义隆电子：下半年PC业务疲软，但新业务按计划推进

研报英文原文证据摘录

M

Update

August 5, 2026 08:59 AM GMT

Elan Microelectronics Corp | Asia Pacific

Morgan Stanley Taiwan Limited+

Daniel Yen, CFA

Equity Analyst

Weaker 2H in PC, but new

business on track

Charlie Chan

Equity Analyst

Morgan Stanley Asia Limited+

Daisy Dai, CFA

Equity Analyst

AlphaSignals Earnings Reaction

Unchanged

Meaningful upside

Modest revision lower

Impact to our thesis

Financial results versus consensus

Direction of next 12-month

consensus EPS

Source: Company data, Morgan Stanley Research

Morgan Stanley Taiwan Limited+

Tiffany Yeh

Equity Analyst

Expect weaker 2H in PC market: Management expects 2H to be weaker vs. 1H, due

Morgan Stanley Asia Limited+

to memory and CPU shortages. It also expects the gross margin to be slightly lower

Ethan Jia

sequentially, due to foundry price hikes. In response to cost increases, Elan has also

Research Associate

started to hike prices by 5-15% varying by different product line.

2Q26 earnings beat on non-ops: Elan's 2Q26 revenue was NT$3.2bn, -1% Q/Q and

+6% Y/Y. The gross margin was 47.4%, down 0.3ppt Q/Q, mainly because Elan's

products are modules, and component cost is higher. 2Q26 EPS was NT$3.07, +25%

Q/Q and +148% Y/Y, 22% above our estimate and 36% above consensus, mainly

Elan Microelectronics Corp (2458.TW, 2458 TT)

because of non-op gains due to fair value adjustment of financial assets.

Greater China Technology Semiconductors | Taiwan

Stay OW, despite headwinds in the PC market. We expect new business, such as

drones and optics, to add new growth; we also expect content growth, such as

haptic touchpad, to help the company to weather the weak PC market.

Stock Rating

Industry View

Price target

Up/downside to price target (%)

Shr price, close (Aug 5, 2026)

52-Week Range

Sh out, dil, curr (mn)

Mkt cap, curr (mn)

EV, curr (mn)

Avg daily trading value (mn)

Overweight

Attractive

NT$250.00

56

NT$160.50

NT$196.50-115.50

308

NT$49,355

NT$45,981

NT$447

Fiscal Year Ending

12/25 12/26e 12/27e 12/28e

EPS (NT$)**

Prior EPS (NT$)**

EPS (NT$)§

Revenue, net (NT$ mn)

EBITDA (NT$ mn)

ModelWare net inc (NT

$ mn)

P/E

P/BV

RNOA (%)

ROE (%)

8.53 10.49 12.32 12.46

8.31

9.70 11.18 13.12

12,326 13,886 15,901 16,713

3,282

3,687

4,486

4,555

2,442

…