VisEra Technologies (6789 TT, NT$587) - Short-term positives already priced in

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VisEra Technologies (6789 TT, NT$587) - Short-term positives already priced in

sales to grow slightly QoQ. However, GM is forecast to drop QoQ, since flagship models

Source: CMoney

equipped with over 50MP are mainly launched in 2H26 and shipment of all product specs

What's changed may decline. In sum, we forecast 2Q26 sales of NT$2.40bn, up 2.5% QoQ and 8.4% YoY,

New Old %

with GM of 31.4%, and EPS of NT$1.50.

Rating Neutral Buy

Target price 565 340 66

EPS forecast 8.07* 4.86 31 Promising CPO development, but positives already priced-in

Target PE 70 70 We believe the company will continue to play a key role in the CPO market and provide

*FY27 EPS forecast critical solutions including scale-out solutions: 1) Optical microstructures on FAU and

Financial summary Year-end: Dec 31 other optical passive components to enhance optical coupling alignment, 2) Optical

NT$mn FY25 FY26F FY27F structures for FAU and PIC interfacing to help increase bandwidth signals, 3) PIC wafer

Net sales 8,938 9,812 11,282

foundry; scale up: Micro LED light sources for AOC, where the company can enhance

YoY growth (%) -10.6 9.8 15.0

Op profit 1,335 2,266 2,893 Micro LED energy intensity and transmission speed through light guiding and

YoY growth (%) -33.5 69.8 27.7 transmission technologies. However, optical communication-related solutions are

Net profit 1,274 2,026 2,569 expected to remain insignificant in FY26, with focus on technology introduction and

YoY growth (%) -26.7 59.0 26.8

EPS (NT$) 4.01 6.37 8.07 development. Since Touch Taiwan and the TSMC Technology Symposium, VisEra has

DPS (NT$) 3.0 5.1 6.5 benefited from multiple themes boosting valuation. We believe the price has already

PE (x) 146.4 92.2 72.7 reflected expectations and is near a saturation point. Going forward, actual optical