Multi-growth Drivers, One Re-Rating Story

研报英文原文证据摘录

Multi-growth Drivers, One Re-Rating Story

Idea

July 9, 2026 12:24 AM GMT

Morgan Stanley Asia Limited+MGlobal PMX Co Ltd | Asia Pacific Tim Hsiao

Equity Analyst

Multi-growth Drivers, One Re- Tim.Hsiao@morganstanley.comPeggy Wang +852 2848-1982

Research Associate

Peggy.Pc.Wang@morganstanley.com +852 3963-3934

Rating Story Shelley Wang, CFA

What’s Changed Shelley.Wang@morganstanley.com +852 3963-0047

Joey Xu, CFA

Global PMX Co Ltd (4551.TW) From To Equity Analyst

Price Target NT$268.00 NT$306.00 Joey.Xu@morganstanley.com +852 3963-0337

We hosted a meeting with Global PMX's President and came

away positive on the company's growing technology businesses,

which are transitioning into meaningful drivers of both earnings

and valuation. Stay OW. Global PMX Co Ltd (4551.TW, 4551 TT)

Taiwan Autos & Auto Parts | Taiwan

A technology growth engine with more fuel to come: Backed by strong demand

Stock Rating Overweight

for both QD (quick disconnect) and CMP(Chemical-Mechanical Polishing), PMX is Industry View In-Line

seeing robust growth in its semiconductor business this year, with momentum Price target NT$306.00

Up/downside to price target (%) 24

expected to carry into 2027. PMX expects semiconductor revenue to account for Shr price, close (Jul 8, 2026) NT$246.00

around 20% of total revenue by 4Q26, with the contribution increasing further to 52-Week Range NT$291.50-110.00

Sh out, dil, curr (mn) 115

25–30% in 2027. This target is broadly in line with our 2026 estimates but implies Mkt cap, curr (mn) NT$28,327

upside to top-/bottom-line for 2027 and beyond. Looking further ahead, PMX is EV, curr (mn) NT$25,862

Avg daily trading value (mn) NT$160

moving beyond key-component supply into modules and finished products, using

Fiscal Year Ending 12/25 12/26e 12/27e 12/28e