Abstract: We analyzed the consensus earnings revision of MS-Taiwan index component stocks for March 2026, estimating that individual stock EPS revisions attributed NT$1.12 to the index's EPS change, with the index 2026E EPS rising 1.2% month-on-month to 76.68, while the index price fell 10.0% from 1,553 to 1,398. Net earnings breadth was positive with 43 stocks revised up versus 26 revised down; the top positive contributors to index EPS were Fubon Financial (2881 TT, +NT$0.20), Asia Vital Components (3017 TT, +NT$0.15), and Delta Electronics (2308 TT, +NT$0.15), while TSMC (2330 TT, -NT$0.24) and Hon Hai Precision (2317 TT, -NT$0.12) were the largest negative contributors driven by weight drift. Among individual stock EPS revisions, Innolux (3481 TT) led upgrades at +48.8%, followed by Elite Material (2383 TT, +16.6%) and Asia Vital Components (+13.2%), while Formosa Plastics (1301 TT, -60.4%) and China Steel (2002 TT, -41.5%) saw the steepest downgrades.
China Steel Corp, Taiwan Semiconductor Manufacturing Co. Ltd., Wan Hai Lines Ltd, Delta Electronics Inc, Innolux Corp, Fubon Financial Holding Co Ltd
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