Vizionfocus Inc (4771 TT, NT$186.50) - Ramp-up to keep up with customer orders on robust demand

Research evidence excerpt

Vizionfocus Inc (4771 TT, NT$186.50) - Ramp-up to keep up with customer orders on robust demand

Taiwan Equity | Biotechnology

Company Snapshot

Fubon Research Vizionfocus Inc (4771 TT)

May 19, 2026

_ Ramp-up to keep up with customer orders on robust demand

Buy

Reiterate Buy, target price of NT$232, 24% upside

Price Target price

NT$186.50 NT$232 1. Robust demand from Japan and China, 1Q26 EPS beat

○Visit notes ○Initiating coverage 2. Double-digit growth expected in China, Japan, Taiwan in FY26

●Company update ●Earnings revision 3. Strong order momentum, continued capacity expansion to drive double-digit profit

○Earnings preview ○Rating change

growth

Shares out. (mn) 59

Mkt cap (NT$mn) 10,980

Mkt cap (US$mn) 348 Robust demand from Japan, China, 1Q26 EPS beat

FINI holding (%) 5.34 1Q26 sales reached NT$1.03bn, up 27.2% YoY and 8.4% QoQ, as its operations benefited

Local IM holding (%) 0.00 from continued order momentum from Japan and China, driving utilization rates at both

Directors holding (%) 21.34

Taiwan and China plants to over 95%. GM was slightly down QoQ by 0.3ppt to 41% due

52-week high (NT$) 207.40

52-week low (NT$) 170.00 to forex. As for opex, its subsidiary expanded its retail presence in Taiwan by entering

Day-trading % 24% major chain channels such as Poya, Cosmed, and Watsons, up 27% YoY to NT$124mn, in

line with Fubon’s expectations. Overall, supported by high utilization rates, OpM was

ESG rating 4 Industry Rank 102/154 28.9% and net EPS was NT$3.66, up 10% YoY, slightly better than our forecast of NT$3.62.

Double-digit growth expected in China, Japan, Taiwan in FY26

Growth momentum in FY26 will mainly come from the China and Japan markets, and we

maintain our previous regional forecasts: 1) China accounts for 50%. Leveraging its high