Golden Arrow (stock code 2368-TW) held an investor conference on November 12, 2026, outlining 2027 growth drivers. The company stated that new AI server products for existing clients will enter mass production in 2027, with management describing the year as 'a good year.' AI servers accounted for over 50% of third-quarter revenue, while networking equipment represented 17%, making both product lines the focus of 2027 growth expectations. Analyst estimates for 2027 earnings per share range from 55.11 to 83.62 TWD, reflecting divergent views on revenue scaling from the high 2026 base of 731.59 billion TWD in the first three quarters. The company noted that 'next year the US-side situation is better,' providing context for the optimistic 2027 outlook.
Golden Arrow Schedules AI Server Product Mass Production for 2027
The new products are boards for the next generation of AI servers used by existing customers. Golden Arrow stated it will continue to advance its own technology in line with customer capability improvements, upgrading technical levels as customers revise board designs. The company indicated that mass production will occur 'one after another' in 2027.
Networking equipment, which accounted for 17% of third-quarter revenue, serves as the second-largest product line. The company listed networking alongside new AI server products, positioning both as the product lines on which 2027 growth depends. Networking equipment is used primarily in network communication devices and belongs to a different application category than AI servers.
Regarding the US market, the company stated: 'Next year the US-side situation is better.'
Analysts Project 2027 EPS Between 55.11 and 83.62 TWD
Ten analyst reports from six firms received in the past three months show wider divergence for 2027 than for 2026. Earnings per share estimates for 2027 range from 55.11 to 83.62 TWD, while revenue estimates span 1,445.6 billion to 1,859 billion TWD. For 2026, EPS estimates range from 37.24 to 43.68 TWD.
According to the UAnalyze industry database, the estimated range shows quarterly revenue rising from approximately 300 billion TWD to nearly 480 billion TWD, and quarterly EPS increasing from 12 TWD to 22 TWD, with both metrics climbing in tandem after the third quarter of 2026.
The 2026 estimate spread is 6.44 TWD, while the 2027 spread is 28.51 TWD. The lower bounds for both years come from reports issued in August; relevant analysts have since revised upward by November, meaning the spread partly reflects timing differences. Considering only the four November reports, the 2026 gap narrows to 2.78 TWD. The 2027 estimates show significantly wider variation before the year begins, as analysts translate the company's directional outlook into numerical projections.
Revenue Comparison Requires Full-Year Alignment
Growth in 2027 must be measured against the high base of 2026. The first three quarters of 2026 generated revenue of 731.59 billion TWD over nine months, while 2027 figures will cover a full 12 months, making direct division inappropriate. Analyst estimates for 2026 full-year revenue reach up to 1,086.36 billion TWD, while 2027 estimates start at 1,445.6 billion TWD, both representing full-year figures. The comparison yields a minimum ratio of 1.33 times.
FAQ
What did Golden Arrow announce at the November 12, 2026 investor conference?
Golden Arrow announced that new AI server products for existing clients will enter mass production in 2027. The company stated that 2027 'is a good year' and that 'next year the US-side situation is better.' AI servers accounted for over 50% of third-quarter 2026 revenue, while networking equipment represented 17%.
What is the range of analyst EPS estimates for Golden Arrow in 2027?
Ten analyst reports from six firms project 2027 earnings per share between 55.11 and 83.62 TWD. Revenue estimates for 2027 range from 1,445.6 billion to 1,859 billion TWD. For comparison, 2026 EPS estimates range from 37.24 to 43.68 TWD.
How does Golden Arrow's first three quarters 2026 revenue compare to full-year projections?
The first three quarters of 2026 generated 731.59 billion TWD in revenue over nine months. Analyst estimates for 2026 full-year revenue reach up to 1,086.36 billion TWD, while 2027 full-year estimates start at 1,445.6 billion TWD, representing a minimum ratio of 1.33 times year-over-year growth.
