--- title: "麦格理表示，这只股票在经历抛售后提供了 “有吸引力的风险/回报”" type: "News" locale: "zh-CN" url: "https://longbridge.com/zh-CN/news/278281346.md" description: "麦格理的分析师指出，亚洲电子制造服务提供商 Nationgate Holdings（NATGATE）在自 2 月份以来股价下跌 30% 后，提供了一个具有吸引力的风险/回报配置。他们预计 FY26e 的中央处理器（CPU）收入将达到 72 亿马来西亚林吉特，积极的库存增长预示着潜在的收入增加。麦格理对 NATGATE 的股票维持 “跑赢大盘” 评级，目标价为 1.70 马来西亚林吉特，认为该股票被超卖，并建议客户在回调时买入。他们还分别下调了 FY26/27e 的净利润（NP）预期 21% 和 18%" datetime: "2026-03-08T21:25:43.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/278281346.md) - [en](https://longbridge.com/en/news/278281346.md) - [zh-HK](https://longbridge.com/zh-HK/news/278281346.md) --- # 麦格理表示，这只股票在经历抛售后提供了 “有吸引力的风险/回报” Analysts at Macquarie have identified an Asian electronic manufacturing service-provider whose stock is down around 30% since it reported earnings in Feb, offering an “attractive” risk/reward setup.The company in question, Nationgate Holdings (NATGATE), assembles and tests electronic components, including printed circuit boards, semiconductor devices, and fully assembled electronic products.Based in Malaysia, the company also manufactures equipment such as servers and network switches and provides related services like prototyping, supply-chain management, and logistics for industries including telecommunications, data computing, automotive, and consumer electronics.Macquarie expects FY26e AI server revenue to be impacted by market share loss to Chinese OEMs. However, FY26e CPU revenue is expected to come in at RM 7.2 billion, as Q4 inventories are up 61% QoQ to RM 1.1 billion.“We were encouraged by its inventory trajectory…which we believe signals positive revenue growth in 1Q26. Any AI server sale in FY26e presents upside to our forecasts. Management is working towards securing H200 AI server sale for its existing data computing clients,” the analysts said.The firm also expects upside from higher-margin optical transceiver revenue. The analysts estimate that Coherent revenue will be flat YoY at RM 500 million. The “maiden revenue” from the company’s optical transceiver is likely to come in the second half of the year. 400G to 800G assembling and testing assembling and testing, should “support margin expansion,” the analysts added.There is also a positive read-through from Nvidia’s $4 billion investment into Coherent and Lumentum, which includes a multi-billion dollar purchase agreement.“Concurrently, management is working towards a US JV as its partner to reshore optical transceiver manufacturing to the US (from China), presenting upside to our forecasts,” the analysts added.Coming to the stock’s valuation, the analysts believe shares are oversold. “We advise clients to buy into any dips,” they said.Macquarie has an Outperform rating on NATGATE shares, and a price target of MYR 1.70 per share. This implies an 18x 1-year forward PER, which is slightly below the long-term average of 21x, which according to the firm, is fair.The firm has also lowered its FY26/27e NP by 21% and 18%, respectively. ### 相关股票 - [2721.JP](https://longbridge.com/zh-CN/quote/2721.JP.md) ## 相关资讯与研究 - [GUM︰5 月香港强积金人均暂赚 3682 港元 年初至今累积回报达 17424 港元](https://longbridge.com/zh-CN/news/287162636.md) - [国金证券：Agent 对 CPU 刚性需求 产业已进入新一轮景气周期](https://longbridge.com/zh-CN/news/286673440.md) - [富达：全球股票投资正进入由收益主导回报的阶段 股息与收益策略成为当前资产配置核心考量](https://longbridge.com/zh-CN/news/286382063.md) - [阿麦斯冲刺 IPO，“中国软糖第一股” 要来了？](https://longbridge.com/zh-CN/news/286665571.md) - [高盛资管：中美股仍有很大上升空间 聚焦 AI 投资回报兑现](https://longbridge.com/zh-CN/news/286706358.md)