Yageo: Buy: better supply-demand and higher price/UTR from AI upcycle; PO to NT$927

研报英文原文证据摘录

Yageo: Buy: better supply-demand and higher price/UTR from AI upcycle; PO to NT$927

APR - Technology Hardware Coverage Cluster

Investment rating Company BofA Ticker Bloomberg symbol Analyst

Everwin Precision XSHZF 300115 CH Katherine Zhu

Genius Electronic Optical GNSEF 3406 TT Robert Cheng

Lens Tech XLTGF 300433 CH Katherine Zhu

LG Display LPHLF 034220 KS Simon Woo, CFA

LG Display-ADR LPL LPL US Simon Woo, CFA

Lianchuang Electronic XWOFF 002036 CH Katherine Zhu

Pegatron PGTRF 4938 TT Robert Cheng

Sanan Opto XEQYF 600703 CH Katherine Zhu

Seoul Semiconductor SLSOF 046890 KS Simon Woo, CFA

Shengyi DGUNF 600183 CH Mike Yang

Sunway Communications XWSVF 300136 CH Katherine Zhu

Tianma XVZLF 000050 CH Brad Lin

Transsion XCINF 688036 CH Robert Cheng

iQmethod SM Measures Definitions

Business Performance Numerator Denominator

Return On Capital Employed NOPAT = (EBIT + Interest Income) × (1 − Tax Rate) + Goodwill Amortization Total Assets − Current Liabilities + ST Debt + Accumulated Goodwill

Amortization

Return On Equity Net Income Shareholders’ Equity

Operating Margin Operating Profit Sales

Earnings Growth Expected 5 Year CAGR From Latest Actual N/A

Free Cash Flow Cash Flow From Operations − Total Capex N/A

Quality of Earnings Numerator Denominator

Cash Realization Ratio Cash Flow From Operations Net Income

Asset Replacement Ratio Capex Depreciation

Tax Rate Tax Charge Pre-Tax Income

Net Debt-To-Equity Ratio Net Debt = Total Debt − Cash & Equivalents Total Equity

Interest Cover EBIT Interest Expense

Valuation Toolkit Numerator Denominator

Price / Earnings Ratio Current Share Price Diluted Earnings Per Share (Basis As Specified)

Price / Book Value Current Share Price Shareholders’ Equity / Current Basic Shares

Dividend Yield Annualised Declared Cash Dividend Current Share Price