Read-across from Arista‘s 2Q26 Results

研报英文原文证据摘录

Not for redistribution without written consent of Morgan Stanley

M

Update

August 5, 2026 11:17 AM GMT

Accton Technology Corporation | Asia Pacific

Morgan Stanley Taiwan Limited+

Derrick Yang

Equity Analyst

Read-across from Arista's 2Q26

Results

Vivi Huang

Research Associate

Morgan Stanley Asia Limited+

Andy Meng, CFA

We see positive implications for Accton from Arista's comments

on the ongoing strong demand within networking.

Equity Analyst

Details:

• Arista Networks (covered by Meta Marshall) reported 2Q26 revenue of US

$3,036mn (+12% QoQ/+38% YoY), non-GAAP GM of 63.4%, non-GAAP OPM

of 49.9%, and non-GAAP EPS of US$1.03 (+17% QoQ/+39% YoY). Revenue

Accton Technology Corporation (2345.TW, 2345 TT)

was 8% higher than guidance of US$2,800mn at the midpoint, GM was

Top Pick

0.9ppt higher, and OPM surpassed midpoint guidance by 3.4ppt.

• It guided for 3Q26 revenue of US$3.3bn (+9% QoQ/+43% YoY), non-GAAP

GM at ~63% (-0.4ppt QoQ), non-GAAP OPM at 48-49% (-1.4ppt QoQ at

midpoint) and non-GAAP diluted EPS of US$1.07 (+5% QoQ/+42% YoY). It

was 12% and 17% higher than consensus revenue of US$2,951mn and EPS of

US$0.92, respectively.

• Given its improved position in component supply, Arista raised its 2026

guidance again, to US$12.6bn for revenue (+40% YoY; vs. prior US$11.5bn,

Greater China Technology Hardware | Taiwan

Stock Rating

Industry View

Price target

Up/downside to price target (%)

Shr price, close (Aug 5, 2026)

52-Week Range

Sh out, dil, curr (mn)

Mkt cap, curr (mn)

EV, curr (mn)

Avg daily trading value (mn)

Overweight

In-Line

NT$3,800.00

59

NT$2,385.00

NT$2,825.00-884.00

559

NT$1,332,996

NT$1,272,344

NT$7,692

+28% YoY), including at least US$3.5bn from AI fabric and US$1.25bn from

Fiscal Year Ending

enterprise fabric. Non-GAAP GM target remained at 62-64%; OPM guidance

EPS (NT$)**

47.13 85.77 115.77 145.77

EPS (NT$)§

45.42 77.68 115.26 161.41

Revenue, net (NT$ mn) 248,320 396,284 507,015 619,002

EBITDA (NT$ mn)

33,894 63,604 85,643 106,946

ModelWare net inc (NT 26,342 47,937 64,707 81,469

$ mn)

P/E

25.1

27.8

20.6

16.4

P/BV

11.5

14.1

9.3

6.5

RNOA (%)

622.3(1,508.8) 4,169.4 1,577.1

ROE (%)

72.6

83.2

68.6

56.6

EV/EBITDA

17.8

19.5

13.9

10.6

Div yld (%)

0.9

0.8

…