Macquarie values Silergy at NT$800, about 64% above the close, on record revenue; AI is a sixth of sales
Taiwan-listed power-chip designer Silergy posted record September and third-quarter revenue that analysts credit to AI data-center and automotive demand, and Macquarie, the Australian investment bank, raised its target to NT$800, about 64% above the last close. The AI business is still roughly a sixth of sales.
Vincent Jiang · 3 min read
A limit-up day inside a chip selloff
Silergy+4.82% — Silergy, up 4.82 percent today (TWSE: 6415), a Cayman-registered, Taipei-listed designer of power-management chips, touched NT$513 on October 16, its 10% daily ceiling, before closing at NT$489, up 4.8% 46. The surge came a session after Taiwan's stock index fell 1,655.96 points in the global chip selloff 4. What likely moved the money was printed on October 12: September revenue of NT$2.511 billion, up 50.7% year on year and an all-time monthly high, and third-quarter revenue of NT$7.285 billion, up 52.9%, a quarterly record 3. The Taiwan news site FTNN says a direct link to AI orders awaits the company's account 4. The shares had already gained 9.9% to NT$471 on October 14 2.
Every 2026 period outran the 30% growth target
Data
| Value | |
|---|---|
| Q3 2026 | 52.9% |
| September 2026 | 50.7% |
| First nine months | 35.2% |
What the NT$800 target is buying
Macquarie, the Australian investment bank, raised its Silergy target to NT$800 on October 15, analyst Jeffrey Ohlweiler's call and now the highest on the street 16. The average target is NT$561.56, on a stock that has gained about 155% this year to a NT$190 billion market value and trades near 50 times trailing earnings 6.
What justifies the premium is mix. Data-center chips were 15 to 16% of second-quarter revenue, expanding close to 90% year on year across server power supplies, enterprise SSDs and optical modules, with Vcore regulators and digital power controllers now in qualification or trial production at server CPU and AI ASIC platforms 3. Both records were a dual-engine print: data-center and automotive demand together, as battery-management ICs and automotive power chips win European Tier 1 and OEM customers 3.
The Gen 4 platform, built on 12-inch wafers, should reach 20% of fourth-quarter revenue, and Gen 5, headed for trial production, carries about five percentage points more gross margin 3.
The engine is still a sixth of the company
Silergy was incorporated in 2008, registered in the Cayman Islands and staffed by more than 1,700 people, and its catalog runs from LED drivers to a 70-amp power stage 65. It built its name on consumer and industrial chips, and that demand is flat this year 3. The AI wave is not Silergy's alone: Monolithic Power Systems−3.25% — Monolithic Power Systems, down 3.25 percent today, the US-listed power-delivery specialist, grew second-quarter revenue 47.6% year on year to $980.6 million 7, while Delta Electronics makes the server power systems and Chroma the test gear in the same chain 4.
The market has also paid up once already, driving the stock to NT$694 before the selloff cut it to NT$428.50 on October 13 62. Investors are paying about 50 times trailing earnings for a company whose fastest-growing business produces one dollar in six 63.
Macquarie's NT$800 target sits far above both the close and the consensus
Data
| Value | |
|---|---|
| Close, 16 Oct | NT$489 |
| Average analyst target | NT$561.56 |
| Macquarie, 15 Oct | NT$800 |
Where the bet gets tested
Analysts in Taipei expect Silergy to clear a 30% full-year growth target and see the data-center share passing 20%; both are expectations, not company guidance 3. The readings that decide it are the October and November monthly revenue prints, then third-quarter results estimated for November 12 6.
Deepdive
AI-generated from this story and its cited sources. Not investment advice.
