Report published September 24, 2026
Hon Hai: New AI Server Racks and Foldable Phones to Drive 3Q / 4Q26E – Goldman Sachs Research
Goldman Sachs · September 24, 2026
Goldman Sachs reiterates a Buy rating on Hon Hai (2317.TW) on its Conviction List with a 12-month target price of NT$400 (59.7% upside). The company is projected to deliver strong sequential revenue expansion through December 2026, driven by early-to-market next-generation AI server rack deliveries and premium foldable smartphone launches.
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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.Hon Hai's monthly revenues are projected to grow sequentially through December 2026, supporting 3Q26E revenue of NT$2.88 trillion (+40% YoY / +14% QoQ) and 4Q26E revenue of NT$3.53 trillion (+36% YoY / +23% QoQ).
- 2.Revenue growth is underpinned by early delivery of next-generation AI server racks (GPU- and LPU-powered) and CPO switches 2-3 months ahead of peers, alongside new foldable smartphone launches.
- 3.Goldman Sachs maintains a Buy rating (on Conviction List) with an unchanged 12-month target price of NT$400, offering 59.7% upside based on a 17.9x 2027E P/E multiple.
Table of Contents
- 3-month revenues preview
- Valuation
- Price Target Risks and Methodology – Hon Hai
Report data
Exhibit 3: We model Hon Hai's Sep 2026 revenue to be +21% YoY or +9% MoM - Hon Hai's monthly/quarterly revenue — as of September 24, 2026.
| Metric | Estimate | Context |
|---|---|---|
| 12-month Price Target | 400.00 NT$ | Goldman Sachs target price derived via peer PEG&M 17.9x 2027E P/E multiple. |
| Closing Share Price | 250.50 NT$ | Closing market price on the date of publication. |
| 3Q26E Revenue | 2877464 NT$ million | Projected quarterly revenue for 3Q26. |
| 4Q26E Revenue | 3532692 NT$ million | Projected quarterly revenue for 4Q26. |
| 2026E Diluted EPS | 19.21 NT$ | Full-year 2026 forecast diluted EPS. |
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