2Q26 Prelim: Earnings Beat with 22% OPM

研报英文原文证据摘录

2Q26 Prelim: Earnings Beat with 22% OPM

Update

July 20, 2026 03:53 AM GMT

Morgan Stanley & Co. International plc, Seoul Branch+MFadu Inc | Asia Pacific Ryan Kim

Equity Analyst

2Q26 Prelim: Earnings Beat Ryan.G.Kim@morganstanley.comMorgan Stanley & Co. International plc+ +82 2 399-4939

Shawn Kim

Equity Analystwith 22% OPM Shawn.Kim@morganstanley.com +44 20 7677-1018

Morgan Stanley Asia Limited+

AlphaSignals Earnings Reaction Duan Liu

Strengthens our thesis Meaningful upside Meaningful revision higher

Duan.Liu@morganstanley.com +852 2239-7357

Impact to our thesis Financial results versus consensus Direction of next 12-month

consensus EPS

Morgan Stanley & Co. International plc+

Source: Company data, Morgan Stanley Research Cindy Huang

Cindy.Huang@morganstanley.com +44 20 7425-2915

Key Takeaways

During market hours today (July 20), Fadu announced preliminary results of

W73bn revenue and W16bn operating profit with 22% margin.

Management reiterated guidance of a QoQ improvement in both revenue and

operating profit.

Fadu Inc (440110.KQ, 440110 KS)

While more details will be disclosed through its quarterly financial report in mid- S. Korea Technology | S. Korea

August, we believe continued recent order wins support the results. Stock Rating Overweight

Industry View Attractive

For 2026, management maintained guidance of high-W300bn revenue with high- Price target W150,000

10% operating margin (vs. W92bn revenue and W65bn operating loss in 2025). Up/downside to price target (%) 113

Shr price, close (Jul 16, 2026) W70,400

52-Week Range W129,400-10,900

Stay OW: Today's earnings beat supports our view that Fadu is gradually Sh out, dil, curr (mn) 48

Mkt cap, curr (bn) W3,383

transitioning from a recovery story to a structurally scaling AI storage EV, curr (bn) W3,352