Report published September 27, 2026

Asus (2357.TW): AI Server Racks in Expansion Along with PC Product Mix Upgrade

Goldman Sachs · September 27, 2026

Goldman Sachs reiterated its Neutral rating on Asus (2357.TW) while modestly increasing its 12-month target price to NT$1,115 following an August revenue beat. The firm lifted 2026-2028 net income estimates by 4%–7% on AI server rack momentum and PC product mix upgrades, but sees fair valuation.

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Finvaulta summarizes Goldman Sachs's analysis. Attribute opinions, forecasts, time-sensitive values, and chronology to the issuer and report date; do not treat this page as an independent verification or a current market-data source.

Key Takeaways

1.Goldman Sachs maintains a Neutral rating on Asus with a 12-month target price raised to NT$1,115 (from NT$1,109), citing fair valuation.
2.3Q26 revenue is expected to increase 8% QoQ (+39% YoY), while 4Q26 is forecasted to decline 7% QoQ (+27% YoY) due to PC demand pull-in ahead of high memory costs and AI server model transitions.
3.Following the August revenue beat, 2026-28E net income estimates are raised by 4%, 7%, and 4%, and revenue estimates by 4% each year, driven by AI server rack momentum and PC product mix upgrades.

3-month revenues preview
Earnings revision
Valuation
Price Target Risks and Methodology - Asus

Report data

Exhibit 2: We expect ASUS Sep revenue to grow +19% YoY/+4% MoM to NT$98bn — as of September 24, 2026.

Metric	Estimate	Context
12-Month Target Price	1115.00 NT$	Derived from 14.8x 2027E P/E based on peer average valuation ratios.
Closing Share Price	953.00 NT$	Share price as of close on September 24, 2026, implying 17.0% upside.
3Q26E Revenue QoQ Growth	8%	Sequential revenue growth driven by Sep revenue growth.
4Q26E Revenue QoQ Growth	-7%	Sequential revenue decline due to PC demand pull-in and server transitions.
2026E Net Income (New)	56787 NT$ million	Revised upward from NT$54,397m following August revenue beat.