Abstract: We analyzed the earnings revision of MS-Taiwan index constituents for April 2026, finding that the index's 2026E EPS rose 4.2% month on month to NT$79.54 (from NT$76.35 in March), with 49 stocks revised up versus 11 revised down. The MS-Taiwan index itself gained 25% in April, moving from 1,398 to 1,749, and individual stock EPS revisions contributed an estimated NT$3.39 to the index EPS change. On a stock level, the largest positive EPS impacts came from TSMC (+NT$1.70 to index EPS, stock EPS up 7.4%), Yuanta Financial (+NT$0.22, EPS +16.7%), Formosa Chemicals & Fibre (+NT$0.20, EPS +105.9%), and Nan Ya Plastics (+NT$0.18, EPS +28.6%). The steepest month-on-month EPS upgrades by percentage were Formosa Chemicals & Fibre (+106%), Formosa Plastics (+93.3%), and China Steel (+37.9%), while the largest EPS cuts were in Yang Ming Marine (-10.7%), Eva Airways (-8.9%), and China Airlines (-5.2%).
China Steel, Formosa Plastics, China Airlines, Yuanta Financial, Nan Ya Plastics, Yang Ming Marine
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