MSI (2377 TT, NT$105.00) - Remaining cautious about 2H26 despite margin improvement

研报英文原文证据摘录

MSI (2377 TT, NT$105.00) - Remaining cautious about 2H26 despite margin improvement

tlook on 2H26

New Old % As component prices continue to rise, PC prices have increased by 15~30%, pressuring

Rating Neutral Neutral

market demand. We forecast 2026 global PC shipment to decline 14% YoY. Most PC brands

Target price (NT$) 120 95 26

EPS forecast (NT$) 10.95 8.22 33 have already pulled in inventory in 1H26 to avoid further increases in CPU and memory

Target PE (x) 11 11 costs or worsening supply shortages. As a result, we expect a steeper shipment decline in

2H26. We think MSI will focus on high-end gaming and commercial products this year,

Financial summary Year-end: Dec 31 prioritizing profitability over shipment volume. Although we expect margin to decline over

NT$mn FY25 FY26F FY27F

the next few quarters due to higher component costs, we still think it will improve compared

Net sales 230,196 218,678 244,930

YoY growth (%) 16.3 -5.0 12.0 to last year. On the server side, MSI’s new US plant has started shipping MGX AI servers to

Op. profit 6,388 11,194 10,398 major North American customers. Server revenue is expected to account for 5% of total

YoY growth (%) -10.2 75.2 -7.1 revenue this year and should start contributing to margins as the scale improves.

Net profit 5,748 9,252 8,242

YoY growth (%) -15.4 61.0 -10.9

EPS (NT$) 6.80 10.95 9.76 How are we different?

DPS (NT$) 4.2 7.7 16.6 Our FY26/FY27 EPS forecasts are NT$10.95 and NT$9.76, compared to the consensus of

PE (x) 15.4 9.6 10.8 NT$8.67 and NT$9.18, respectively.

PB (x) 1.6 1.5 1.4

Div. yield (%) 4.0 7.3 15.8 Valuation, risks

ROE (%) 10.7 16.1 13.5

Despite the margin improvement, we still maintain our Neutral rating as the PC outlook for

Source: CMoney, Fubon Research