Aspeed Technology: Substrate Constraints Remain the Key Uncertainty, Adding an Additional Substrate Supplier; OW

研报英文原文证据摘录

Aspeed Technology: Substrate Constraints Remain the Key Uncertainty, Adding an Additional Substrate Supplier; OW

Update

June 8, 2026 01:35 AM GMT

Morgan Stanley Taiwan Limited+MAspeed Technology | Asia Pacific Daniel Yen, CFA

Equity Analyst

Substrate Constraints Remain Daniel.Yen@morganstanley.comCharlie Chan +886 2 2730-2863

Charlie.Chan@morganstanley.com +886 2 2730-1725

the Key Uncertainty, Adding an Morgan Stanley Asia Limited+

Daisy Dai, CFA

Equity AnalystAdditional Substrate Supplier; Daisy.Dai@morganstanley.com +852 2848-7310

Morgan Stanley Taiwan Limited+OW Tiffany Yeh

What's new: Aspeed reported May revenue of NT$1,282mn, +0.25% MoM and Tiffany.Yeh@morganstanley.com +886 2 7712-3032

Lucas Wang+69% Y/Y, slightly lower than our expectation of NT$1,381mn, but we think the

Research Associate

shortfall is likely to be recovered in June after Aspeed receives more substrate Lucas.Wang@morganstanley.com +886 2 2730-2875

support. Morgan Stanley Asia Limited+

Ethan Jia

Stay OW: Demand remains very strong in the near term, while Aspeed's upside is Research Associate

capped by limited T-glass supply. However, as Aspeed is finishing up the E-glass Ethan.Jia@morganstanley.com +852 3963-2287

qualification, we do expect revenue to start climbing in 2H26. Also, Aspeed has Henry Zhao

qualified another Taiwanese substrate vendor to help secure sufficient supply in 2H. Henry.Zhao@morganstanley.com +852 2239-7731

We still expect margin to reach 70% after a potential second round of price hike in

4Q26 (see earnings result pulse). The stock is currently trading at 53x 2027e EPS.

Aspeed Technology (5274.TWO, 5274 TT)

Greater China Technology Semiconductors | Taiwan

Stock Rating Overweight

Industry View Attractive

Price target NT$23,456.00

Up/downside to price target (%) 34