PDF 原檔：報告_Daiwa_健策3653_20260918_original.pdf
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23.5KB | 裝飾·banner | Daiwa Capital Markets 報告封面標題橫幅（橘紅漸層背景＋Daiwa logo），文字「Jentech Precision Industrial (3653 TT): 18 September 2026」，無資料內容 |
原始內容
JentechPrecisionIndustrial (3653TT)
Target price: TWD9,420.00 (from TWD6,770.00)
Shareprice(18Sep):TWD5,525.00 | Up/downside:+70.5%
3Q26 preview: stronger-than-expected spec upgrades
- We maintain our positive view on Jentech's product roadmap
- Likely EPS upward revision trend in the following months
- Reaffirming our Buy (1) call; raising 12-month TP to TWD9,420
What's new: We received an update from Jentech on 18 September. Its share price has been negatively impacted week to date by market talk concerning the adoption of removable lids in Vera Rubin and Rubin Ultra. However, we maintain our positive view on its ongoing product-upgrade roadmap and expect the ASP-upgrade trend to continue in the following years. We reaffirm our Buy (1) call (see our latest memo, Record-high monthly revenue for August; 3Q26 QTD revenue tracking ahead, on 7 September 2026).
What's the impact: Promising ASP upgrade trend. Due to rising thermal design power (TDP), we expect the ASP of Jentech's removable lid for Vera Rubin or Rubin Ultra to be 5-6x higher vs. that of the current onepiece lid. Following better-than-expected shipments during the ramp-up of Vera Rubin, we now forecast its 3Q26 revenue at TWD9.65bn (previously TWD9.26bn vs. Bloomberg consensus of TWD9.62bn) and 4Q26 revenue at TWD10.62bn (previously TWD10.20bn, vs. Bloomberg consensus of TWD10.32bn). We believe there could be some revenue upside potential, subject to the adoption of removable lids for Vera Rubin or Rubin Ultra. We now forecast an EPS CAGR of 86.1% over 2026-28E, from 78.8% previously, as we believe further product upgrades and a favourable product mix should continue to support improving profitability.
Bright outlook for GPU projects as well as ASIC projects. We believe Jentech has a more promising product roadmap for ASIC clients, with potential ASP upgrades from the current stiffener. After GPU clients adopt removable lids, it also could encourage its ASIC clients to adopt removable lids, translating to 15-20x ASP increase from here. We raise our 2026-28E EPS by 6-15%, mainly as a result of our more aggressive revenue and gross-/operating-margin assumptions.
What we recommend: We reiterate our Buy (1) call and raise our 12M TP to TWD9,420 (from TWD6,770), still based on a target PER of 73x (vs. its past-3-year PER range of 17-62x) applied to our 1-year forward EPS forecast, which is rolled over to 4Q26E-3Q27E (from 3Q26E-2Q27E). We believe our target valuation is fair, given Jentech's strong earnings visibility and leading position in chip-level thermal solutions, which we believe warrant a rerating in addition to its strong moat and competitive landscape in the segment. Downside risks: weaker-than-expected global AI server demand and slower-than-expected thermal spec upgrades.
How we differ: Our 2026-28E EPS are 1-10% above Bloomberg consensus, likely as we are more aggressive in our revenue and gross/operating-margin assumptions.
