Asustek: Neutral: 1Q26 OP beat; bullish AI server outlook but PC uncertainty; PO to NT$710

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Asustek: Neutral: 1Q26 OP beat; bullish AI server outlook but PC uncertainty; PO to NT$710

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Asustek

Neutral: 1Q26 OP beat; bullish AI server

outlook but PC uncertainty; PO to NT$710

Reiterate Rating: NEUTRAL | PO: 710.00 TWD | Price: 673.00 TWD

1Q26 OP strong beat on higher sales and OPM 12 May 2026

Asustek’s 1Q26 brand sales (+2% QoQ, +44% YoY) came in 9% above BofAe, driven by Equity

strong AI server and commercial PC demand. GM of 13.8% was below BofAe/consensus

of 14.2%/13.9% due to a higher contribution from servers. However, with larger scale

Key Changesand improved server production efficiency, OPM of 5.4% exceeded BofAe/consensus of

4.1%/4.1% and OP was 42%/27% above BofAe/consensus (Exhibit 3). (NT$) Previous Current

Price Obj. 600 710

2026E EPS 42.8 49.3PC shipment flat YoY in ‘26; uncertain 2H demand/margin

Mgmt. guides PC sales to grow 10-15% QoQ and component sales to remain flat QoQ in 2027E EPS 45.7 50.6

2Q26. In addition, mgmt. targets PC shipments to be flat YoY in 2026, supported by a 2028E EPS NA 54.3

focus on high-value products, outperforming expected industry shipment of down 10- 2026E EBITDA (m) 40,212 45,128

15% YoY. However, we believe that ongoing component shortages and front-loaded 2027E EBITDA (m) 42,010 45,749

channel inventory builds could bring higher PC demand/margin uncertainty into 2H26. 2028E EBITDA (m) NA 48,841

Server sales to grow 100%+ YoY in ’26 with better margin Robert Cheng >>

Research Analyst

Asustek remains positive on the AI server outlook in 2026, with better order visibility Merrill Lynch (Taiwan)

throughout the year and new project engagement. The company guides server revenue +886 2 2376 3731

robert.cheng@bofa.com

to grow 50% QoQ and 200% YoY in 2Q26. Further, it expects server revenue to increase