Accton Technology (2345 TT,NT$2,455) - 2Q26 sales better than expected

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Accton Technology (2345 TT,NT$2,455) - 2Q26 sales better than expected

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What's changed

signal distance between accelerators and reducing latency. Additionally, TOR switches,

New Old %

Rating Buy Buy power PSUs, and backup battery BBUs remain at the top and bottom of the rack. From an

Target price 3500 2750 27 industry trend perspective, AI data centers are shifting from a ‘server-based’ to a ‘rack-

EPS forecast 116.61 91.66 27 scale system’ integration model. Celestica noted at last quarter’s earnings call that the

Target PE 30 30 main driver of rapid growth in AI and cloud demand comes from hyperscalers’ integrated

deployment of overall data center infrastructure (including servers and 800G switches),Financial summary Year-end: Dec 31

NT$mn FY25 FY26F FY27F rather than shipment of single products. Astera Labs also emphasized its PCIe Gen 6 and

Net sales 248,320 400,460 517,455 fabric switch products are designed for rack-scale AI architectures, supporting switching

YoY growth (%) 124.9 61.3 29.2

needs from 32 to 320 lanes, indicating that interconnect chips have become a keyOp profit 32,135 61,996 80,803

YoY growth (%) 136.3 92.9 30.3 component of AI systems. Although the rise in the number of assembly vendors may dilute

Net profit 26,342 50,495 65,429 Accton’s market share, the addition of switch tray in Trainium 3 and new customers’ 800G

YoY growth (%) 119.5 91.7 29.6

switches can offset the impact of declining market share. The company is also extending

EPS (NT$) 47.13 89.99 116.61

DPS (NT$) 15.0 21.0 23.0 its technology to OCS and CPO switches, which will support its long-term operational

PE (x) 52.1 27.3 21.1 momentum.

PB (x) 23.9 13.8 9.0

Div. yield (%) 0.6 0.9 0.9

ROE (%) 56.1 64.2 51.7 How are we different?