PDF 原檔：報告_Daiwa_聯茂6213_3Q26預覽_20261014_original.pdf
原始內容
ITEQ Corp (6213 TT)
Target price: TWD1,110.00 (from TWD600.00)
Shareprice(14Oct):TWD856.00 | Up/downside:+29.7%
3Q26 results preview: better-than-expected price hikes
- Expecting better price hikes from 2H26 to 1H27
- Spec upgrades driven by new CPU platform adoption in 2027
- Reiterating our Buy (1) rating; raising our 12M TP to TWD1,110
What's new: We preview ITEQ's 3Q26 results (due on 6 November). In our previous note, 'Upgrading: strong beat in 2Q26 with improving outlook' (7 August), we had underestimated the magnitude and durability of price hikes for E-glass and M4-and-below CCL. We raise our 2026-28E earnings by 43-70% to reflect better-than-expected pricing and gross margin performance, which leads to our higher TP of TWD1,110 (from TWD600).
What's the impact: Ongoing price hike of E-glass and M4-and-below
CCL. This week, a major Japanese copper-clad laminate (CCL) vendor raised its entry-level CCL price by 200% to catch up with other global peers' price hike level. One of the Chinese peers is also having a constant c.10% ASP hike on a monthly basis in 2026. We are increasingly confident in the management's target for its blended price hike in 2H26. We now forecast c.30%/20% price hikes in 3Q26E and 4Q26E, respectively (vs. our previous estimates of 20%/10%). Looking ahead, we expect another 10% price hike per quarter in 1H27 (c.20% price hike in total), while pricing should gradually stabilise in 2H27 given the rising supply of E-glass, in our view. While the visibility towards 2H27 and 2028 remains relatively limited, we believe the key upside risks to our current forecast will be the strongerthan-expected price hike magnitude and durability of the current up-cycle.
3Q26 results preview. After factoring in stronger-than-expected price hikes, ITEQ's 3Q26 revenue grew c.35% QoQ, mainly driven by the 30% price hike despite utilisation rate staying at c.75%. We lift our gross margin forecast to c.30.3% (from 24.7% in our August note), in line with the August preliminary results' pre-tax margin of 25.8%. With price hikes continuing, we expect the 4Q26E gross margin to expand to c.35%. Given disciplined capacity expansion through 2028, we expect the higher GM to be sustained through 2028. Beyond price hike, we believe the key longer-term growth drivers include: a) rising regular server demand and new platform adoption (using M7 grade CCL) in 2027; and b) M9 certification by more clients.
What we recommend: We raise our 2026-28E EPS by 43-70% to factor in the price hikes. We reaffirm our Buy (1) rating, and raise our 12M TP to TWD1,110 (from TWD600), based on an unchanged target PER of 22x (higher than the range during the past 12 months of 5-18x) applied to our 1year-forward EPS. While we expect the current upcycle will eventually ease starting from mid-2027, we remain positive on the near-term price outlook. Key downside risk: weaker-than-expected regular server demand.
How we differ: Our 2026-28E EPS are 36-60% above the Bloomberg consensus, mainly due to our more aggressive view on ITEQ's price hikes and margin profile.
