Poya International (5904 TT, NT$560.00)- Record-high profit driven by effective store transformation

研报英文原文证据摘录

Poya International (5904 TT, NT$560.00)- Record-high profit driven by effective store transformation

Taiwan Equity | Non-tech

Company Snapshot

adoption increase, Poya is expected to continue optimizing its product mix and GM

structure, and further strengthen SSSG through online-offline integration, thus

consolidating its long-term business momentum and market competitiveness.

Stock split of 1 to 10 to improve liquidity

Poya’s board of directors and shareholders have approved an adjustment to the capital

structure. The par value per share will be changed from NT$10 to NT$1, and the number of

issued shares will be adjusted from 106mn shares to 1,064mn. Overall, we believe the

stock split will enhance stock liquidity and valuation. Implementation will follow after the

approval of competent authorities.

How are we different?

Our FY26 and FY27 EPS projections of NT$33.30 and NT$36.44 are slightly lower than the

Bloomberg consensus of NT$32.39 and NT$35.87, respectively.

Valuation, risks

Poya has traded at 14-27x PE and currently trades at 16.8x FY26F EPS. Considering that

Poya’s aggressive store expansion target for FY26 is expected to drive further profit

growth, coupled with its steadily rising long-term earnings and a yield above 5% which

provides price support, we maintain Buy and raise our target price to NT$640, equivalent

to 19.2x FY26F PE. Key risks to our recommendation include weaker domestic demand

suppressing business growth and a slower-than-expected pace of store expansion.

Figure 1: Quarterly EPS review Unit: NT$mn

1Q26 QoQ YoY Fubon Diff Consensus Diff

Net sales 7,095 7.8% 12.7% 6,799 4.3% 6,825 4.0%

Gross profit 3,202 2.2% 14.4% 3,037 5.4% 3,068 4.4%

Op profit 1,231 4.4% 27.8% 1,053 16.9% 1,062 15.9%

Pre-tax profit 1,238 3.6% 26.2% 1,055 17.3% 1,058 17.0%