CHPT (6510.TWO): AI ASIC and New Product Ramp to Support 2H26E Growth; Revised TP on Sector Multiple Compression; Buy

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CHPT (6510.TWO): AI ASIC and New Product Ramp to Support 2H26E Growth; Revised TP on Sector Multiple Compression; Buy

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29 Jul 2026 14:55:23 ET │ 14 pages

CHPT (6510.TWO)

AI ASIC and New Product Ramp to Support 2H26E Growth; Revised TP

on Sector Multiple Compression; Buy

CITI'S TAKE

CHPT delivered another strong quarter in 2Q26, with GPM/OPM both Buy / High Risk

expanding QoQ and YoY on a richer AI/HPC mix and disciplined opex

control. Looking into 3Q26E, mgmt. guided for teens sales growth, with Price (29 Jul 26 15:00) NT$2,370.00

further sequential expansion into 4Q26E, driven by the ramp-up of an AI Target price NT$4,350.00↓

ASIC project entering mass production and new high-end testing board

from NT$4,900.00products. We expect GPM to soften in 2H26E as new products dilute

margins, though OPM should hold up at better levels. Key growth projects Expected share price 83.5%remain on track, and capacity expansion continues as planned. We trim our return

TP to NT$4,350 to reflect sector-wide multiple compression rather than a Expected dividend yield 1.3%deterioration in fundamentals, and reiterate our Buy rating.

Expected total return 84.9%

AI ASIC and new products to drive 3Q26E growth — Following a robust 2Q26 Market Cap NT$77,710M

performance, we expect the ramp-up of an AI ASIC project moving into mass US$2,400M

production, together with new testing board products (high-end burn-in board/SLT

board), to be the key growth drivers into 3Q26E. Mgmt. guided for teens QoQ sales

growth in 3Q26E, with further sequential expansion expected in 4Q26E. We expect

GPM to decline QoQ to 55.2% as new products carry a dilutive margin profile during

Price Performancetheir early ramp phase. However, we expect the OPM decline to be far more