2Q turned loss-making again; UW

研报英文原文证据摘录

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M

Update

August 5, 2026 04:10 PM GMT

Nuvoton Technology Corporation | Asia Pacific

Morgan Stanley Taiwan Limited+

Daniel Yen, CFA

Equity Analyst

2Q turned loss-making again;

UW

Charlie Chan

Equity Analyst

Morgan Stanley Asia Limited+

Daisy Dai, CFA

Equity Analyst

AlphaSignals Earnings Reaction

Unchanged

Modest shortfall

Modest revision lower

Impact to our thesis

Financial results versus consensus

Direction of next 12-month

consensus EPS

Source: Company data, Morgan Stanley Research

Morgan Stanley Taiwan Limited+

Tiffany Yeh

Equity Analyst

Lucas Wang

Key Takeaways

Management expects to see significant financial improvements from the Japanese

business in 2027.

It sees strong demand for 8-inch fab, supporting confidence for Japan's upcoming

Research Associate

Morgan Stanley Asia Limited+

Ethan Jia

Research Associate

operational improvements.

BMC revenue growth next year is expected to be higher than this year, mainly

driven by CSP customers.

Remain UW: we are positive on the development of BMC products but remain

concerned about overall consumer tech and non-AI demand in 2026.

Nuvoton Technology Corporation (4919.TW, 4919 TT)

Pressure from memory and foundry OSAT costs continues.

Greater China Technology Semiconductors | Taiwan

2Q details:

• Revenue was NT$7.9bn, -1% Q/Q, +2% Y/Y, 5% below our estimate. The Q/Q

decline was from a supply chain issue rather than demand, according to

management.

• GP was NT$3.0bn, GM was 38.0%, -1.3ppt Q/Q, +3.1ppt Y/Y, 1.8ppt above our

estimate. The Q/Q decline from a high base last quarter is attributable to

inventory reversals.

• OPM was -4.2%, -2.8ppt Q/Q, -2.4ppt Y/Y, owing to increase in employee

compensation and R&D expenses in preparation for strong AI demand in

2027.

• Net loss was NT$249mn, turning negative vs. 1Q and worse than we

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)

Underweight

Attractive

NT$95.00

(27)

NT$130.00

NT$230.00-49.80

401

NT$52,108

NT$50,514

NT$976

Fiscal Year Ending

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