AP Memory* (6531 TT, NT$1,055) - Short-term share price rally already significant, no surprises from investor conference

研报英文原文证据摘录

AP Memory* (6531 TT, NT$1,055) - Short-term share price rally already significant, no surprises from investor conference

Taiwan Equity | Semiconductor

Company Snapshot

Fubon Research AP Memory* (6531 TT)

May 13, 2026

_ Short-term share price rally already significant, no surprises from

investor conference Neutral

Price Target price

NT$1,055 NT$951 Short-term share price rally already significant, downgrade to Neutral, raise target price

● Visit notes ○ Initiating coverage to NT$951, 9.9% downside

● Company update ● Earnings revision 1. 1Q26 EPS at NT$4.15, GM drops to 46.2%, below our expectations.

○ Earnings preview ● Rating change

2. IPD solution entered Intel’s EMIB technology platform, to become one of next year’s

Shares out. (mn) 81

growth drivers.

Mkt cap (NT$mn) 171,750

Mkt cap (US$mn) 5,456 3. 2H26 growth to mainly come from new ApSRAM, IPC projects, with FY26 net profit

FINI holding (%) 30.94 likely to challenge historical high.

Local IM holding (%) 1.86

Directors holding (%) 16.82 1Q26 EPS at NT$4.15, GM drops to 46.2%

52-week high (NT$) 1,055.00

AP Memory posted 1Q26 consolidated sales of NT$2.1bn, up 12.4% QoQ and 115.4% YoY,

52-week low (NT$) 226.29

Day-trading % 54% better than market expectations, mainly benefiting from IoTRaM shipment growth

exceeding expectations. GM was 46.2%, down 3.7ppts QoQ, primarily due to unfavorable

ESG rating 7 Industry Rank 37/204 product mix. With non-op profit of NT$237mn, mainly from forex gain of NT$140mn and

interest income of NT$90.83mn, operating profit reached NT$588mn, pre-tax profit was

NT$826mn, net profit attributable to the parent was NT$676mn, and EPS was NT$4.15,

below our expectations.

IPD solution entered Intel’s EMIB technology platform, to become one of next year’s

growth drivers