--- title: "麥格理表示，這隻股票在經歷拋售後提供了 “有吸引力的風險/回報”" type: "News" locale: "zh-HK" url: "https://longbridge.com/zh-HK/news/278281346.md" description: "麥格理的分析師指出，亞洲電子製造服務提供商 Nationgate Holdings（NATGATE）在自 2 月份以來股價下跌 30% 後，提供了一個具有吸引力的風險/回報配置。他們預計 FY26e 的中央處理器（CPU）收入將達到 72 億馬來西亞林吉特，積極的庫存增長預示着潛在的收入增加。麥格理對 NATGATE 的股票維持 “跑贏大盤” 評級，目標價為 1.70 馬來西亞林吉特，認為該股票被超賣，並建議客户在回調時買入。他們還分別下調了 FY26/27e 的淨利潤（NP）預期 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) --- # 麥格理表示，這隻股票在經歷拋售後提供了 “有吸引力的風險/回報” 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. ### 相關股票 - [2721.JP](https://longbridge.com/zh-HK/quote/2721.JP.md) ## 相關資訊與研究 - [富達國際：港投資者重倉現金 期望回報 8.8%](https://longbridge.com/zh-HK/news/287025216.md) - [君頤峯三房 4.43 萬租出 回報 6 厘](https://longbridge.com/zh-HK/news/287019852.md) - [御龍山三房月租 4.1 萬 回報 4.7 厘](https://longbridge.com/zh-HK/news/286871338.md) - [GUM 稱 5 月強積金人均暫賺 3682 元 年初至今累積回報 1.74 萬](https://longbridge.com/zh-HK/news/287150144.md) - [【大行炒 D 乜】京東績後獲麥格理升目標逾一成，瑞銀看好內房升中海外至買入](https://longbridge.com/zh-HK/news/286175057.md)