Airtac (1590.TW): 2Q26 Beat with Solid OPM; Guidance Raised Again; Buy

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Airtac (1590.TW): 2Q26 Beat with Solid OPM; Guidance Raised Again; Buy

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28 Jul 2026 07:48:54 ET │ 13 pages

Airtac (1590.TW)

2Q26 Beat with Solid OPM; Guidance Raised Again; Buy

CITI'S TAKE

Airtac delivered another broad-based beat in 2Q26, with net income

9%/14% above our/BBG est. The key positive was solid OPM of 35.1%,

supported by stronger UT, a better mix and scale benefit, despite an Buy

estimated 1.8ppt drag from higher social security expenses. Mgmt raised its Price (28 Jul 26 13:30) NT$1,365.00

FY26 sales/OPM guidance again. While normal seasonality could lead to a

Target price NT$1,750.00q/q decrease in sales in 3Q, we believe continued share gains and new

product launches should support a solid 2H26. We raise our earnings est 7- Expected share price

28.2%8% for 26-28E yet keep our PT unchanged at NT$1750 based on 27.5x NTM return

P/E. Stay Buy. Expected dividend yield 2.7%

Expected total return 31.0%2Q26 earnings beat our/BBG est by 9%/14%; record OPM despite higher social

security costs— Airtac reported 2Q25 net income of NT$3.3bn, up 63% y/y and 24% Market Cap NT$273,000M

q/q, topping our/BBG est. Sales rose 36% y/y thanks mostly to a broad-based strong US$8,452M

demand across most end-applications. GPM expanded 3.7ppt y/y to 49.7%,

exceeding our/BBG forecasts, driven by higher UT, efficiency improvement and

better mix. That along with scale benefit offset the negative impact from higher

social security costs and drove OPM to reach a record 35.1% since listed.

Price Performance

Guidance raised again; solid 2H26 outlook supported by share gains and new (RIC: 1590.TW, BB: 1590 TT)

products — Airtac raised its FY26 sales guidance to >20% y/y in RMB terms, up from

mid to high teens previously, and lifted OPM guidance to 34% from 33%. Mgmt.