Market Plunges by Over a Thousand Points as 台達電 Crashes to Limit-Down
After opening today (30th), selling pressure emerged across Taiwan equities, with the broader market index falling to an intraday low of 44726.26 points, down by as much as 1642.07 points. Power supply leader 台達電 (2308), after holding an earnings call yesterday, faced heavy selling pressure at today's open, with its share price plunging 145, down 9.8%, straight to the limit-down price of 1335. From this year's May swing high of 2585 to date, the share price of 台達電 has cumulatively pulled back by 1250, a decline of nearly half, drawing high market attention.
Halved Share Price Attracts Buying Interest as Retail Shareholders Jump 70%
Despite the sharp correction, bargain-hunting buying interest has instead heated up, attracting rebound-chasing funds. According to statistics from the Taiwan Depository & Clearing Corporation, the total number of shareholders of 台達電 was 386633 on May 22, 2026, and as the share price continued to pull back from its high, it had risen to 664867 by October 22, 2026, an increase of nearly 280000 in just 5 months, a gain of over 70%. Among them, odd-lot retail holders with less than 1 lot rose from 321746 to 573084, showing retail investors buying more as prices fall and actively positioning for entry.
NT$3.9 Billion Inventory Write-Down in Q3, EPS of 9
Looking at third-quarter operating performance, institutional research analysis shows 台達電 posted quarterly revenue of 197.1 billion, up 7.5% quarter-on-quarter, but PSU shipments were affected by PMIC and MOSFET shortages, while the new-platform 18KW PSU faced delayed qualification due to current leakage from a Japanese capacitor supplier, and supply-chain assembly disruptions affected customer pull-ins. Third-quarter gross margin fell to 34.1%, down 1.6 percentage points quarter-on-quarter, mainly due to an inventory write-down of up to 3.9 billion, which impacted gross margin by 1.7 percentage points, resulting in quarterly earnings per share of only 9.0, down 7% quarter-on-quarter and 16% below institutional expectations.
Institutions See Recovery in Q4, Maintain Buy Rating
Institutions note that the operational adjustment is nearing its end, forecasting fourth-quarter revenue of 223.2 billion, up 13% quarter-on-quarter, with quarterly earnings per share rebounding 36% quarter-on-quarter to 12.3. Growth momentum will come mainly from volume ramp-up of new-platform AI server power supplies, positive and negative 400V HVDC shipments, and successful pass-through of cost increases, with gross margin expected to recover to 37.3%. The institution stated that 台達電 has the capability to ship system-level HVDC products, forecasting earnings per share of 38.9 and 75.0 for 2026 and 2027 respectively, and based on 2027 earnings per share of 75 and a 28x price-to-earnings ratio, maintains a Buy rating with a target price of 2100.