Great Giant Fibre Garment Co Ltd (4441 TT, NT$190.00) - 2Q26 sales beat

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Great Giant Fibre Garment Co Ltd (4441 TT, NT$190.00) - 2Q26 sales beat

fashion market and diverse consumer demand,

Source: CMoney making it difficult for a single influencer to effectively drive overall sales growth. Amazon

is adjusting its marketing strategies to improve conversion rates. However, the sports

What's changed

series is expected to contribute new growth momentum, as Amazon leverages Prime

New Old %

Rating Buy Buy Video to connect NBA, NFL, and other sports broadcasts, integrating advertising and e-

Target price 226 263 -14 commerce resources to further build a ‘sports ecosystem.’ Bilateral cooperation on sports

EPS forecast 19.72 20.26 -3 products saw small shipment in July, with official launch expected in August. Looking

Target PE 11.5 13 ahead to 3Q26, e-commerce supply is gradually stabilizing, and more than half of the

remaining AGOA tax refunds will be recognized as non-op income, but some deferred

Financial summary Year-end: Dec 31

NT$mn FY25 FY26F FY27F sales recognized early in 2Q26. We revise down our 3Q26 sales forecast to NT$2.28bn, up

Net sales 7,480 8,209 9,307 20.1% QoQ and 1.1% YoY, and lower our EPS projection to NT$5.73.

YoY growth (%) 28.3 9.7 13.4

Op profit 1,066 1,474 1,714

FY26, FY27 earnings to reach new highs, but growth rate revised down

YoY growth (%) 13.9 38.2 16.3

Net profit 928 1,345 1,452 Looking ahead, for raw materials, core customers’ basic material costs are locked in until

YoY growth (%) 0.0 44.9 8.0 the end of this year, so oil price fluctuations have limited impact on costs. For new

EPS (NT$) 14.79 19.72 21.29 customers, the company is cooperating with US chain department stores, which

DPS (NT$) 10.8 14.8 16.0

contributed about US$1mn in sales last year, and is expected to increase to US$10-20mn

PE (x) 12.8 9.6 8.9