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Sheng Cheng (886) 2 8758 6253
sheng.cheng@daiwacm-cathay.com.tw
Thomas Kim (886) 2 8758 6249 thomas.kim@daiwacm-cathay.com.tw
Forecast revisions (%)
| Year to 31 Dec | 26E | 27E | 28E |
|---|---|---|---|
| Revenue change | 9.8 | 19.6 | 19.7 |
| Net profit change | 43.4 | 69.8 | 50.0 |
| Core EPS (FD) change | 43.2 | 69.6 | 49.8 |
Source: Daiwa forecasts
Share price performance
| 12-month range | 97.90-856.00 |
|---|---|
| Market cap (USDbn) | 9.66 |
| 3m avg daily turnover (USDm) | 268.04 |
| Shares outstanding (m) | 364 |
| Major shareholder Yu Chang | Investment Co Ltd (7.4%) |
Financial summary (TWD)
| Year to 31 Dec | 26E | 27E | 28E |
|---|---|---|---|
| Revenue (m) | 54,661 | 84,949 | 114,940 |
| Operating profit (m) | 11,424 | 26,025 | 34,121 |
| Net profit (m) | 7,932 | 18,013 | 23,594 |
| Core EPS (fully-diluted) | 21.828 | 49.553 | 64.907 |
| EPS change (%) | 424.6 | 127.0 | 31.0 |
| Daiwa vs Cons. EPS (%) | 36.4 | 58.8 | 60.4 |
| PER (x) | 39.2 | 17.3 | 13.2 |
| Dividend yield (%) | 1.9 | 4.3 | 5.7 |
| DPS | 16.4 | 37.2 | 48.7 |
| PBR (x) | 10.9 | 7.6 | 6.0 |
| EV/EBITDA (x) | 24.2 | 11.1 | 8.6 |
| ROE (%) | 31.9 | 51.8 | 50.7 |
Source: FactSet, Daiwa forecasts
ITEQ: Daiwa revenue and earnings forecasts revisions vs. the consensus
| (TWDm) | 2026E - Previous | 2026E - New | 2026E - Consensus | 2027E - Previous | 2027E - New | 2027E - Consensus | 2028E - Previous | 2028E - New | 2028E - Consensus |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | 49,782 | 54,661 | 50,496 | 71,038 | 84,949 | 75,813 | 96,034 | 114,940 | 90,130 |
| Diff (%) | 9.8% | 8.2% | 19.6% | 12.0% | 19.7% | 27.5% | |||
| Gross Margin (%) | 22.2% | 26.8% | 23.6% | 27.3% | 36.1% | 28.4% | 29.3% | 34.7% | 28.6% |
| Operating profit | 7,952 | 11,424 | 8,582 | 15,312 | 26,025 | 16,726 | 22,746 | 34,121 | 21,499 |
| Op Margin (%) | 16.0% | 20.9% | 17.0% | 21.6% | 30.6% | 22.1% | 23.7% | 29.7% | 23.9% |
| Net profit | 5,532 | 7,932 | 5,819 | 10,608 | 18,013 | 11,340 | 15,730 | 23,594 | 14,709 |
| EPS (TWD) | 15.24 | 21.82 | 16.01 | 29.22 | 49.55 | 31.20 | 43.34 | 64.91 | 40.47 |
| Diff (%) | 43.2% | 36.4% | 69.6% | 58.8% | 49.8% | 60.4% |
Source: Bloomberg, Daiwa forecasts
ITEQ: quarterly and annual P&L statement
| (TWDm) | 2026E - 1Q | 2026E - 2Q | 2026E - 3QE | 2026E - 4QE | 2027E - 1QE | 2027E - 2QE | 2027E - 3QE | 2027E - 4QE | 2025 | 2026E | 2027E | 2028E |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net revenue | 9,143 | 11,530 | 15,617 | 18,371 | 18,653 | 20,297 | 22,642 | 23,357 | 33,098 | 54,661 | 84,949 | 114,940 |
| COGS | -8,099 | -8,991 | -10,891 | -12,029 | -12,021 | -12,971 | -14,363 | -14,966 | -28,314 | -40,010 | -54,322 | -75,072 |
| Gross profit | 1,044 | 2,539 | 4,726 | 6,341 | 6,631 | 7,326 | 8,278 | 8,391 | 4,785 | 14,651 | 30,626 | 39,868 |
| Operating expenses | 620 | 691 | 906 | 1,010 | 1,045 | 1,096 | 1,223 | 1,238 | 2,402 | 3,227 | 4,601 | 5,747 |
| Operating profit | 424 | 1,848 | 3,821 | 5,331 | 5,587 | 6,230 | 7,056 | 7,153 | 2,383 | 11,424 | 26,025 | 34,121 |
