Sanmina (SANM.US): F4Q26 Preview: Helios Opportunity to Support Better Than Consensus Guide for FY27; Place Shares on +VE Catalyst Watch

We see a positive setup heading into the F4Q26 earnings print for Sanmina, as we expect FY27 guidance to embed the revenue ramp opportunity relative to AMD Helios racks, which in our view is expected to track ahead of consensus expectations. We expect better than consensus guidance for FY27 (JPMe of $17.6 bn vs. consensus of $16.4 bn) supported by ZT Systems revenue forecast of $7.5 bn, including Helios-related accelerated compute revenues of $4.5 bn+ (assuming a conservative FY27 TAM of ~11k racks and a conservative market share of ~25%). We expect the AMD Helios program ramp to be back half weighted, which should help support a robust revenue run rate exiting FY27, and imply strong revenue growth into FY28. Given our expectation for the FY27 guidance to be materially ahead of consensus, we are placing shares of Sanmina on a Positive Catalyst Watch heading into the F4Q26 earnings print. However, we continue to remain Neutral on the shares as we need more proof points on execution and