ASMedia Technology Inc.: Near-term outlook still suffering from end demand weakness

研报英文原文证据摘录

J P M O R G A N

Asia Pacific Equity Research

10 August 2026

ASMedia Technology Inc.

Near-term outlook still suffering from end demand

weakness

ASMedia reported 2Q26 results, with a GM miss but EPS supported by higher

non-op investment income from the WT Micro contribution. Looking into 2H26,

the revenue outlook will continue to suffer from weakening PC and DIY

motherboard market demand, offsetting the initial contribution from its new PC

chipset, PCIe and robotic projects, while GM will also be pressured by higher costs

from the supply chain. As for the next chipset project (expected in 2H27),

ASMedia remains confident about maintaining its dominant supply position,

especially in high-end DIY motherboard applications. Despite the near-term

fundamental downturn, we still like the company’s longer-term growth potential,

with more meaningful contributions from its high-margin new businesses and

continued technology/product enhancement.

2Q26 review. Reported 2Q26 core earnings missed consensus by 4%, given a

weaker GM and bigger revenue decline, while EPS was a beat thanks to

stronger-than-expected investment income from WT Micro. GM of 50.3% was

below both JPMe and consensus of 51.3%, owing to higher costs across the

supply chain.

2H26 outlook. We revise down our 2H26 estimates and model the 3Q26 and

4Q26 revenue to be -9% QoQ and flat QoQ, respectively, mainly given weaker

motherboard chipset demand, despite initial contribution from its new PC and

AI projects. In terms of GM, we reduce both our 3Q and 4Q26 estimates to the

50-52% level to reflect higher pressure from increasing supply chain costs

(especially from OSAT cost increases). However, the non-op investment

income from WT Micro should continue to support ASMedia’s bottom-line

earnings.

Overweight

5269.TW, 5269 TT

Price (10 Aug 26):NT$1,400.00

Price Target (Dec-26):NT$2,100.00

Technology

William Yang AC

(886-2) 2725-9899

Megan Hsueh

(886-2) 2725-9249

J.P. Morgan Securities (Taiwan) Limited

Key Changes (FYE Dec)

Adj. EPS - 27E (NT$)

Prev

Cur

109.49 118.29

8.0%

Quarterly Forecasts (FYE Dec)

Adj. EPS (NT$)

Q1

Q2

Q3

Q4

FY

2025A

16.39

15.02

21.21

20.09

72.71

Style Exposure

Implications.…