| Non-operating profit | 59 | -14 | 16 | 18 | 18 | 19 | 21 | 22 | -16 | 79 | 81 | 73 |
| Pre-tax profit | 483 | 1,834 | 3,836 | 5,349 | 5,605 | 6,249 | 7,077 | 7,175 | 2,367 | 11,502 | 26,106 | 34,194 |
| Net profit | 315 | 1,279 | 2,647 | 3,691 | 3,867 | 4,312 | 4,883 | 4,951 | 1,510 | 7,932 | 18,013 | 23,594 |
| Net EPS (TWD) | 0.87 | 3.52 | 7.28 | 10.15 | 10.64 | 11.86 | 13.43 | 13.62 | 4.16 | 21.82 | 49.55 | 64.91 |
| Operating Ratios | ||||||||||||
| Gross margin | 11.4% | 22.0% | 30.3% | 34.5% | 35.6% | 36.1% | 36.6% | 35.9% | 14.5% | 26.8% | 36.1% | 34.7% |
| Operating margin | 4.6% | 16.0% | 24.5% | 29.0% | 30.0% | 30.7% | 31.2% | 30.6% | 7.2% | 20.9% | 30.6% | 29.7% |
| Pre-tax margin | 5.3% | 15.9% | 24.6% | 29.1% | 30.0% | 30.8% | 31.3% | 30.7% | 7.2% | 21.0% | 30.7% | 29.7% |
| Net margin | 3.4% | 11.1% | 16.9% | 20.1% | 20.7% | 21.2% | 21.6% | 21.2% | 4.6% | 14.5% | 21.2% | 20.5% |
| YoY (%) | ||||||||||||
| Net revenue | 21% | 30% | 102% | 106% | 104% | 76% | 45% | 27% | 13% | 65% | 55% | 35% |
| Gross profit | -3% | 84% | 346% | 403% | 535% | 189% | 75% | 32% | 30% | 206% | 109% | 30% |
| Operating profit | -19% | 135% | 757% | 750% | 1217% | 237% | 85% | 34% | 76% | 379% | 128% | 31% |
| Pre-tax profit | -10% | 174% | 636% | 734% | 1059% | 241% | 84% | 34% | 80% | 386% | 127% | 31% |
| Net profit | -7% | 204% | 715% | 762% | 1130% | 237% | 84% | 34% | 84% | 425% | 127% | 31% |
| QoQ (%) | ||||||||||||
| Net revenue | 3% | 26% | 35% | 18% | 2% | 9% | 12% | 3% | ||||
| Gross profit | -17% | 143% | 86% | 34% | 5% | 10% | 13% | 1% | ||||
| Operating profit | -32% | 336% | 107% | 40% | 5% | 12% | 13% | 1% | ||||
| Pre-tax profit | -25% | 279% | 109% | 39% | 5% | 11% | 13% | 1% | ||||
| Net profit | -27% | 307% | 107% | 39% | 5% | 11% | 13% | 1% |
Source: Company, Daiwa forecasts
ITEQ: 1-year forward PER bands
ITEQ: revenue breakdown by product
Source: TEJ, Daiwa forecasts
Source: Company, Daiwa forecasts
Financial summary
Key assumptions
| Year to 31 Dec | 2021 | 2022 | 2023 | 2024 | 2025 | 2026E | 2027E | 2028E |
|---|---|---|---|---|---|---|---|---|
| Global PC shipment (mn) | 361 | 301 | 260 | 263 | 287 | 244 | 244 | 244 |
| Regular server shipment (mn) | 14 | 15 | 12 | 14 | 16 | 18 | 22 | 26 |
| Global smartphone shipment (mn) | 1,655 | 1,437 | 1,380 | 1,437 | 1,429 | 1,249 | 1,255 | 1,300 |
Profit and loss (TWDm)
| Year to 31 Dec | 2021 | 2022 | 2023 | 2024 | 2025 | 2026E | 2027E | 2028E |
|---|---|---|---|---|---|---|---|---|
| Infrastructure | 17,295 | 16,881 | 15,003 | 18,682 | 22,598 | 40,112 | 67,244 | 97,489 |
| Consumer | 8,658 | 5,644 | 3,878 | 3,511 | 3,454 | 4,213 | 4,701 | 4,206 |
| Other Revenue | 6,571 | 6,604 | 6,198 | 7,184 | 7,046 | 10,336 | 13,004 | 13,245 |
| Total Revenue | 32,525 | 29,130 | 25,079 | 29,378 | 33,098 | 54,661 | 84,949 | 114,940 |
| Other income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| COGS | (26,545) | (25,190) | (21,973) | (25,688) | (28,314) | (40,010) | (54,322) | (75,072) |
