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Montage Technology Co., Ltd. Class H
(6809)
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Select Model
Rating:68Neutral
Price Target:
HK$235.00
▲(12.23% Upside)
Action:Reiterated
Date:10/30/26
The score is driven primarily by excellent financial performance (strong profitability, fortress balance sheet, and robust free cash flow). Offsetting this, technical indicators show weak/bearish price momentum (below key moving averages with negative MACD), and valuation looks stretched with a high P/E and only a modest dividend yield.
Positive Factors
Strong profitability and margins
The combination of strong revenue growth and exceptionally high gross and net margins indicates substantial earnings power. Margin expansion suggests pricing strength and operating leverage, giving the company resources to invest in product development and remain competitive through normal industry cycles.
Negative Factors
Cyclical demand and earnings volatility
The sharp change from weak 2023 results to much stronger subsequent performance shows meaningful sensitivity to semiconductor demand cycles. A future downturn in server investment or platform activity could again pressure revenue, margins, and returns despite the company’s strong current position.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong profitability and margins
The combination of strong revenue growth and exceptionally high gross and net margins indicates substantial earnings power. Margin expansion suggests pricing strength and operating leverage, giving the company resources to invest in product development and remain competitive through normal industry cycles.
Read all positive factors
Montage Technology Co., Ltd. Class H (6809) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$211.26B
Dividend Yield0.32%
Average Volume (3M)2.42M
Price to Earnings (P/E)55.4
Beta (1Y)-0.45
Revenue Growth40.03%
EPS GrowthN/A
CountryHK
Employees784
SectorTechnology
Sector Strength88
IndustrySemiconductors
Share Statistics
EPS (TTM)3.18
Shares Outstanding75,773,500
10 Day Avg. Volume2,660,708
30 Day Avg. Volume2,415,775
Financial Highlights & Ratios
PEG Ratio1.53
Price to Book (P/B)13.80
Price to Sales (P/S)33.56
P/FCF Ratio102.72
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
HK$466.00Price Target Upside122.54% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)3.82
Revenue Forecast (FY)HK$8.95B
Montage Technology Co., Ltd. Class H Business Overview & Revenue Model
Company Description
Montage Technology Co., Ltd., established in 2004 and headquartered in Shanghai, People's Republic of China, operates as an integrated circuit (IC) design specialist. The company is dedicated to developing and supplying IC-based solutions for the ...
How the Company Makes Money
Montage Technology makes money primarily by selling its semiconductor products (ICs) to customers in the server/data-center supply chain. Revenue is generated on a per-unit basis when its chips are designed into server platforms and then shipped i...
Montage Technology Co., Ltd. Class H Financial Statement Overview
Summary
Income Statement
92
Very Positive
Balance Sheet
96
Very Positive
Cash Flow
88
Very Positive
| Breakdown | TTM | Dec 2025 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 6.77B | 5.32B | 3.64B | 2.29B | 3.67B | 2.56B |
| Gross Profit | 4.43B | 3.21B | 2.12B | 1.35B | 1.71B | 1.23B |
| EBITDA | 2.93B | 1.97B | 1.54B | 575.68M | 1.47B | 974.70M |
| Net Income | 3.77B | 2.18B | 1.41B | 450.91M | 1.30B | 829.14M |
Balance Sheet | ||||||
| Total Assets | 23.94B | 13.75B | 12.22B | 10.70B | 10.69B | 8.96B |
| Cash, Cash Equivalents and Short-Term Investments | 18.86B | 9.31B | 8.63B | 7.45B | 7.48B | 6.67B |
| Total Debt | 136.23M | 34.15M | 28.80M | 15.49M | 20.71M | 32.85M |
| Total Liabilities | 1.66B | 798.45M | 822.41M | 490.92M | 758.79M | 567.86M |
| Stockholders Equity | 22.14B | 12.93B | 11.40B | 10.19B | 9.91B | 8.39B |
Cash Flow | ||||||
