Asia Pacific Reports/Notes

研报英文原文证据摘录

Asia Pacific Reports/Notes

Asia Pacific Equity Research

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Asia Technology Tracker 28 July 2026

ASUSTek Computer (Neutral), Taiwan

Servers strengthen, but PC headwinds cap upside; upgrade to Neutral (Albert Hung)

ASUSTek has traded broadly in line with TAIEX YTD (up 48% vs. the index up 52%), supported by better-

than-feared PC margin resilience and continued progress in AI servers. Looking into 2H26, we remain

cautious on consumer PC demand as well as channel VGA/motherboard shipments. That said, we believe

ASUSTek can mitigate part of the margin headwind through further pricing actions and mix optimization. On

servers, we expect AI order strength to extend into 2H26, though ASUSTek may not fully capture demand

due to supply constraints. Net-net, we raise our 2026/27E earnings by 13%/20%, raise our Jun-27 PT to NT

$750 (based on 12x 12-month forward EPS, around mid-cycle valuation), and upgrade the stock to Neutral

from UW. We remain guarded on consumer electronics demand, and ASUSTek’s higher consumer

exposure keeps us from upgrading to OW. Within PCs, we prefer Lenovo given its superior scale and better

product mix.

Lenovo Group Limited (0992) (Overweight), China

ISG upside outweighs PC uncertainty; u/g to OW (Albert Hung / Gokul Hariharan)

We are upgrading Lenovo to OW with a Jun-27 PT of HK$30 (based on 16x 12-month forward diluted EPS),

driven by strong server profitability improvement, better-than-feared IDG price elasticity, and consolidation