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Helen Chien (886) 2 8758 6254 helen.chien@daiwacm-cathay.com.tw
Neil Teng, CFA (886) 2 8758 6256 neil.teng@daiwacm-cathay.com.tw
Forecast revisions (%)
| Year to 31 Dec | 26E | 27E | 28E |
|---|---|---|---|
| Revenue change | 2.5 | 7.0 | 7.8 |
| Net profit change | 5.8 | 14.0 | 14.6 |
| Core EPS (FD) change | 5.9 | 14.0 | 14.6 |
Source: Daiwa forecasts
Share price performance
| 12-month range | 2,020.00-5,990.00 |
|---|---|
| Market cap (USDbn) | 25.43 |
| 3m avg daily turnover (USDm) | 193.79 |
| Shares outstanding (m) | 147 |
| Major shareholder | Chao family (40.0%) |
Financial summary (TWD)
| Year to 31 Dec | 26E | 27E | 28E |
|---|---|---|---|
| Revenue (m) | 32,852 | 60,276 | 86,449 |
| Operating profit (m) | 12,221 | 28,511 | 43,138 |
| Net profit (m) | 10,023 | 22,972 | 34,696 |
| Core EPS (fully-diluted) | 68.236 | 156.399 | 236.217 |
| EPS change (%) | 88.8 | 129.2 | 51.0 |
| Daiwa vs Cons. EPS (%) | 1.3 | 9.8 | 1.2 |
| PER (x) | 81.0 | 35.3 | 23.4 |
| Dividend yield (%) | 0.7 | 1.7 | 2.6 |
| DPS | 41.0 | 93.9 | 141.9 |
| PBR (x) | 26.6 | 17.1 | 11.9 |
| EV/EBITDA (x) | 61.1 | 27.1 | 17.8 |
| ROE (%) | 37.6 | 59.0 | 59.9 |
Source: FactSet, Daiwa forecasts
Jentech: revenue and earnings forecasts revisions
| (TWDm) | 2026E - New | 2026E - Previous | 2026E - Change | 2027E - New | 2027E - Previous | 2027E - Change | 2028E - New | 2028E - Previous | 2028E - Change |
|---|---|---|---|---|---|---|---|---|---|
| Sales | 32,852 | 32,045 | 2.5% | 60,276 | 56,314 | 7.0% | 86,449 | 80,180 | 7.8% |
| Gross profit | 15,933 | 15,157 | 5.1% | 31,946 | 28,157 | 13.5% | 47,547 | 41,694 | 14.0% |
| Gross margin | 48.5% | 47.3% | 1.2pp | 53.0% | 50.0% | 3pp | 55.0% | 52.0% | 3pp |
| Operating profit | 12,221 | 11,536 | 5.9% | 28,511 | 25,003 | 14.0% | 43,138 | 37,685 | 14.5% |
| Operating margin | 37.2% | 36.0% | 1.2pp | 47.3% | 44.4% | 2.9pp | 49.9% | 47.0% | 2.9pp |
| Net profit | 10,023 | 9,473 | 5.8% | 22,972 | 20,153 | 14.0% | 34,696 | 30,280 | 14.6% |
| Net margin | 30.5% | 29.6% | 0.9pp | 38.1% | 35.8% | 2.3pp | 40.1% | 37.8% | 2.4pp |
| Fully Diluted EPS (TWD) | 68.24 | 64.46 | 5.9% | 156.40 | 137.15 | 14.0% | 236.22 | 206.07 | 14.6% |
Source: Daiwa forecasts
Jentech: quarterly and annual P&L
| (TWDm) | 2026E - 1Q26 | 2026E - 2Q26 | 2026E - 3Q26E | 2026E - 4Q26E | 2027E - 1Q27E | 2027E - 2Q27E | 2027E - 3Q27E | 2027E - 4Q27E | 2026E | 2027E | 2028E |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 5,305 | 7,275 | 9,650 | 10,623 | 11,109 | 13,361 | 16,161 | 19,646 | 32,852 | 60,276 | 86,449 |
| Gross profit | 2,217 | 3,405 | 4,873 | 5,439 | 5,721 | 6,948 | 8,646 | 10,632 | 15,933 | 31,946 | 47,547 |
| Operating profit | 1,697 | 2,749 | 3,127 | 4,649 | 4,943 | 6,119 | 7,822 | 9,626 | 12,221 | 28,511 | 43,138 |
| Pre-tax profit | 1,776 | 2,841 | 3,214 | 4,686 | 4,973 | 6,149 | 7,852 | 9,656 | 12,516 | 28,631 | 43,238 |
| Net profit | 1,398 | 2,318 | 2,593 | 3,713 | 3,987 | 4,932 | 6,301 | 7,751 | 10,023 | 22,972 | 34,696 |