| Free Cash Flow | 2.93B | 1.74B | 1.31B | 307.26M | 461.98M | 526.95M |
| Operating Cash Flow | 3.37B | 2.00B | 1.69B | 731.25M | 688.84M | 680.41M |
| Investing Cash Flow | -1.91B | 827.49M | -443.47M | -574.24M | 63.44M | 68.91M |
| Financing Cash Flow | 6.05B | -1.06B | -276.94M | -372.11M | -270.09M | -609.14M |
Montage Technology Co., Ltd. Class H Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
68 Neutral | HK$211.26B | 55.40 | 19.49% | 0.32% | 40.03% | ― | |
65 Neutral | HK$120.55B | 32.33 | 9.88% | 0.16% | 7.37% | ― | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
51 Neutral | HK$514.54M | -16.41 | -2.79% | 1.85% | -6.32% | -159.42% | |
41 Neutral | HK$4.73B | -2.56 | -109.17% | ― | ― | ― |
* Technology Sector Average
HK:6809
Montage Technology Co., Ltd. Class H
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Montage Technology Co., Ltd. Class H Corporate Events
Montage Technology Delivers Surging Profit and Revenue in Q3 2026
Oct 29, 2026
Montage Technology Co., Ltd. reported strong third‑quarter and year‑to‑date results for 2026, with revenue for the reporting period reaching RMB 2.08 billion, up 45.97% year on year, and revenue for the first nine months climbing...
Montage Technology Forecasts Strong Q3 2026 Surge on AI-Driven Chip Demand
Oct 20, 2026
Montage Technology Co., Ltd. expects a sharp improvement in its financial performance for the third quarter of 2026, with revenue projected at about RMB2,079 million, up roughly 46% year-on-year. Profit attributable to shareholders of the parent i...
Montage Technology Sets Board Meeting to Approve Nine-Month 2026 Results
Oct 16, 2026
Montage Technology Co., Ltd. has scheduled a board meeting for October 29, 2026 to review and approve the unaudited financial results of the company and its subsidiaries for the nine months ended September 30, 2026, ahead of their planned publicat...
Montage Technology Updates 2026 Interim Dividend Schedule and Tax Terms
Sep 11, 2026
Montage Technology Co., Ltd. has updated details of its interim cash dividend for the six months ended June 30, 2026, confirming a distribution of RMB 2 per 10 shares, payable in Hong Kong dollars at HKD 2.31 per 10 shares. The announcement revise...
Montage Technology Sets 2026 Interim Dividend and Details New Tax Treatment for H Shareholders
Sep 11, 2026
Montage Technology has approved an interim profit distribution plan for 2026, declaring an interim dividend of RMB2.00 per 10 shares, with A share payouts in RMB and H share payouts in HKD. The H share dividend is set at HKD2.31 per 10 shares, cal...
Montage Technology Grants 511,000 H Share Awards Under 2026 Incentive Scheme
Aug 31, 2026
Montage Technology has implemented its 2026 H Share Incentive Scheme following approval at the 2025 annual general meeting, and on August 31, 2026 granted 511,000 share awards to 227 employee participants at a purchase price of HK$59 per H share. ...
Montage Technology Unveils 2026 Interim Results and Dividend Payout Plan
Aug 28, 2026
Montage Technology Co., Ltd. reported its unaudited consolidated interim results for the six months ended June 30, 2026, with the board and audit committee having reviewed the figures in line with Hong Kong listing requirements. The company also c...
Montage Technology Announces 2026 Interim Dividend and Outlines Tax Treatment for Cross-Border Investors
Aug 28, 2026
Montage Technology Co., Ltd. has declared an interim ordinary dividend of RMB 2 per 10 shares for the six months ended 30 June 2026, payable to H-shareholders in Hong Kong dollars at an exchange rate of RMB 1 to HKD 1.1556. The dividend, for the f...
Montage Technology Sets Board Meeting to Review 2026 Interim Results and Dividend
Aug 17, 2026
Montage Technology Co., Ltd. has scheduled a board meeting for August 28, 2026 to review and approve the unaudited interim results for the six months ended June 30, 2026, and to authorize their publication. The board will also consider whether to ...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.