Lai Yih Group (6890 TT, NT$163.50) - Rebound from trough

Research evidence excerpt

Lai Yih Group (6890 TT, NT$163.50) - Rebound from trough

Taiwan Equity | Sports & Leisure

Company Snapshot

Fubon Research Lai Yih Group (6890 TT)

May 13, 2026

_ Rebound from trough

Buy

Maintain Buy, target price of NT$200, 22% upside

Price Target price

NT$163.50 NT$200 1. 1Q26 EPS miss of NT$0.75, marking a trough

● Visit notes ○ Initiating coverage 2. 2Q26 sales, GM to rebound significantly, 2H26 operations to grow

○ Company update ● Earnings revision 3. Sales to finish strong after weak start in FY26, return to positive growth in 2H26

○ Earnings preview ○ Rating change

Shares out. (mn) 249

Mkt cap (NT$mn) 42,020 1Q26 EPS miss of NT$0.75, marking a trough

Mkt cap (US$mn) 1,332 Lai Yih posted 1Q26 sales of NT$7.07bn, down 26.9% YoY and 33% QoQ, due to deferred

FINI holding (%) 87.54 HOKA shipment and a high base in 1Q25. GM and OpM came in at 11.7% (down 5.9ppts

Local IM holding (%) 0.01

and 8.1 ppts YoY) and 2.5% (down 4.1ppts and 7.3 ppts QoQ), respectively, affected by

Directors holding (%) 49.34

52-week high (NT$) 327.37 tariff sharing, unfavorable brand mix, and smaller operational scale. However, due to

52-week low (NT$) 150.50 positive non-op contribution, EPS reached NT$0.75, down 79.4% YoY and 80.5% QoQ,

Day-trading % 23% marking a trough.

ESG rating 4 Industry Rank 18/27

2Q26 sales, GM to rebound significantly, 2H26 operations to grow

1Q26 sales breakdown by major customers was: Adidas 65%, HOKA 22%, Converse 8%,

NB 3%, and others, in which shipment exceeded 14mn pairs, down over 20% YoY. Except

for NB, a newly added customer last year showing growth, while major brands like Adidas

and HOKA reported double-digit shipment declines. If HOKA’s deferred shipment in 1Q26

is resumed, HOKA shipment is expected to show a slight increase. Looking ahead, it