Pegavision Corp (6491 TT, NT$365.50) - Big gets bigger, sequential QoQ growth

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Pegavision Corp (6491 TT, NT$365.50) - Big gets bigger, sequential QoQ growth

monthly silicone hydrogel capacity expansion at the Daxi

plant, raising its monthly capacity to 15mn pieces. Meanwhile, the Nantong plant also

completed a 3mn-piece expansion, bringing monthly capacity to 8mn pieces.

Source: CMoney Clear industry trend of labor division, with Japan, Europe maintaining high growth

Competition in the contact lens industry is gradually returning to rationality, with the

What's changed

industry chain moving toward professional division of labor. Brands and channel operators

New Old %

Rating Buy Buy focus on product marketing and consumer management, while manufacturers concentrate

Target price 410 354 16 on product design, quality, and production efficiency. Companies with technological and

EPS forecast 25.6 25.27 1 scale advantages are expected to continue expanding market share. Pegavision is deeply

Target PE 16 14 cultivating major markets and continuously expanding capacity, with economies of scale

gradually emerging. In the Japanese market, growth momentum includes: 1) strongFinancial summary Year-end: Dec 31

NT$mn FY25 FY26F FY27F demand for daily disposable silicone hydrogel and colored hydrogel lenses, with the

Net sales 7,039 8,309 9,861 company’s OEM products ranking among the top three according to sales data; 2) major

YoY growth (%) 3.3 18.0 18.7

channel customers resuming pull-in, with an optimistic FY26 outlook; 3) customersOp profit 1,807 2,356 2,872

YoY growth (%) -13.4 30.4 21.9 continuing to expand overseas channels, driving shipment. In addition, Japanese physical

Net profit 1,628 1,997 2,368 and online channels are gradually moving away from platform-based models toward

YoY growth (%) -11.1 22.7 18.6