Mega Union (6944 TT, NT$936.00) - High-tech sector expansion drives continued operation growth

研报英文原文证据摘录

Mega Union (6944 TT, NT$936.00) - High-tech sector expansion drives continued operation growth

Taiwan Equity | Green Energy &

Environmental Protection

Company Snapshot

Fubon Research Mega Union (6944 TT)

May 28, 2026

_ High-tech sector expansion drives continued operation growth

Buy

Reiterate Buy, target price of NT$1,212, 29% upside

Price Target price

NT$936.00 NT$1212 1. GM surge drives higher-than-expected 1Q26 earnings

○Visit notes ○Initiating coverage 2. Order backlog continues to grow, upward revision of 2Q26 business outlook

●Company update ○Earnings revision 3. Continued capacity expansion to drive business growth to meet domestic, overseas

○Earnings preview ○Rating change

demand

Shares out. (mn) 77

Mkt cap (NT$mn) 71,790

Mkt cap (US$mn) 2,285 GM surge drives higher-than-expected 1Q26 earnings

FINI holding (%) 13.64 Mega Union's 1Q26 sales reached NT$4.71bn, up 54.8% YoY, with engineering sales at

Local IM holding (%) 0.26 NT$3.84bn, up YoY 65%, accounting for 82%, and service sales at NT$870mn, up 23%

Directors holding (%) 8.46

YoY, accounting for 18%. As the company reviews budgets after certain engineering

52-week high (NT$) 986.00

52-week low (NT$) 377.79 milestones, project schedule adjustments and forex fluctuations both affect GM

Day-trading % 35% performance. In 1Q26, benefiting from project execution efficiency exceeding

expectations, GM adjustments drove engineering GM up to 26.5% (better than FY25’s

ESG rating 2 Industry Rank 37/45 21%), with overall GM at 27.1% and OpM at 22.5%, both above expectations. 1Q26 net

profit thus reached NT$770mn, up 84.4% YoY, with EPS of NT$10.08, also exceeding

expectations.

Order backlog continues to grow, upward revision of 2Q26 business outlook