ASMedia (5269 TT, NT$1,525.00) - Conservative on PC for 2H26 but positive for PCIe Gen 4 switch

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ASMedia (5269 TT, NT$1,525.00) - Conservative on PC for 2H26 but positive for PCIe Gen 4 switch

served a downward trend in motherboard

client demand entering 2Q26. This is primarily due to multiple disruptive market variables,

including rising memory prices and CPU/GPU supply constraints. We thus revise down our

2Q26 revenue forecast to NT$2.9bn, down 17% QoQ, versus the current consensus of

Source: CMoney

NT$3.43bn. Given the rising cost of substrates, gold, copper and OSAT, we forecast 2Q26

What’s changed GM of 50.3%, lower than 1Q26’s 50.8%. However, thanks to increasing contribution from

New Old % WT, we forecast 2Q26 EPS of NT$20.67, up 38% YoY.

Rating Neutral Neutral

Target price (NT$) 1,600 1,200 33.3

Holds relatively conservative view on PC for 2H26 but positive for PCIe Gen 4 switchEPS forecast (NT$) 89.50 85.30 4.9

Target PE (x) 18 14 Due to drastic fluctuations in memory prices and challenges on CPU supply, the

management holds a relatively conservative view for 2Q26 and 2H26. As DDR4 prices

Financial summary Year-end: Dec 31 currently remain attractive and competitive, clients have started shifting some of their focus

NT$mn FY25 FY26F FY27F

back to AM4 platforms. ASMedia expects to continuously support clients with these

Net sales 13,415 11,834 13,489

YoY growth (%) 66.0% -11.8% 14.0% platform transitions throughout 2Q26, as well as in 2H26. Facing the decline in the PC

Op. profit 3,959 2,471 3,188 motherboard market, ASMedia’s strategy is to actively expand its Packet Switch products,

YoY growth (%) 117.2% 5.9% -19.5% promote design-ins for special applications of USB 4.0, and strengthen its subsidiary

Net profit 5,426 6,688 7,917

Techpoint’s deployment in the automotive market, which is relatively more stable compared

YoY growth (%) 45% 23% 18%