| Basic EPS (TWD) | 9.53 | 15.80 | 17.67 | 25.31 | 27.17 | 33.62 | 42.94 | 52.82 | 68.24 | 156.40 | 236.22 |
| Margin | |||||||||||
| Gross margin | 41.8% | 46.8% | 50.5% | 51.2% | 51.5% | 52.0% | 53.5% | 54.1% | 48.5% | 53.0% | 55.0% |
| Operating margin | 32.0% | 37.8% | 32.4% | 43.8% | 44.5% | 45.8% | 48.4% | 49.0% | 37.2% | 47.3% | 49.9% |
| Pre-tax margin | 33.5% | 39.1% | 33.3% | 44.1% | 44.8% | 46.0% | 48.6% | 49.2% | 38.1% | 47.5% | 50.0% |
| Net margin | 26.4% | 31.9% | 26.9% | 35.0% | 35.9% | 36.9% | 39.0% | 39.5% | 30.5% | 38.1% | 40.1% |
| YoY | |||||||||||
| Revenue | 11.6% | 40.4% | 90.4% | 101.5% | 109.4% | 83.7% | 67.5% | 84.9% | 62.0% | 83.5% | 43.4% |
| Gross profit | 3.8% | 58.4% | 146.7% | 150.1% | 158.1% | 104.0% | 77.4% | 95.5% | 88.9% | 100.5% | 48.8% |
| Operating profit | 1.8% | 61.8% | 110.6% | 182.0% | 191.4% | 122.6% | 150.2% | 107.1% | 88.1% | 133.3% | 51.3% |
| Pre-tax profit | 2.0% | 114.1% | 86.6% | 157.9% | 180.1% | 116.5% | 144.3% | 106.1% | 89.4% | 128.8% | 51.0% |
| Net profit | 2.0% | 106.8% | 91.2% | 159.9% | 185.2% | 112.7% | 143.0% | 108.7% | 89.9% | 129.2% | 51.0% |
| QoQ | |||||||||||
| Revenue | 0.6% | 37.1% | 32.7% | 10.1% | 4.6% | 20.3% | 21.0% | 21.6% | |||
| Gross profit | 1.9% | 53.6% | 43.1% | 11.6% | 5.2% | 21.4% | 24.4% | 23.0% | |||
| Operating profit | 2.9% | 62.0% | 13.7% | 48.7% | 6.3% | 23.8% | 27.8% | 23.1% | |||
| Pre-tax profit | -2.3% | 60.0% | 13.1% | 45.8% | 6.1% | 23.6% | 27.7% | 23.0% | |||
| Net profit | -2.2% | 65.8% | 11.8% | 43.2% | 7.4% | 23.7% | 27.7% | 23.0% |
Source: Company, Daiwa forecasts
Financial summary
Key assumptions
| Year to 31 Dec | 2021 | 2022 | 2023 | 2024 | 2025 | 2026E | 2027E | 2028E |
|---|---|---|---|---|---|---|---|---|
| Thermal heat spreader revenue growth (%) | 10.4 | 73.8 | 21.2 | 25.7 | 58.2 | 69.6 | 100.0 | 49.4 |
| Lead frame revenue growth (%) | 51.0 | 2.3 | (13.1) | (5.8) | (4.1) | 48.9 | 30.2 | 0.0 |
| Electronic Components revenue growth (%) | 41.4 | 4.7 | (43.5) | 3.5 | 15.9 | 17.9 | 23.2 | 21.6 |
Profit and loss (TWDm)
| Year to 31 Dec | 2021 | 2022 | 2023 | 2024 | 2025 | 2026E | 2027E | 2028E |
|---|---|---|---|---|---|---|---|---|
| Thermal heat spreader | 3,533 | 6,139 | 7,444 | 9,358 | 14,804 | 25,106 | 50,219 | 75,004 |
| Lead frame | 2,326 | 2,380 | 2,068 | 1,948 | 1,868 | 2,780 | 3,620 | 3,620 |
| Other Revenue | 2,942 | 3,513 | 2,551 | 2,972 | 3,604 | 4,965 | 6,438 | 7,825 |
| Total Revenue | 8,801 | 12,032 | 12,063 | 14,278 | 20,276 | 32,852 | 60,276 | 86,449 |
| Other income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| COGS | (6,043) | (7,706) | (8,020) | (8,913) | (11,842) | (16,919) | (28,330) | (38,902) |
| SG&A | (658) | (838) | (838) | (969) | (1,196) | (2,727) | (2,230) | (2,680) |
| Other op.expenses | (390) | (454) | (527) | (598) | (740) | (986) | (1,206) | (1,729) |
| Operating profit | 1,710 | 3,034 | 2,677 | 3,799 | 6,498 | 12,221 | 28,511 | 43,138 |
| Net-interest inc./(exp.) | (25) | (16) | 83 | 83 | 54 | 135 | 70 | 50 |
| Assoc/forex/extraord./others | (93) | 351 | 25 | 364 | 54 | 160 | 50 | 50 |
