Goldman Sachs Iluvatar CoreX (9903.HK): Strong China GPU Demand amid Persistent Raw Material Supply Tightness; FY1H26 Results In Line; Buy
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Goldman Sachs maintains a Buy rating on Iluvatar CoreX (9903.HK), emphasizing strong Chinese GPU demand against persistent raw material supply tightness, with first-half fiscal 2026 results in line with expectations. The available summary comprises the rating, target price and key valuation exhibits. Exhibit 1 charts the correlation between peer EV/EBITDA multiples and EBITDA growth, the peer benchmark anchoring the valuation framework. Exhibit 2 tracks the stock's 12-month forward price-to-sales multiple, framing how the market prices near-term revenue. Exhibit 3 presents the expected 2030 discounted EV/EBITDA analysis underlying the target. Exhibit 4 states the conclusion: a 12-month target price of HK$859.00 against a current price of HK$311.60, implying 175.7% upside. Together the exhibits indicate a target built on discounted EV/EBITDA methodology with peer multiple-versus-growth relationships as cross-check, while forward P/S provides shorter-horizon valuation context. The dual themes of strong GPU demand and tight raw material supply define the operating backdrop against which the in-line first-half results were delivered.
Key exhibits
Exhibit 1
Exhibit 2
Exhibit 3
Exhibit 4
