Better than feared outlook

研报英文原文证据摘录

Better than feared outlook

Update

July 30, 2026 06:02 PM GMT

Morgan Stanley Taiwan Limited+MRealtek Semiconductor | Asia Pacific Daniel Yen, CFA

Equity Analyst

Better than feared outlook Daniel.Yen@morganstanley.comCharlie Chan +886 2 2730-2863

Charlie.Chan@morganstanley.com +886 2 2730-1725

AlphaSignals Earnings Reaction Morgan Stanley Asia Limited+

Unchanged Modest shortfall Modest revision lower Daisy Dai, CFA

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

consensus EPS Daisy.Dai@morganstanley.com +852 2848-7310

Source: Company data, Morgan Stanley Research

Morgan Stanley Taiwan Limited+

Tiffany Yeh

The stock appears to be a safe harbor vs. other high-flyers (e.g., Equity Analyst

Memory) following the trough into 2Q earnings . Tiffany.Yeh@morganstanley.com +886 2 7712-3032

Lucas Wang

Research Associate

Key Takeaways Lucas.Wang@morganstanley.com +886 2 2730-2875

2Q GM missed, but a price increase to take effect in 3Q should help with GM Morgan Stanley Asia Limited+

Ethan Jia

recovery. Research Associate

Ethan.Jia@morganstanley.com +852 3963-2287

Near-term clients need to build up inventory due to FOMP (fear of missing

procurement).

Our EW rating reflects limited cloud AI exposure, but we view downside as

limited as well.

2Q review: 2Q revenue was NT$37.6bn, +3% Q/Q and +18% Y/Y, 3% above MSe. 2Q Realtek Semiconductor (2379.TW, 2379 TT)

gross profit was NT$17.7bn. GM was 47.0%, -2.7ppt Q/Q and -3.2ppt Y/Y, 2.7ppt Greater China Technology Semiconductors | Taiwan

below MSe. EPS was NT$7.42, -12% Q/Q and -3% Y/Y, 12% below MSe. Margin Stock Rating Equal-weight

Industry View Attractive

compression was driven by elevated memory pricing and constrained OSAT capacity. Price target NT$717.00

Up/downside to price target (%) 3