ASUSTek Computer: Servers strengthen, but PC headwinds cap upside; upgrade to Neutral

研报英文原文证据摘录

ASUSTek Computer: Servers strengthen, but PC headwinds cap upside; upgrade to Neutral

J P M O R G A N Asia Pacific Equity Research

28 July 2026

ASUSTek Computer ▲Neutral

Previous: Underweight

Servers strengthen, but PC headwinds cap upside; 2357.TW, 2357 TT

Price (27 Jul 26):NT$760.00

upgrade to Neutral ▲Price Target (Jun-27):NT$750.00

Prior (Dec-26):NT$525.00

ASUSTek has traded broadly in line with TAIEX YTD (up 48% vs. the index up Technology - Hardware

AC52%), supported by better-than-feared PC margin resilience and continued Albert Hung

progress in AI servers. Looking into 2H26, we remain cautious on consumer PC (886-2) 2725-9875

demand as well as channel VGA/motherboard shipments. That said, we believe albert.hung@jpmchase.com

ASUSTek can mitigate part of the margin headwind through further pricing actions J.P.MorganMorganSecuritiesSecurities(Asia(Taiwan)Pacific) Limited/Limited/ J.P.J.P.

and mix optimization. On servers, we expect AI order strength to extend into 2H26, Morgan Broking (Hong Kong) Limited

though ASUSTek may not fully capture demand due to supply constraints. Net-net, Anthony Leng

we raise our 2026/27E earnings by 13%/20%, raise our Jun-27 PT to NT$750 (886-2) 2725-9240

(based on 12x 12-month forward EPS, around mid-cycle valuation), and upgrade anthony.leng@jpmorgan.com

J.P. Morgan Securities (Taiwan) Limited

the stock to Neutral from UW. We remain guarded on consumer electronics

demand, and ASUSTek’s higher consumer exposure keeps us from upgrading to Gokul Hariharan

(852) 2800-8564

OW. Within PCs, we prefer Lenovo given its superior scale and better product mix. gokul.hariharan@jpmorgan.com

J.P. Morgan Securities (Asia Pacific) Limited/ J.P.

Morgan Broking (Hong Kong) Limited

• Resilient 2Q26 earnings print on robust AI server demand. ASUSTek’s