Voltronic Power "Negatives priced in; steady recovery and HVDC upside" (Buy)

研报英文原文证据摘录

Voltronic Power "Negatives priced in; steady recovery and HVDC upside" (Buy)

Global Research

13 June 2026ab

Voltronic Power Equities

TaiwanNegatives priced in; steady recovery and HVDC

upside Industrial, Diversified

12-month rating Buy

12m price target NT$1,076.00Revenue turning flattish; we expect continuous improvement in H2

Prior : NT$1,185

Voltronic recorded steady MoM sales growth since a trough in Feb 2026, then turned

flattish YoY in May. Despite the Middle East conflict continuing to disrupt solar inverter Price (12 Jun 2026) NT$930.00

sales, Voltronic's UPS production and shipments have recovered with key material supply RIC: 6409.TW BBG: 6409 TT

normalization. Meanwhile, we are more optimistic about HVDC power rack

components to start small testing volume in late 2026 and more volume in 2027-28 Trading data and key metrics

after qualification following our recent Computex tour. Voltronic's share price has been 52-wk range NT$1,370.00-663.00

range-bound at its 10-year trough PE and P/BV valuations. We think a sequential Market cap. NT$81.3b/US$2.57b

recovery in its UPS and inverter businesses and new progress on HVDC products could Shares o/s 87.4m (ORD)

serve as share price catalysts. We reiterate our Buy rating. Free float 72%

Avg. daily volume ('000) 1,145

Inverters may improve; more upside from HVDC Avg. daily value (m) NT$897.7

Voltronic's inverter sales contracted severely despite stronger seasonal demand in Q226, Common s/h equity (12/26E) NT$9.09b

as it has c30% of sales directly/indirectly exposed to the Middle East. That was fully P/BV (12/26E) 8.9x

compensated by resumption of UPS shipments as critical material supply resumes, Net debt to EBITDA (12/26E) NM

growing inverter orders from India (the government set an aggressive solar power