Pegavision Corp (6491 TT, NT$308) Stable, upward operational performance

Research evidence excerpt

Pegavision Corp (6491 TT, NT$308) Stable, upward operational performance

1) Japan’s growth momentum

comes from three aspects: first, strong demand for silicone hydrogel daily disposables and

hydrogel multifocal colored lenses; second, after a major channel customer completed

Source: CMoney

internal adjustments, restocking momentum resumed this year, with 1Q26 sales to this

What's changed customer up 30% YoY and a positive outlook for full-year restocking; third, as customers

New Old %

expand overseas channels, the company is increasing shipment accordingly. Overall,

Rating Buy Buy

Fubon estimates Japan’s full-year sales to grow 23% YoY. 2) In Europe, existing channelTarget price 354 333 6

EPS forecast 25.27 23.75 6 customers are expanding cooperation and new customers are joining; silicone hydrogel

Target PE 14 14 and functional lenses are being launched successively, and in recent years, the

penetration of high-end optical products in Europe has increased, with relatively limited

Financial summary Year-end: Dec 31

NT$mn FY25 FY26F FY27F price competition pressure. Fubon estimates Europe sales to grow 15% YoY. 3) Taiwan

Net sales 7,039 8,093 9,346 market’s 1Q26 sales were up 21% YoY, benefiting from the expansion of its own BTP

YoY growth (%) 3.3 15.0 15.5 channel, steady growth of OEM customers, and volume growth of products endorsed by

Op profit 1,807 2,325 2,680

Korean girl group members. We estimate Taiwan sales to increase by 8% YoY. 4) In China,YoY growth (%) -13.4 28.7 15.3

Net profit 1,628 1,971 2,239 silicone hydrogel certification is expected to be obtained in 2Q and 3Q26, and the

YoY growth (%) -11.1 21.1 13.6 company continues to focus on mid-to-high-end products and related channel layout.

EPS (NT$) 20.87 25.27 28.71