| Pre-tax profit | 1,592 | 3,369 | 2,786 | 4,245 | 6,607 | 12,516 | 28,631 | 43,238 |
| Tax | (354) | (712) | (534) | (830) | (1,297) | (2,456) | (5,619) | (8,485) |
| Min. int./pref. div./others | (42) | (42) | 46 | 13 | (33) | (37) | (40) | (57) |
| Net profit (reported) | 1,196 | 2,614 | 2,298 | 3,428 | 5,277 | 10,023 | 22,972 | 34,696 |
| Net profit (adjusted) | 1,196 | 2,614 | 2,298 | 3,428 | 5,277 | 10,023 | 22,972 | 34,696 |
| EPS (reported)(TWD) | 9.884 | 19.536 | 16.594 | 24.149 | 36.753 | 68.309 | 156.556 | 236.454 |
| EPS (adjusted)(TWD) | 9.884 | 19.536 | 16.594 | 24.149 | 36.753 | 68.309 | 156.556 | 236.454 |
| EPS (adjusted fully-diluted)(TWD) | 9.407 | 18.643 | 16.280 | 24.074 | 36.140 | 68.236 | 156.399 | 236.217 |
| DPS (TWD) | 6.000 | 11.660 | 9.850 | 14.500 | 22.000 | 40.986 | 93.933 | 141.872 |
| EBIT | 1,710 | 3,034 | 2,677 | 3,799 | 6,498 | 12,221 | 28,511 | 43,138 |
| EBITDA | 2,047 | 3,855 | 3,238 | 4,759 | 7,201 | 13,084 | 29,287 | 43,998 |
Cash flow (TWDm)
| Year to 31 Dec | 2021 | 2022 | 2023 | 2024 | 2025 | 2026E | 2027E | 2028E |
|---|---|---|---|---|---|---|---|---|
| Profit before tax | 1,592 | 3,369 | 2,786 | 4,245 | 6,607 | 12,516 | 28,631 | 43,238 |
| Depreciation and amortisation | 430 | 469 | 536 | 597 | 648 | 703 | 726 | 810 |
| Tax paid | (230) | (313) | (848) | (563) | (887) | (2,456) | (5,619) | (8,485) |
| Change in working capital | (952) | (840) | 662 | (1,211) | (1,348) | (4,490) | (9,077) | (9,086) |
| Other operational CF items | 65 | 110 | (78) | (177) | (246) | (135) | (70) | (50) |
| Cash flow from operations | 905 | 2,795 | 3,057 | 2,891 | 4,774 | 6,137 | 14,591 | 26,427 |
| Capex | (684) | (805) | (453) | (613) | (1,173) | (1,200) | (1,200) | (1,500) |
| Net (acquisitions)/disposals | (653) | (21) | 270 | 179 | 146 | 131 | 131 | 131 |
| Other investing CF items | (15) | (279) | (103) | (2,129) | 13 | 0 | 0 | 0 |
| Cash flow from investing | (1,352) | (1,105) | (287) | (2,563) | (1,014) | (1,069) | (1,069) | (1,369) |
| Change in debt | 770 | (246) | (222) | (744) | 5,197 | 0 | 0 | 0 |
| Net share issues/(repurchases) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends paid | (733) | (785) | (1,662) | (1,436) | (2,072) | (3,187) | (6,014) | (13,783) |
| Other financing CF items | (14) | (19) | (33) | (35) | (48) | 0 | 0 | 0 |
| Cash flow from financing | 22 | (1,050) | (1,917) | (2,215) | 3,077 | (3,187) | (6,014) | (13,783) |
| Forex effect/others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in cash | (425) | 640 | 853 | (1,887) | 6,837 | 1,881 | 7,508 | 11,275 |
| Free cash flow | 221 | 1,897 | 2,597 | 2,371 | 3,791 | 4,937 | 13,391 | 24,927 |
Source: FactSet, Daiwa forecasts
Financial summary continued …
Balance sheet (TWDm)
| Year to 31 Dec | 2021 | 2022 | 2023 | 2024 | 2025 | 2026E | 2027E | 2028E |
|---|---|---|---|---|---|---|---|---|
| Cash & short-term investment | 2,648 | 3,317 | 4,156 | 2,267 | 9,134 | 11,015 | 18,523 | 29,798 |
| Inventory | 3,359 | 3,596 | 2,481 | 3,062 | 3,810 | 5,673 | 9,144 | 12,668 |
