Better 2Q26 sales; margin key watch point; reiterate Underperform with NT$26 PO

研报英文原文证据摘录

Better 2Q26 sales; margin key watch point; reiterate Underperform with NT$26 PO

iQprofile SM Acer

Key Income Statement Data (Dec) 2023A 2024A 2025E 2026E 2027E Company Sector

(NT$ Millions) Technology Strategy

Sales 241,308 264,682 272,484 287,042 300,023

Gross Profit 25,823 28,006 29,200 32,281 34,044

Sell General & Admin Expense (19,479) (20,864) (22,273) (23,401) (24,498) Company Description Operating Profit 4,225 4,876 4,828 6,613 7,047

Net Interest & Other Income 3,573 4,099 2,587 2,002 1,791 Acer, founded in 1976 and headquartered in Taiwan, is a

Associates NA NA NA NA NA global top PC brand company with business involvement in

Pretax Income 7,799 8,974 7,416 8,616 8,838 tech hardware and software. After underwent several

Tax (expense) / Benefit (2,168) (2,756) (1,963) (2,412) (2,475) transformations, new management team redirected

Net Income (Adjusted) 4,932 5,539 3,950 5,563 5,724

business strategy to margin focus from volume focus. Acer

Average Fully Diluted Shares Outstanding 3,001 3,006 3,006 3,006 3,006

now emphasizes on gaming PC business for margin

Key Cash Flow Statement Data

expansion and seeks future growth opportunities in non-PC

Net Income 4,932 5,539 3,950 5,563 5,724

areas (e.g. IoT). Depreciation & Amortization 1,776 2,272 1,247 1,568 1,381

Change in Working Capital (1,238) (12,584) (3,743) (4,386) (4,102)

Deferred Taxation Charge NA NA NA NA NA

Other Adjustments, Net 7,213 3,250 1,503 640 640 Investment Rationale

Cash Flow from Operations 12,684 (1,523) 2,958 3,386 3,643 We have an Underperform rating on Acer in view of

Capital Expenditure (516) (4,482) (400) (400) (400) unjustified valuation despite PC demand recovery. It is

(Acquisition) / Disposal of Investments (398) (4,310) 0 0 0

trading at over 0.5SD above historical P/E average. Despite