Fadu Inc: From Turnaround to Structural Monetization

研报英文原文证据摘录

Fadu Inc: From Turnaround to Structural Monetization

Idea

May 18, 2026 11:38 AM GMT

Morgan Stanley & Co. International plc, Seoul Branch+MFadu Inc | Asia Pacific Ryan Kim

Equity Analyst

From Turnaround to Structural Ryan.G.Kim@morganstanley.comMorgan Stanley & Co. International plc+ +82 2 399-4939

Shawn Kim

Equity AnalystMonetization Shawn.Kim@morganstanley.com +44 20 7677-1018

What’s Changed Morgan Stanley Asia Limited+

Fadu Inc (440110.KQ) From To Duan Liu

Price Target W28,000 W150,000 Equity Analyst

Duan.Liu@morganstanley.com +852 2239-7357

Fadu appears to be entering a multi-year scaling phase driven by Morgan Stanley & Co. International plc+

Cindy Huang

AI server SSD controller demand. With W300bn+ revenue Equity Analyst

visibility in 2026 and improving margins, the debate is shifting Cindy.Huang@morganstanley.com +44 20 7425-2915

from recovery toward long-term hyperscaler penetration. Fadu Inc (440110.KQ, 440110 KS)

S. Korea Technology | S. Korea

Key Takeaways Stock Rating Overweight

Industry View Attractive

1Q26 marked profitability inflection; management views it as a quarterly bottom. Price target W150,000

Up/downside to price target (%) 50

2026 revenue guidance raised to W300bn+, with stronger acceleration expected Shr price, close (May 15, 2026) W100,100

52-Week Range W110,800-10,060

from 3Q26. Sh out, dil, curr (mn) 48

Mkt cap, curr (bn) W4,810

eSSD controller demand tied to AI servers remains very strong into 2027. EV, curr (bn) W4,779

Avg daily trading value (bn) W27

Controller-heavy mix structurally supports 50%+ GPM and mid-teen OPM.

Fiscal Year Ending 12/25 12/26e 12/27e 12/28e

Direct PCIe Gen6 hyperscaler opportunity could become major upside driver EPS (W)** (1,531) 1,015 2,138 4,370

from 2028. Prior EPS (W)** (538) 83 273 621

EPS (W)§ (538) 83 273 -