YAGEO: Positive outlook didn’t break

研报英文原文证据摘录

YAGEO: Positive outlook didn’t break

J P M O R G A N Asia Pacific Equity Research

30 July 2026

YAGEO Overweight

2327.TW, 2327 TT

Positive outlook didn’t break Price (29 Jul 26):NT$507.00

▲Price Target (Dec-26):NT$1,030.00

Prior (Dec-26):NT$1,000.00

• Our view on the 3Q guidance. While YAGEO delivered strong 2Q rev growth

and decent margins (see below) in 2Q, the 3Q rev outlook of “moderate Technology

growth” (which we believe means ~5% up sequentially) was meaningfully Jerry Tsai AC

below the street expectations of 11-12% rev growth q-o-q. Interestingly, (886-2) 2725-9867

YAGEO suggests that the 3Q UTR will rise to the 90-95% level for both jerry.tsai@jpmorgan.com

J.P. Morgan Securities (Taiwan) Limited

commodity and premium segments, a bit higher vs. 80-85% in 2Q. Some of the

Josie Yu production could be geared toward inventory rebuilding (2Q inventory days

(886-2) 2725-9877

dropped to ~110 days from its typical ~120). While we largely keep our original josie.yu@jpmorgan.com

3Q rev forecast of ~NT$46bn (which implies 5% growth q-o-q), we see decent J.P. Morgan Securities (Taiwan) Limited

upside risks in guidance/JPMe. We still see a decent chance of price increases Gokul Hariharan

taking place across many customers/products throughout 3Q. Meanwhile, we (852) 2800-8564

also don’t rule out that YAGEO is monitoring shipments to certain channels. gokul.hariharan@jpmorgan.com

In recent months, the company has quickly gained a more prominent role in the J.P. Morgan Securities (Asia Pacific) Limited/ J.P. Morgan Broking (Hong Kong) Limited

Greater China general IT market (as North Asian peers are shifting focus to AI),

which should ensure the longevity of the ongoing supply/demand balance.

• Slightly lift PT to NT$1,030; positive outlook didn’t break.