Yageo Corp* (2327 TT, NT$501) - Unstoppable momentum

研报英文原文证据摘录

Yageo Corp* (2327 TT, NT$501) - Unstoppable momentum

ting that inventory

Source: CMoney destocking has ended and the market is shifting toward inventory replenishment,

significantly extending order visibility to over 6 months. In terms of pricing, with UTR

What's changed

approaching full capacity and raw material prices rising, we believe price hikes will mainly

New Old %

Rating Buy Buy be focused on passing on raw material costs, but there is still room for ASP improvement,

Target price 620 400 55 and market expectations are also driving more aggressive procurement.

EPS forecast 20.67* 16.98 0

Target PE 29.9 23.6 In addition to tantalum capacitor lead, MLCC sales to benefit from AI boom

* FY27 EPS forecast Currently, Yageo’s AI-related sales mainly come from tantalum capacitors, with the sales

Financial summary Year-end: Dec 31 weight of AI applications at over 30%. For MLCCs, high-end MLCCs (47uF/100uF) are still

NT$mn FY25 FY26F FY27F dominated by Murata, Samsun, and Taiyo Yuden. Considering the conservative expansion

Net sales 132,930 163,770 187,174

YoY growth (%) 9.3 23.2 14.3 pace of Japanese and Korean manufacturers, with capacity expansion at about 10%-15%

Op profit 29,801 42,959 52,840 annually, while AI server growth reaches as high as 80%, we believe Japanese and Korean

YoY growth (%) 27.4 44.2 23.0 makers will continue to shift their product mix toward high-end and high-GM

Net profit 23,634 34,945 42,439

YoY growth (%) 22.1 47.9 21.4 applications, resulting in spillover effects for mid- and low-end products. As the third-

EPS (NT$) 11.51 17.02 20.67 largest MLCC supplier, Yageo’s current UTR for standard products is only at 75%, with

DPS (NT$) 6.0 8.5 10.3 available production space at the Kaohsiung Dafa Plant No. 3, positioning it as the best