Zhen Ding Technology (4958 TT, NT$407) - Stellar GM

研报英文原文证据摘录

Zhen Ding Technology (4958 TT, NT$407) - Stellar GM

Taiwan Equity | Technology

Company Snapshot

Fubon Research Zhen Ding Technology (4958 TT)

May 12, 2026

_ Stellar GM

Buy

Maintain Buy, raise target price to NT$500, 23% upside

Price Target price

NT$407 NT$500 1. 1Q26 GM of 21.6% outperforms, EPS of NT$1.33 above consensus estimates

●Visit notes ○Initiating coverage 2. IC substrates, optical modules, servers continue to grow, with 2Q26 sales growth

●Company update ●Earnings revision forecast of 12.8% QoQ

○Earnings preview ○Rating change

3. FY26 sales growth to accelerate from YoY average of NT$10bn to NT$30-50bn

Shares out. (mn) 1,071

Mkt cap (NT$mn) 435,730

Mkt cap (US$mn) 13,841 1Q26 GM of 21.6% outperforms, EPS of NT$1.33 above consensus estimates

FINI holding (%) 59.17 ZDT posted 1Q26 reuslts after the market close on May 12, with consolidated sales of

Local IM holding (%) 7.46 NT$40.72bn, down 28.4% QoQ but up 1.6% YoY, in-line with our expectations. GM came

Directors holding (%) 28.99

in at an impressive 21.6%, significantly up from 14.7ppts from the same period last year,

52-week high (NT$) 432.50

52-week low (NT$) 92.46 and surpassed the 20% level for the first time during the seasonal downturn. OpM was

Day-trading % 48% 6.1%, up 3.5ppts YoY. The company stated that this was mainly due to profit structure

optimization, with server/optical communication business sales doubling YoY and IC

ESG rating 7 Industry Rank 16/212 substrate sales also growing over 60% YoY. Together, these accounted for nearly 20% of

total sales in 1Q26, at 10.1% and 9.6% respectively, indicating that ZDT’s sales structure is

rapidly shifting toward high-end AI applications. Given one-off non-op forex loss, EPS

reached NT$1.33, above market consensus.