| SG&A | (1,654) | (1,511) | (1,580) | (1,644) | (1,605) | (907) | 0 | 0 |
| Other op.expenses | (506) | (533) | (531) | (696) | (797) | (2,321) | (4,601) | (5,747) |
| Operating profit | 3,819 | 1,896 | 995 | 1,351 | 2,383 | 11,424 | 26,025 | 34,121 |
| Net-interest inc./(exp.) | (81) | (107) | (143) | (174) | (145) | (124) | (128) | (129) |
| Assoc/forex/extraord./others | 76 | 526 | 301 | 140 | 129 | 203 | 209 | 202 |
| Pre-tax profit | 3,815 | 2,315 | 1,152 | 1,317 | 2,367 | 11,502 | 26,106 | 34,194 |
| Tax | (670) | (460) | (476) | (496) | (856) | (3,571) | (8,093) | (10,600) |
| Min. int./pref. div./others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net profit (reported) | 3,145 | 1,855 | 677 | 822 | 1,510 | 7,932 | 18,013 | 23,594 |
| Net profit (adjusted) | 3,145 | 1,855 | 677 | 822 | 1,510 | 7,932 | 18,013 | 23,594 |
| EPS (reported)(TWD) | 8.997 | 4.940 | 1.864 | 2.264 | 4.161 | 21.820 | 49.553 | 64.907 |
| EPS (adjusted)(TWD) | 8.997 | 4.940 | 1.864 | 2.264 | 4.161 | 21.820 | 49.553 | 64.907 |
| EPS (adjusted fully-diluted)(TWD) | 9.221 | 4.899 | 1.864 | 2.264 | 4.161 | 21.828 | 49.553 | 64.907 |
| DPS (TWD) | 5.000 | 3.000 | 1.500 | 1.800 | 2.999 | 16.369 | 37.165 | 48.680 |
| EBIT | 3,819 | 1,896 | 995 | 1,351 | 2,383 | 11,424 | 26,025 | 34,121 |
| EBITDA | 4,767 | 2,966 | 2,158 | 2,824 | 3,969 | 13,080 | 27,764 | 35,947 |
Cash flow (TWDm)
| Year to 31 Dec | 2021 | 2022 | 2023 | 2024 | 2025 | 2026E | 2027E | 2028E |
|---|---|---|---|---|---|---|---|---|
| Profit before tax | 3,815 | 2,315 | 1,152 | 1,317 | 2,367 | 11,502 | 26,106 | 34,194 |
| Depreciation and amortisation | 948 | 1,069 | 1,163 | 1,474 | 1,586 | 1,656 | 1,739 | 1,826 |
| Tax paid | (670) | (460) | (476) | (496) | (856) | (3,571) | (8,093) | (10,600) |
| Change in working capital | 7,455 | (7,092) | (114) | 1,041 | 6,742 | 21,005 | 14,579 | 28,738 |
| Other operational CF items | (8,395) | 10,597 | 371 | (2,411) | (7,569) | (35,115) | (20,965) | (41,334) |
| Cash flow from operations | 3,153 | 6,429 | 2,097 | 925 | 2,269 | (4,522) | 13,366 | 12,824 |
| Capex | (4,948) | (1,325) | (567) | (677) | (325) | (66) | (204) | (163) |
| Net (acquisitions)/disposals | (8) | 51 | (2) | (11) | 17 | (5) | 6 | 1 |
| Other investing CF items | (7) | (1,947) | (679) | (1,008) | (1,174) | (1,969) | 0 | 0 |
| Cash flow from investing | (4,964) | (3,221) | (1,248) | (1,696) | (1,482) | (2,039) | (198) | (163) |
| Change in debt | (2,733) | 901 | 1,110 | 217 | 148 | 2,190 | 0 | 0 |
| Net share issues/(repurchases) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends paid | (1,665) | (1,915) | (1,089) | (544) | (653) | (1,090) | (5,950) | (13,510) |
| Other financing CF items | 7,330 | (381) | (192) | (61) | (30) | 366 | 0 | 0 |
| Cash flow from financing | 2,933 | (1,395) | (171) | (389) | (535) | 1,466 | (5,950) | (13,510) |
| Forex effect/others | 14 | (1,022) | (297) | 149 | 154 | 888 | 669 | 694 |
| Change in cash | 1,136 | 791 | 380 | (1,011) | 406 | (4,208) | 7,887 | (154) |
