《大行》中金升Arm(ARM.US)目標價至136美元 首財季業績符預期
中金發表報告指出,軟銀旗下英國晶片設計商Arm(ARM.US)首財季收入10.5億美元,按年增長12%,按季則降15%;非GAAP淨利潤3.74億美元,每股盈利0.35美元,按年下降11%,按季下降36%,符合該行預期。淨利潤下滑主要由於營運費用大幅增加,以及公司持續加大新產品研發投入。該行維持2026及2027財年盈利預測基本不變。
中金表示,Arm當前股價對應2026及2027財年預測市盈率分別為73.7倍和59.1倍。考慮到雲端與終端設備AI需求增長可能加速CSS訂單出貨動能,該行將目標價上調8.8%至136美元,對應2026/2027財年市盈率分別為74倍和59倍,維持「中性」評級。
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