Lack of short-term catalysts

Taiwan Equity | Tech Components

Company Snapshot

Fubon Research Chicony Electronics (2385 TT)

May 12, 2026

_ Lack of short-term catalysts

Neutral

Consumer demand recovery remains muted, slow 2Q26 sales momentum, fair

Price Target price

NT$135 NT$145 valuation, downgrade to Neutral

●Visit notes ○Initiating coverage 1. 1Q26 GM miss due to unfavorable forex rates, rising material costs

●Company update ●Earnings revision 2. 2Q26 sales momentum to stay muted as consumer demand recovery remains limited

○Earnings preview ○Rating change

3. 2H26 operations to resume positive growth on stronger end-market demand

Shares out. (mn) 760

Mkt cap (NT$mn) 102,610

Mkt cap (US$mn) 3,270 1Q26 GM miss due to unfavorable forex rates, rising material costs

FINI holding (%) 19.73 In 1Q26, the product mix was Keyboards 35%, Power 31%, and Imaging 27%. Imaging's

Local IM holding (%) 16.37 share slightly increased, while Power's GM remained low. The product mix did not

Directors holding (%) 10.49

improve, and multiple factors such as the appreciation of RMB and THB against the TWD,

52-week high (NT$) 158.42

52-week low (NT$) 113.00 unfavorable exchange rates, and rising material costs created headwinds. Chicony's 1Q26

Day-trading % 31% GM dropped to 16.2%, below the expected 17.0%. Expense control was effective, with the

expense ratio declining, and OpM reached 7.6%, better than the forecasted 6.9%. Non-

ESG rating 9 Industry Rank 2/212 op income was NT$45mn (investment income NT$500mn, interest income NT$100mn, and

FX loss NT$700mn). EPS was NT$2.0, compared to the estimated NT$1.73.

2Q26 sales momentum to stay muted as consumer demand recovery remains limited

Chicony forecasts low single-digit QoQ sales growth in 2Q26.