UBS expects Auras to evolve from an air-cooling supplier into a rack-level liquid-cooling provider, with liquid cooling rising from 31% of 2025E sales to 74% by 2030E. Its NT$1,380 target is based on 20x 2027E P/E versus NT$890 on 4 December 2025.
- UBS estimates the direct-liquid-cooling market will reach US$31bn by 2030E, growing at a 51% CAGR.
- Auras's liquid-cooling sales are forecast to grow at a 49% CAGR during 2025-30.
- 2026E revenue is forecast to rise 51% year on year to NT$34.1bn; cold-plate sales are projected to exceed NT$9.1bn.
- The principal downside is component ASP pressure from NVIDIA L10 standardization and broader micro-channel-lid adoption.
- UBS's base, upside and downside price scenarios are NT$1,380, NT$1,775 and NT$710, respectively.