Wistron Corp (3231 TT) (Buy) - Expect stronger GB300 shipments in 2026F

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Wistron Corp (3231 TT) (Buy) - Expect stronger GB300 shipments in 2026F

Global Markets Research

Wistron Corp 3231.TW 3231 TT 11 May 2026

EQUITY: TECHNOLOGY

RatingExpect stronger GB300 shipments in 2026F Remains Buy

Target priceAI modules, nVidia system racks, AI switches, and Wiwynn Increased from TWD 280.00are key growth drivers TWD 180.00

Action: Reiterate Buy; raise TP to TWD280, implying ~101% upside Closing11 May 2026price TWD 139.00

We raise our 2026F/27F earnings for Wistron by 35.1%/56.8%, to reflect its subsidiary

Wiwynn’s (6669 TT, Buy) stronger potential earnings growth driven by CSPs’ CPU servers, Implied upside +101.4%

AWS Trainium, and AMD’s MI450, and stronger nVidia GB300/VR200 compute-tray orders

from Dell (DELL US, Not rated), which is backed up by robust neocloud growth for top-tier Market Cap (USD mn) 14,086.1

CSPs. We also raise our 2026F assumptions for Wistron’s GB300/VR200 compute-tray ADT (USD mn) 171.4

shipments to 14.000 racks (mostly GB300), from 7,100 racks, and forecast 15,500 racks

(mostly VR200) for 2027F. We reiterate our Buy rating and raise TP to TWD280, based on Relative performance chart

15x 2027F EPS of TWD18.67 (from TWD180, based on 17x 2026F EPS of TWD10.59). We

move our earnings base to 2027F from 2026F, with improved visibility over time, but we

slightly lower our target P/E to 15x, from 17x, to reflect enlarged working capital and capex

to support such growth. The stock is currently trading at 10x 2026F P/E.

nVidia-related: likely slight push-out of VR200, but GB300 remains strong

We now estimate that a meaningful volume of nVidia’s new VR200 module shipments

should ramp up from August 2026F at the earliest (vs. our previous expectation of June

2026F), but we think nVidia will continue to produce GB300 to fill the gap.