Panjit International (2481 TT) (Buy) - Raising 2026/27F earnings assumptions

Research evidence excerpt

Panjit International (2481 TT) (Buy) - Raising 2026/27F earnings assumptions

Global Markets Research

Panjit International 2481.TW 2481 TT 4 June 2026

EQUITY: TECHNOLOGY

RatingRaising 2026/27F earnings assumptions Remains Buy

Target priceDemand upcycle, favorable pricing, and new product Increased from TWD 195.00development should continue in 2H26-2027F TWD 148.00

Power semi industry upcycle with favorable lead time and pricing environment Closing3 June 2026price TWD 159.00

The share prices of global power semi IDMs have demonstrated strength of late, driven by: (1)

Demand upcycle: 3Q25 marked an inflection point for global major power semi IDMs’ y-y Implied upside +22.6%

revenue growth (+1% y-y), and 1H26E shows continued improvement (16% in 1Q26 and 15%

in 2Q26E, based on IDMs’ official outlook during 1Q26 earning call). Since 2015, we have Market Cap (USD mn) 1,932.2

observed three demand upcycles: 1Q16-4Q18 (12 quarters), 3Q20-3Q23 (13 quarters), and ADT (USD mn) 131.3

3Q25-present (implies the current quarter is the fourth consecutive quarter of recovery). We

believe we are in the early stage of the latest upcycle. (2) Price hikes: Starting from 1Q26, Relative performance chart

select power semi products began raising ASP, and the range expanded further to include

more products in 2Q26F, due to rising COGS and improved book-to-bill (BB) ratios. Two

leading IDMs have announced additional price hikes effective in 3Q26, and we expect peers in

Taiwan to follow suit. In the past two cycles, the price hikes lasted more than a year (for

example, 8 quarters for diodes, and 10 quarters for MOSFET during the last upcycle in 2021-

23). (3) AI datacenters, which are likely to create a new power semi TAM into 2030F.