--- title: "Macquarie values Silergy at NT$800, about 64% above the close, on record revenue; AI is a sixth of sales" description: "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." publisher: "The Inference" section: "Silicon" published: 2026-10-16T23:20:32.727Z modified: 2026-10-16T23:20:32.727Z canonical: https://theinference.org/article/macquarie-values-silergy-at-nt-800-about-64-above-the-close-on-record-revenue-ai-is-a-sixth-of-sales language: en keywords: "Silicon, Taiwan, Semiconductors, Analyst Ratings, AI Chips" --- # 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. ## A limit-up day inside a chip selloff [Silergy](https://theinference.org/markets/companies/silergy) (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% [4][6]. 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](https://www.investor.com.tw/MobileHttps/content.asp?articleNo=14202610120037), 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$471 on October 14](https://www.globalbankingandfinance.com/silergy-6415-tw-rises-2026-10-14/) [2]. *Chart: **Every 2026 period outran the 30% growth target** Bar chart comparing Silergy's year-on-year revenue growth for the third quarter, September alone and the first nine months of 2026, with the 30% full-year target drawn as an estimate reference line* *Year-on-year revenue growth for each 2026 period, NT$ terms. The dashed line marks the 30% full-year growth that analysts in Taipei expect Silergy to reach: an estimate, not reported guidance. Source: company monthly revenue as reported by 財訊快報, October 12, 2026. [3]* ## What the NT$800 target is buying Macquarie, the Australian investment bank, [raised its Silergy target to NT$800 on October 15](https://www.streetinsider.com/Analyst+PT+Change/Silergy+Corp.+%286415%3ATT%29+%28SLRGF%29+PT+Raised+to+NT%24800+at+Macquarie/27189352.html), analyst Jeffrey Ohlweiler's call and now the highest on the street [1][6]. 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 [6][5]. 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](https://theinference.org/markets/companies/monolithic-power-systems), 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](https://www.ftnn.com.tw/news/587744) and Chroma the test gear in the same chain [4]. ![A power-management IC chip on a green circuit board, surrounded by capacitors and inductors](https://storage.googleapis.com/theinference-public/img/2cfda4cb2a3e08db.jpg) *A power-management IC on a board. Silergy's catalog runs from LED drivers to a 70-amp power stage. (Bubba73, Wikimedia Commons)* 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 [6][2]. Investors are paying about 50 times trailing earnings for a company whose fastest-growing business produces one dollar in six [6][3]. *Chart: **Macquarie's NT$800 target sits far above both the close and the consensus** Bar chart of Silergy's October 16 closing price against the average analyst target and Macquarie's NT$800 target* *Silergy share price and analyst targets in New Taiwan dollars; October 16 close against targets as of October 15. Sources: StreetInsider; Yahoo Finance. [1][6]* ## 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](https://finance.yahoo.com/quote/6415.TW/) [6]. ## Takeaway Macquarie's NT$800 target, the street's highest, prices Silergy's data-center surge of nearly 90% growth, but that business is still a sixth of sales and the stock trades near 50 times earnings. ## Sources 1. [StreetInsider, "Silergy Corp. (6415:TT) (SLRGF) PT Raised to NT$800 at Macquarie", 15 October 2026](https://www.streetinsider.com/Analyst+PT+Change/Silergy+Corp.+%286415%3ATT%29+%28SLRGF%29+PT+Raised+to+NT%24800+at+Macquarie/27189352.html) 2. [Global Banking & Finance Review, "Silergy rises 9.92% in Wednesday's session", 14 October 2026](https://www.globalbankingandfinance.com/silergy-6415-tw-rises-2026-10-14/) 3. [財訊快報 via investor.com.tw, "AI與車用雙引擎強勢點火，矽力*-KY單月、單季營收雙創新高", 12 October 2026](https://www.investor.com.tw/MobileHttps/content.asp?articleNo=14202610120037) 4. [FTNN 新聞網, "AI電源商機燒到IC設計！矽力*-KY強攻漲停 9月營收年增逾5成添柴火", 16 October 2026](https://www.ftnn.com.tw/news/587744) 5. [Silergy corporate website, homepage, product and applications listing, accessed 16 October 2026](https://www.silergy.com/) 6. [Yahoo Finance, "Silergy Corp. (6415.TW)" quote, statistics, analyst targets and profile, close of 16 October 2026](https://finance.yahoo.com/quote/6415.TW/) 7. [Monolithic Power Systems, quarterly revenue from its SEC filings (EDGAR), retrieved 16 October 2026](https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001280452) --- Macquarie values Silergy at NT$800, about 64% above the close, on record revenue; AI is a sixth of sales — The Inference. Canonical: https://theinference.org/article/macquarie-values-silergy-at-nt-800-about-64-above-the-close-on-record-revenue-ai-is-a-sixth-of-sales