【07/25券商評等報告彙整】華碩(2357) 今日僅1家券商發布績效評等報告，評價為看多，目標價為450元。

華碩(2357)今日僅摩根大通證券發布績效評等報告，評價為看多，目標價為450元。
預估 2023年度營收約4,543.62億元、EPS約16.86元。

值得注意的是，摩根大通證券評等由中立轉向看多，認為：『We upgrade ASUSTek stock to OW with a Jun-24 PT of NT$450, implying 23% upside. ASUSTek stock has been limited up two days in a row due to local news of an AI server business breakthrough. We believe the company has been developing its server business in the last few years and its long-term relationship with Nvidia implies potential access to datacenter GPUs during the supply tightness. Assuming 7k/14k AI server shipment of ASUSTek in 2024/25, AI server should contribute incremental NT$4.6/8.4 EPS (or 14/22% of its net earnings). We consider ASUSTek a laggard in the AI server space and see upside in valuation re-rating in the next 3 months. We also expect ASUSTek to report a turnaround in 2Q23 (vs. NT$2.3EPS loss in 1Q) and to guide around HSD QoQ revenue growth in 3Q23 with continued PC margin recovery. In the medium to longer term, the company is likely to outperform the industry due to the higher gaming PC exposure and growing traction in commercial PCs. Therefore, we revise up 2024E earnings by 6% and estimate NT$31.9/38.7 EPS in 2024/25. Our Jun-24 PT of NT$450 is based on 13x 12M forward EPS vs. 9x P/E previously due to PC bottoming out and potential AI server opportunities. Key downside risks are prolonged PC/server margin pressure and lower than expected GPU procurement.』。

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