Report published September 28, 2026
Pegatron (4938.TW): AI Servers in Expansion; New Smartphone Model with Broadband Entering Peak Season to Support Growth Ahead – Goldman Sachs Equity Research
Goldman Sachs · September 28, 2026
Goldman Sachs maintains its Sell rating on Pegatron with a revised 12-month target price of NT$76.90, pointing to a stretched valuation. While AI server ramp-ups and new smartphone product cycles will drive sequential top-line growth into 4Q26, high memory costs continue to suppress core PC and smartphone volume.
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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 reiterates a Sell rating on Pegatron with a revised 12-month target price of NT$76.90 (from NT$75.50), implying 15.8% downside due to stretched valuation.
- 2.Revenue is projected to expand sequentially across Sep–Dec, with 3Q26E and 4Q26E revenue growing +18% and +25% YoY respectively, driven by AI server racks ramp-up and smartphone model launches.
- 3.August revenue missed Goldman Sachs' estimate by 12% at NT$88bn (+34% YoY / +3% MoM), indicating that persistent high memory costs are capping PC and smartphone volume growth.
Table of Contents
- 3-month revenues preview
- Earnings revision
- Valuation
- Price Target Risks and Methodology - Pegatron
Report data
Exhibit 2: Pegatron monthly/quarterly revenue summary — as of September 24, 2026.
| Metric | Estimate | Context |
|---|---|---|
| 12-month Price Target | 76.90 NT$ | Revised upward from NT$75.50 based on updated target P/E of 10.8x 2027E EPS. |
| Closing Share Price | 91.30 NT$ | Pegatron share price as of close on September 24, 2026. |
| August 2026 Revenue | 88,305 NT$ million | Pegatron August 2026 revenue increased 34% YoY and 3% MoM, but missed GS estimates by 12%. |
| 3Q26E Projected Revenue | 305,389 NT$ million | Projected third-quarter revenue representing +18% YoY and +11% QoQ growth. |
| 4Q26E Projected Revenue | 400,236 NT$ million | Projected fourth-quarter revenue representing +25% YoY and +31% QoQ growth. |
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