| Accounts receivable | 2,373 | 2,730 | 2,713 | 4,115 | 5,538 | 9,058 | 16,356 | 23,646 |
| Other current assets | 70 | 43 | 62 | 51 | 85 | 85 | 85 | 85 |
| Total current assets | 8,450 | 9,686 | 9,411 | 9,495 | 18,567 | 25,830 | 44,108 | 66,197 |
| Fixed assets | 4,436 | 4,675 | 4,833 | 4,852 | 8,073 | 8,570 | 9,044 | 9,733 |
| Goodwill & intangibles | 12 | 10 | 13 | 12 | 14 | 14 | 14 | 14 |
| Other non-current assets | 623 | 1,407 | 1,588 | 4,104 | 1,315 | 1,315 | 1,315 | 1,315 |
| Total assets | 13,521 | 15,777 | 15,846 | 18,462 | 27,969 | 35,729 | 54,481 | 77,260 |
| Short-term debt | 773 | 1,743 | 397 | 0 | 0 | 0 | 0 | 0 |
| Accounts payable | 1,882 | 2,176 | 2,052 | 2,790 | 3,521 | 4,469 | 6,217 | 8,001 |
| Other current liabilities | 224 | 619 | 335 | 630 | 932 | 99 | 99 | 99 |
| Total current liabilities | 2,878 | 4,537 | 2,785 | 3,420 | 4,453 | 4,568 | 6,316 | 8,100 |
| Long-term debt | 437 | 432 | 348 | 5 | 5 | 5 | 5 | 5 |
| Other non-current liabilities | 2,194 | 350 | 375 | 379 | 445 | 445 | 445 | 445 |
| Total liabilities | 5,509 | 5,319 | 3,507 | 3,804 | 4,904 | 5,018 | 6,766 | 8,550 |
| Share capital | 1,223 | 1,368 | 1,408 | 1,429 | 1,467 | 1,467 | 1,467 | 1,467 |
| Reserves/R.E./others | 5,854 | 8,152 | 10,070 | 13,037 | 21,370 | 28,980 | 45,943 | 66,881 |
| Shareholders' equity | 7,078 | 9,520 | 11,478 | 14,466 | 22,837 | 30,447 | 47,411 | 68,348 |
| Minority interests | 934 | 938 | 860 | 192 | 227 | 264 | 304 | 361 |
| Total equity & liabilities | 13,521 | 15,777 | 15,846 | 18,462 | 27,969 | 35,729 | 54,481 | 77,260 |
| EV | 810,196 | 810,495 | 808,150 | 808,629 | 801,799 | 799,954 | 792,486 | 781,268 |
| Net debt/(cash) | (1,438) | (1,143) | (3,411) | (2,262) | (9,129) | (11,010) | (18,518) | (29,793) |
| BVPS (TWD) | 58.480 | 71.142 | 82.877 | 101.919 | 159.052 | 207.500 | 323.107 | 465.801 |
Key ratios (%)
| Year to 31 Dec | 2021 | 2022 | 2023 | 2024 | 2025 | 2026E | 2027E | 2028E |
|---|---|---|---|---|---|---|---|---|
| Sales (YoY) | 28.6 | 36.7 | 0.3 | 18.4 | 42.0 | 62.0 | 83.5 | 43.4 |
| EBITDA (YoY) | 30.6 | 88.3 | (16.0) | 47.0 | 51.3 | 81.7 | 123.8 | 50.2 |
| Operating profit (YoY) | 52.8 | 77.4 | (11.8) | 41.9 | 71.1 | 88.1 | 133.3 | 51.3 |
| Net profit (YoY) | 19.6 | 118.6 | (12.1) | 49.2 | 54.0 | 89.9 | 129.2 | 51.0 |
| Core EPS (fully-diluted) (YoY) | 14.3 | 98.2 | (12.7) | 47.9 | 50.1 | 88.8 | 129.2 | 51.0 |
| Gross-profit margin | 31.3 | 36.0 | 33.5 | 37.6 | 41.6 | 48.5 | 53.0 | 55.0 |
| EBITDA margin | 23.3 | 32.0 | 26.8 | 33.3 | 35.5 | 39.8 | 48.6 | 50.9 |
| Operating-profit margin | 19.4 | 25.2 | 22.2 | 26.6 | 32.0 | 37.2 | 47.3 | 49.9 |
| Net profit margin | 13.6 | 21.7 | 19.1 | 24.0 | 26.0 | 30.5 | 38.1 | 40.1 |
| ROAE | 17.7 | 31.5 | 21.9 | 26.4 | 28.3 | 37.6 | 59.0 | 59.9 |
| ROAA | 9.6 | 17.8 | 14.5 | 20.0 | 22.7 | 31.5 | 50.9 | 52.7 |
| ROCE | 20.1 | 27.8 | 20.8 | 27.4 | 34.4 | 45.4 | 72.7 | 74.1 |
| ROIC | 23.6 | 30.1 | 23.7 | 28.7 | 39.7 | 58.4 | 93.7 | n.a |
| Net debt to equity | n.a. | n.a. | n.a. | n.a. | n.a. | n.a. | n.a. | n.a. |
