Updating Numbers to Better Capture Forward Opportunities

研报英文原文证据摘录

Updating Numbers to Better Capture Forward Opportunities

Company Report

June 22, 2026 Silicon Motion Technology Corp (SIMO)

Rating: Updating Numbers to Better Capture Forward OpportunitiesOUTPERFORM

Price:

$321.66 We are reiterating our OUTPERFORM rating. Our PT lifts to $400 (from $230) both

12-Month Price Target: as our forward numbers grow and we increase our multiple to better mirror SIMO's

$400.00 (from $230.00) expected growth.

Better Capturing Improving Opportunities & Shifts in Fundamentals

Analysts Client SSDs

Matt Bryson

(617) 695-6302 We are now assuming more explicit growth in our client SSD numbers in light of

matthew.bryson@wedbush.com increasing share assumptions and improved ASPs tied to new product roll-outs.

Antoine Legault, CFA, CPA ● Improved ASPs - SIMO's new Gen 5 PCIe controllers (both 8 channel and 4(626) 497-1619

antoine.legault@wedbush.com channel) are priced at a premium to prior Gen 4 parts. And in particular as new

4 channel mainstream parts begin to proliferate in the 2H, we believe SIMO

should benefit from improved pricing, with this uptick likely to boost results the

Company Information - Hardware next couple of years.

Market Cap (M) $10,931 ● Increasing Share - SIMO has said numerous times that each of these designs hasEnterprise Value (M) $10,729

52-Week Range $68.79 - $336.32 traction at 4 out of 6 of the NAND fabs. With SIMO share at just 30% heading

into this year, we expect the impact of share gains should become increasingly

REV (M) in $ visible in the 2H as the new mainstream 4 channel products begin shipping to

FYE Dec 2025A 2026E 2027E NAND fabs. Q1 Mar 166.5A 342.1A 437.2E

Previous 390.4E MonTitan

Q2 Jun 198.7A 401.8E 498.9E ● MonTitan '26 - While the product begins shipping in modest volume this Previous 438.1E