Drivers into 2H26 and Beyond

研报英文原文证据摘录

Drivers into 2H26 and Beyond

Idea

July 30, 2026 10:51 PM GMT

Morgan Stanley Taiwan Limited+MChroma Ate Inc. | Asia Pacific Derrick Yang

Equity Analyst

Drivers into 2H26 and Beyond Derrick.Yang@morganstanley.comVivi Huang +886 2 2730-2862

Research Associate

Vivi.Huang@morganstanley.com +886 2 2730-2860

AlphaSignals Earnings Reaction Morgan Stanley Asia Limited+

Unchanged In-line Modest revision higher Andy Meng, CFA

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

consensus EPS Andy.Meng@morganstanley.com +852 2239-7689

Source: Company data, Morgan Stanley Research

Existing and new customers and products should continue to

drive earnings growth in 2H26 and beyond. Stay OW.

2Q26 OP in line with consensus: See Results Summary . Chroma Ate Inc. (2360.TW, 2360 TT)

Power testing business to be less lumpy this year: Chroma's power testing Greater China Technology Hardware | Taiwan

revenue grew 136% YoY in 1H26, to NT$11,559mn, mainly driven by its customers' Stock Rating Overweight

Industry View In-Line

expansion of AI power-related products. Management indicates that quarterly Price target NT$2,800.00

Up/downside to price target (%) 47

revenue should be much less volatile in 2026. It sees no delays in the shipment of Shr price, close (Jul 30, 2026) NT$1,910.00

HVDC power rack testing tools and mentioned that there is no difference for 52-Week Range NT$2,795.00-407.00

Sh out, dil, curr (mn) 425

Chroma whether it's in 800VDC or ±400VDC. We now forecast power testing Mkt cap, curr (mn) US$25,111

revenue to grow 118% this year (42% of the mix). EV, curr (mn) US$24,775

Avg daily trading value (mn) US$150

Semiconductor and photonics to grow HoH in 2H26: We now forecast semi & Fiscal Year Ending 12/25 12/26e 12/27e 12/28e