Pegatron (4938 TT, NT$81.80) - GB300, general server taking off

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Pegatron (4938 TT, NT$81.80) - GB300, general server taking off

Taiwan Equity | Tech

Company Snapshot

Fubon Research Pegatron (4938 TT)

May 14, 2026

GB300, general server taking off

Buy

Price Target Upgrade to Buy, raise target price to NT$97, 19% upside

NT$81.80 NT$97 1. GB300, Vera Rubin coming in 2026

○Initiating coverage ○Visit notes

2. 2Q26 sales forecast of NT$279bn (up 4 %YoY), driven by AI, general server demand

●Company update ○Earnings revision

3. 1Q26 GM of 4.4% beats consensus, Fubon’s estimate

○Earnings preview ●Rating change

Shares out. (mn) 2,682.2

Mkt cap (NT$mn) 219,400 GB300, Vera Rubin coming in 2026

Mkt cap (US$mn) 6,964 With the advancement of nVidia’s Vera Rubin platform and GB300, the Texas factory for

FINI holding (%) 31.69 L10/L11 production lines has ramped up. We expect large-scale shipment of GB300 NVL72

Local IM holding (%) 7.92

and HGXB300 high-end AI servers (covering both air-cooled and liquid-cooled

Directors holding (%) 5.93

52-week high (NT$) 84.70 architecture). This year, we project that Vera Rubin, HGX Rubin series, AMD GPU, and AI

52-week low (NT$) 68.30 ASIC server products will be shipped in small quantities. We estimate Pegatron’s computing

Day-trading % 19.12 segment (including DT/NB/MB/Server) to contribute over 20% of 2Q26 revenue, which

will offset the iPhone decline. Overall, we expect that its computing segment will contribute

ESG Rating 8 Industry Rank 5/111 around 25% of FY26 consolidated revenue. We believe that its server business will grow

QoQ in FY26 and become the main driver for operations.

2Q26 sales forecast of NT$279bn (up 4% YoY), driven by AI, general server demand

For 2Q26, the company expects growth in all three product categories. However, we think