Micro-Star (2377.TW): 2Q26 Beat on Margin from Inflated Material Cost Pass-Through

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11 Aug 2026 07:28:24 ET │ 11 pages

Micro-Star (2377.TW)

2Q26 Beat on Margin from Inflated Material Cost Pass-Through

CITI'S TAKE

MSI reported 2Q26 net profit of NT$3.0bn (-12% QoQ/+123% YoY)

significantly beat Citi/cons forecasts by 90%/44%, mainly on strongerthan-expected margins and non-op gains. 2Q26 GPM of 16.0% (+1.0ppt

QoQ/+4.9ppts YoY) came in well above Citi/cons estimates, primarily

reflecting the pass-through of rising memory-driven product ASPs while

MSI still benefits from lower-cost inventory procured earlier. Nonoperating income of NT$352mn also provided an additional boost to the

bottom line. Looking ahead, we expect memory shortages and elevated

ASPs to constrain the company's shipment volume, though pricing should

remain solid. We are Neutral on MSI, as we believe the recent share price

strength has reflected the robust margin performance. We expect to turn

more positive only when PC demand recovers or the server business

provides a more substantial earnings contribution.

Neutral

Price (11 Aug 26 13:30)

NT$154.00

Target price

NT$118.00

Expected share price return

-23.4%

Expected dividend yield

2.7%

Expected total return

-20.6%

Market Cap

NT$130,108M

US$4,034M

Michael HungAC

Laura (Chia Yi) Chen