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<Research> CLSA Upgrades BIREN TECH (06082.HK) TP to HKD67.4; Optimistic on Product Pipeline and Delivery Capability
Recommend 12 Positive 13 Negative 9 |
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CLSA issued a research report expressing optimism on the product pipeline and strong delivery capability of BIREN TECH (06082.HK). The broker believes Chinas computing power shortage will persist at least through 2027, and BIREN TECH is expected to benefit from the supply-demand imbalance and localization trend, standing out with its robust delivery capability. CLSA raised its TP from HKD46.3 to HKD67.4 and maintained an Outperform rating. The report noted that BIREN TECHs first-generation product, BR10X, has achieved large-scale deployment in government-led scenarios. The next-generation BR20X series is expected to complete tape-out in 3Q26, targeting leading hyperscalers. The new series will feature higher computing density, greater memory capacity and bandwidth, as well as enhanced interconnect capability. The companys long-term goal is to capture 10% market share in Chinas AI chip market. The broker lifted its revenue forecasts for fiscal 2026 and 2027 by 10% and 32%, respectively, to reflect stronger domestic AI demand and accelerated shipments of BR20X. Based on a higher average forecast price-to-sales multiple of 28x for 2026/27 (previously 25x), CLSA accordingly raised its TP. (ad/da) Auto-translated by AI This article was automatically translated by AI, the original language version should be considered the authoritative version. AASTOCKS.com Limited does not guarantee its accuracy or completeness and accepts no liability for any damages or losses arising from the use of this translation. More Details
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