June Sales Fell 10% MoM, Rose 73% YoY

研报英文原文证据摘录

June Sales Fell 10% MoM, Rose 73% YoY

Update

July 6, 2026 03:05 PM GMT

Morgan Stanley Taiwan Limited+MChroma Ate Inc. | Asia Pacific Derrick Yang

Equity Analyst

June Sales Fell 10% MoM, Rose Derrick.Yang@morganstanley.comVivi Huang +886 2 2730-2862

Research Associate

Vivi.Huang@morganstanley.com +886 2 2730-2860

73% YoY Morgan Stanley Asia Limited+

Andy Meng, CFA

In this report, we focus on Chroma's monthly sales, which we Equity Analyst

Andy.Meng@morganstanley.com +852 2239-7689

believe could be a catalyst for share price movement.

Details:

• June revenue was NT$4,114mn (-10% MoM/+73% YoY).

• 2Q26 revenue reached NT$13,529mn (+14% QoQ/+110% YoY), exceeding

MSe of NT$12,575mn (+6% QoQ/+95% YoY) by 8% and consensus of NT Chroma Ate Inc. (2360.TW, 2360 TT)

$12,704mn (+7% QoQ/+97% YoY) by 6%. Greater China Technology Hardware | Taiwan

Stock Rating Overweight

Industry View In-Line

Our view: Price target NT$2,800.00

Up/downside to price target (%) 28

• We expect Chroma to deliver strong revenue growth in 2026, driven by the Shr price, close (Jul 6, 2026) NT$2,180.00

52-Week Range NT$2,795.00-400.50

power testing (AI power product capacity expansions, emerging HVDC Sh out, dil, curr (mn) 425

migration, and ESS upturn) and semi & photonics (new SLT capex cycle, Mkt cap, curr (mn) US$29,037

EV, curr (mn) US$28,697

metrology for advanced packaging and photonics testing for transceivers/ Avg daily trading value (mn) US$138

CPO) businesses amid AI deployment. Fiscal Year Ending 12/25 12/26e 12/27e 12/28e

• Moreover, we expect its FT handlers and burn-in ovens to start contributing EPS (NT$)** 27.49 39.87 55.57 65.07

in the coming years, as it is qualifying with potential customers now. EPS (NT$)§ 26.88 41.79 63.61 84.65

Revenue, net (NT$ mn) 28,311 50,215 66,629 77,450

• Stay OW.