Panjit International (2481 TT) (Buy) - 1Q26 earnings missed estimates on non-recurring items

研报英文原文证据摘录

Panjit International (2481 TT) (Buy) - 1Q26 earnings missed estimates on non-recurring items

Global Markets Research

Panjit International 2481.TW 2481 TT 11 May 2026

EQUITY: TECHNOLOGY

1Q26 earnings missed estimates on non-recurring items Rating Remains Buy

Target priceAutomotive growth, AI datacenter products, and price Increased from TWD 148.00hikes likely to support 2026/27F growth TWD 110.00

1Q26 EPS of TWD0.75 (-20% q-q/+4% y-y) missed estimates on non-recurring expenses Closing8 May 2026price TWD 99.50

1Q26 sales of TWD3,421mn (+2% q-q/+11% y-y) was largely in line with our expectation. By our

estimates, automotive (35% of total) and computing (18%) recorded better y-y revenue growth vs Implied upside +48.7%

other end applications. GM came in at 32.7% (flat q-q/+2.4pp y-y), and OPM at 6.5% (-1.3pp q-

q/-1.0pp y-y). GM expansion y-y was driven by better utilization and favorable product mix, in our Market Cap (USD mn) 1,211.5

view. Lower-than-expected OPM was due to higher opex (26.2% of total sales) given recognition ADT (USD mn) 77.5

of expected credit loss of TWD120mn (non-recurring, negatively impacting 1Q26 EPS by

TWD0.32). Excluding the one-off expenses, 1Q26 OPM would be 10.0% (vs 7.8% in 4Q25). Relative performance chart

Automotive content growth, AI datacenter (DC) products, and price hike

We view the following as key 2026/27F sales/earnings growth drivers: 1) Power semi’s growing

content value in vehicles and Panjit’s market share gains: According to comments by a few

IDMs during 1Q26 earnings calls, despite flat 2026E global vehicle production, they expect

automotive-related sales to grow in the mid- to long-term as electrification and autonomous

should drive power discrete content value. 2) AI DC products: We still expect meaningful sales