PDF 原檔：報告_Citi_國巨2327_20261007_original.pdf
圖片清單（已驗證 2026-10-09）
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60KB | 真資料圖 | 「Figure 1. Yageo – Quarterly sales trend」柱狀圖：1Q21–3Q26E 各季營收（NT$mn，左軸），疊加 QoQ（淺藍折線）與 YoY（黑折線）成長率（右軸），3Q26E 柱體達圖中新高 |
報告_Citi_國巨2327_20261007_002.png |
70KB | 真資料圖 | 「Figure 2. Yageo – Monthly sales trend」柱狀圖：Jan-24–Sep-26 各月營收（NT$mn，左軸），疊加 MoM（淺藍折線）與 YoY（黑折線）成長率（右軸），近月柱體持續墊高 |
報告_Citi_國巨2327_20261007_003.png |
244KB | 真資料圖 | 雙圖：上「Ratings and Target Price History」表（2023-12 至 2026-07 共 13 筆評等／目標價調整，目標價一度上看 NT$1,500 後回落至 NT$1,450）；下「Short-Term View/Catalyst Watch Research」表（14 筆 CW／STV 標記），皆疊加股價走勢圖 |
原始內容
[讀者資訊已遮蔽] citi
07 Oct 2026 08:10:22 ET │ 11 pages
Yageo (2327.TW)
Sep-26 Sales Caps Record 3Q26 Above Guidance; Price Hike Effects Builds Into 4Q26E
CITI'S TAKE
Yageo reported record Sep-26 revenues of NT$17.1bn (+5% MoM/+46% YoY), as demand in Europe and US recovered after the summer holiday, on top of sustained AI demand. 3Q26 revenues reached a record NT$49.5bn (+11% QoQ/+50% YoY), 1%/2% above Citi/cons forecasts. Current quarter top line still beats mgmt.'s "moderate growth" guidance. We believe that growth was again broad-based across commodity and specialty products, and driven by both volume and price. Our channel checks suggest Yageo is gradually rolling out price adjustments to customers. We expect a more visible ASP uplift in 4Q26E as specialty and contract-based business could slow vs the spot and distributor channels. Extended lead times and rising LTA interests continue to support our view on positive industry fundamentals. Maintain Buy.
Flash | Research
Buy
Price (07 Oct 26 13:30)
Target price
Expected share price return
Expected dividend yield
Expected total return Market Cap NT$647.00 NT$1,450.00
124.1%
1.6% 125.7% NT$1,334,844M US$41,985M
Michael Hung AC
+886-2-8726-9092 michael.hung@citi.com
Laura (Chia Yi) Chen +886-2-8726-9090 laura.cy.chen@citi.com
See Appendix A-1 for Analyst Certification, Important Disclosures and Research Analyst Affiliations [讀者資訊已遮蔽]
© 2026 Citigroup Inc. No redistribution without Citigroup's written permission. Source: Company Reports, Citi Research
© 2026 Citigroup Inc. No redistribution without Citigroup's written permission. Source: Company Reports, Citi Research [讀者資訊已遮蔽]
Yageo
Valuation
We set our target price at NT$1,450, based on 35x average 2027E-28E earnings. We value Yageo based on PE as we believe the company's earnings performance and industry dynamics would be the key focuses of the market. Our target multiple of 35x is at the higher end of the trading range since 2022. During this period the company has gone through the cycles, successfully integrated the acquired business to enhance its product offerings, and started to deliver stable margins and earnings.
Risks
Key downside risks to our target price and rating include: 1) slower-than-expected demand recovery; 2) intensified peer and pricing competition; 3) execution risks associated with M&A integration and synergies; and 4) FX and interest rate fluctuations.
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