Quanta Computer Inc. Margin miss offset by stronger server visibility and a potential consignment tailwind; OW

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Quanta Computer Inc. Margin miss offset by stronger server visibility and a potential consignment tailwind; OW

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

14 May 2026

Quanta Computer Inc. Overweight

2382.TW, 2382 TT

Margin miss offset by stronger server visibility and a Price (14 May 26):NT$334.50

potential consignment tailwind; OW ▲Price Target (Jun-27):NT$400.00 Prior (Dec-26):NT$370.00

Key takeaways from Quanta’s 1Q26 earnings call include: 1) Larger-than-

expected 1Q26 margin dilutions, but the bottom line still beat expectations on non- Technology - Hardware

OP gains and a lower tax rate; 2) robust 2Q26 revenue outlook, driven by double- Albert Hung AC

digit AI server growth and increasing general server shipment; 3) management (886-2) 2725-9875

turned incrementally more positive on both general servers (guiding double-digit albert.hung@jpmchase.com

J.P. Morgan Securities (Taiwan) Limited/ J.P.

shipment growth vs. previously flattish) and AI server (reiterated triple-digit Morgan Securities (Asia Pacific) Limited/ J.P.

revenue growth); 4) potential migration to a consignment procurement model for Morgan Broking (Hong Kong) Limited

selective AI projects in 2H26; 5) expect a more diversified AI server customer mix Anthony Leng

(neocloud, AMD, ASIC) from 2H26, which should be margin-accretive; and 6) (886-2) 2725-9240

anthony.leng@jpmorgan.com

early signs of EV demand stabilization in 1Q26 alongside continued project wins. J.P. Morgan Securities (Taiwan) Limited

While Quanta’s 1Q26 margin weakness is likely to be a negative surprise to the

Gokul Hariharan

market, we believe the improving demand indicators and potential procurement (852) 2800-8564

model shift will more than offset the downside. The stock may initially react gokul.hariharan@jpmorgan.com