ASUSTEK (2357 TT, NT$673.00) - Raising AI server outlook

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ASUSTEK (2357 TT, NT$673.00) - Raising AI server outlook

Taiwan Equity | Tech

Company Snapshot

Fubon Research ASUSTEK (2357 TT)

May 13, 2026

Raising AI server outlook

Buy

Price Target Upgrade to Buy, target price of NT$780, 16% upside

NT$673.00 NT$780 1. 1Q26 OpM of 5.7 % and EPS of NT$ 13.19 beat expectations

○Initiating coverage ○ Visit notes

2. PC shipment continues to grow in 2Q26

●Company update ○ Earnings revision

3. Strong AI server outlook

○Earnings preview ●Rating change

Shares out. (mn) 742.8

Mkt cap (NT$mn) 499,900 1Q26 OpM of 5.7 % and EPS of NT$ 13.19 beat expectations

Mkt cap (US$mn) 15,880 1Q26 sales reached NT$208.4bn (+3% QoQ, +41% YoY) with GM of 14.9% (-1ppt QoQ, -

FINI holding (%) 35.67 1.8ppts YoY), OpM of 5.7% (+1.1ppts QoQ, -2.8ppts YoY), and EPS of NT$13.19 (-14% QoQ, -

Local IM holding (%) 21.49

23% YoY), above Fubon’s estimate of NT$10.86 and the consensus of NT$11.21. The upside Directors holding (%) 5.49

52-week high (NT$) 714.00 was mainly driven by the higher PC ASP and solid opex control, which supported better-

52-week low (NT$) 496.00 than-expected OpM. 1Q26 sales mix: System (PC) 46%, Open Platform (Component) 26%,

Day-trading % 34.88

and IS (Server) 28%.

ESG Rating 10 Industry Rank 1/111 PC shipment continues to grow in 2Q26

ASUS guided 2Q26 PC revenue to grow 10~15% QoQ and component revenue to remain

flat QoQ. We expect that ASUS’ 2Q26 PC shipment will continue to benefit from pull-in

demand with low-single-digit QoQ shipment growth, while higher ASPs should further

support revenue growth. Looking ahead to 2H26, ASUS expects PC shipment to come in

below 1H26’s level. However, supported by a better product mix (gaming and commercial)

and higher ASP, full-year PC revenue should remain flat or grow slightly YoY. As high-end