| Effective tax rate | 22.2 | 21.1 | 19.2 | 19.6 | 19.6 | 19.6 | 19.6 | 19.6 |
| Accounts receivable (days) | 87.2 | 77.4 | 82.4 | 87.3 | 86.9 | 81.1 | 76.9 | 84.4 |
| Current ratio (x) | 2.9 | 2.1 | 3.4 | 2.8 | 4.2 | 5.7 | 7.0 | 8.2 |
| Net interest cover (x) | 67.9 | 183.9 | n.a. | n.a. | n.a. | n.a. | n.a. | n.a. |
| Net dividend payout | 60.7 | 59.7 | 59.4 | 60.0 | 59.9 | 60.0 | 60.0 | 60.0 |
| Free cash flow yield | 0.0 | 0.2 | 0.3 | 0.3 | 0.5 | 0.6 | 1.7 | 3.1 |
Source: FactSet, Daiwa forecasts
Company profile
Established in 1987, Jentech Precision Industrial is a leading global thermal-solutions and precisionmetal components maker that serves leading semiconductor and server vendors. As of 2025, its revenue comprised thermal heat spreaders (73%), lead frames (9%), electronic components (7%), communication connectors (1%) and others (10%).
ESG analysis
ESG risks
| Risks | Risks | Management | Analystcomments |
|---|---|---|---|
| Executive/board quality | 1 | The CEO and chairperson of Jentech is the same individual, Mr. Zhao Zongxin. We note that Mr. Zhao has extensive long-term experience in senior management within the company and across its subsidiaries, which is a positive sign from an executive perspective. | |
| G | Capital management | 1 | Between 2021-25, Jentech has maintained a dividend payout ratio of around 60%, which we consider reasonable for balancing shareholder returns with reinvestment needs. This consistent approach reflects prudent capital management discipline and a stable financial policy. |
| Related party & transaction | 1 | The company engages in transactions with subsidiaries primarily for normal operational purposes, such as purchase of materials and components. The proportion of these costs to overall COGS remains low, and no irregular or non-transparent transactions were identified. | |
| E | Supplychain management | 1 | Jentech has a structured procurement process, including supplier evaluation, signature of procurement contracts, and requirements for compliance with environmental and safety regulations. The company also diversifies sourcing channels (major suppliers from Taiwan, Japan, Europe, Korea, USA) and maintains stable supply relationships, with clear communication protocols for prompt response to supplier issues. This reflects strong supply chain transparency and robust quality control measures. |
| E | Datasecurity | 1 | The company has established an information security team, conducts annual internal control audits, and implements procedures such as asset inventory, network security monitoring, virus prevention systems, firewall management, and access rights control. Backup systems and disaster recovery mechanisms are in place, allowing the company to restore information system operations and minimize damage during major incidents or equipment failures. |
Note: Management score represents a company's ability to manage/benefit from certain ESG topics. The scores range from 1 to 3, with 1 being the strongest.
Update Date: 29 May 2026
Source: Daiwa, Company