The Global Point

Research evidence excerpt

The Global Point

Yageo (2327.TW) - 2Q26 Revenue Exceeded Guidance; Upcycle Intact

Yageo reported Jun-26 revenue of NT$15.4bn (+2% MoM/+39% YoY), capping a

record 2Q26 at NT$44.5bn (+16% QoQ/+36% YoY). 2Q26 revenue beat Citi/cons

forecasts by 10%/6%, significantly higher than previous guidance of "moderate

growth". The strong result was broad-based across both standard and specialty

products, highlighting the broader scope of demand during this upcycle, rather

than being concentrated in a single product line. With the BB ratio sustained well

above 1.0 and AI-related orders tracking higher, we believe forward visibility

remains solid. Yageo's 1H26 revenue of NT$82.6bn already represent 47% of cons

2026 forecasts, implying potential upside to full-year cons estimates as price

adjustments accelerate in 2H26 alongside the next-gen AI GPU/ASIC platforms

ramp. Maintain Buy.

Michael Hung

Yageo - Quarterly sales trend Yageo - Monthly sales trend

Daikin Industries (6367.T) - How much of a catalyst is another hot summer in

Europe?

FY3/27 guidance assumes local currency sales growth in Europe of +6% YoY, and

at ¥180/€ we estimate Europe will comprise 17% of HVAC revenue. This is the

second-largest market after the Americas (42%) and is similar in size to Asia

(including China). With summer temperatures again hitting record highs there is a

growing debate about the need for ACs in European countries where diffusion

rates are low, not just in homes but also schools, hospital wards, transport

systems, etc. Daikin HVAC sales break down to 35% residential, 25% commercial,

10% applied, 15% heat pumps, and 10% cold chain. We wonder if Daikin will put

more emphasis on higher-margin commercial/applied sales from here. However,