| Free cash flow | (1,795) | 5,104 | 1,529 | 248 | 1,944 | (4,588) | 13,162 | 12,661 |
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 | 4,428 | 5,217 | 5,685 | 4,648 | 4,994 | 1,966 | 9,853 | 9,698 |
| Inventory | 5,167 | 2,731 | 3,014 | 3,763 | 4,890 | 7,250 | 9,290 | 13,478 |
| Accounts receivable | 13,260 | 12,119 | 11,498 | 12,790 | 15,009 | 30,790 | 39,232 | 55,711 |
| Other current assets | 1,520 | 1,401 | 1,110 | 1,058 | 1,078 | 914 | 914 | 914 |
| Total current assets | 24,375 | 21,469 | 21,306 | 22,259 | 25,972 | 40,920 | 59,289 | 79,802 |
| Fixed assets | 11,832 | 11,834 | 11,995 | 12,519 | 12,157 | 11,568 | 10,033 | 8,370 |
| Goodwill & intangibles | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other non-current assets | 30 | 80 | 78 | 67 | 84 | 93 | 87 | 86 |
| Total assets | 36,237 | 33,384 | 33,380 | 34,844 | 38,213 | 52,581 | 69,409 | 88,258 |
| Short-term debt | 2,131 | 2,483 | 2,921 | 3,983 | 3,643 | 5,564 | 5,564 | 5,564 |
| Accounts payable | 11,380 | 7,562 | 7,170 | 7,158 | 9,619 | 14,039 | 18,135 | 26,206 |
| Other current liabilities | 753 | 838 | 449 | 244 | 298 | 661 | 661 | 661 |
| Total current liabilities | 14,265 | 10,883 | 10,540 | 11,385 | 13,561 | 20,264 | 24,360 | 32,431 |
| Long-term debt | 0 | 1,677 | 2,346 | 1,592 | 2,102 | 2,431 | 2,431 | 2,431 |
| Other non-current liabilities | 658 | 713 | 1,054 | 1,221 | 1,284 | 1,463 | 1,463 | 1,463 |
| Total liabilities | 14,923 | 13,273 | 13,940 | 14,198 | 16,946 | 24,158 | 28,254 | 36,325 |
| Share capital | 3,830 | 3,630 | 3,630 | 3,630 | 3,632 | 3,636 | 3,636 | 3,636 |
| Reserves/R.E./others | 17,485 | 16,481 | 15,810 | 17,016 | 17,635 | 24,788 | 37,519 | 48,298 |
| Shareholders' equity | 21,315 | 20,111 | 19,440 | 20,646 | 21,267 | 28,423 | 41,155 | 51,933 |
| Minority interests | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total equity & liabilities | 36,237 | 33,384 | 33,380 | 34,844 | 38,213 | 52,581 | 69,409 | 88,258 |
| EV | 308,866 | 310,105 | 310,746 | 312,090 | 311,914 | 317,192 | 309,305 | 309,459 |
| Net debt/(cash) | (2,297) | (1,058) | (417) | 928 | 751 | 6,029 | (1,858) | (1,704) |
| BVPS (TWD) | 60.981 | 53.556 | 53.560 | 56.883 | 58.589 | 78.192 | 113.216 | 142.867 |
Key ratios (%)
| Year to 31 Dec | 2021 | 2022 | 2023 | 2024 | 2025 | 2026E | 2027E | 2028E |
|---|---|---|---|---|---|---|---|---|
| Sales (YoY) | 27.9 | (10.4) | (13.9) | 17.1 | 12.7 | 65.1 | 55.4 | 35.3 |
| EBITDA (YoY) | 19.3 | (37.8) | (27.2) | 30.9 | 40.5 | 229.6 | 112.3 | 29.5 |
| Operating profit (YoY) | 18.7 | (50.3) | (47.5) | 35.8 | 76.4 | 379.4 | 127.8 | 31.1 |
| Net profit (YoY) | 18.0 | (41.0) | (63.5) | 21.5 | 83.8 | 425.2 | 127.1 | 31.0 |
| Core EPS (fully-diluted) (YoY) | 12.0 | (46.9) | (61.9) | 21.5 | 83.8 | 424.6 | 127.0 | 31.0 |
| Gross-profit margin | 18.4 | 13.5 | 12.4 | 12.6 | 14.5 | 26.8 | 36.1 | 34.7 |
| EBITDA margin | 14.7 | 10.2 | 8.6 | 9.6 | 12.0 | 23.9 | 32.7 | 31.3 |
| Operating-profit margin | 11.7 | 6.5 | 4.0 | 4.6 | 7.2 | 20.9 | 30.6 | 29.7 |
| Net profit margin | 9.7 | 6.4 | 2.7 | 2.8 | 4.6 | 14.5 | 21.2 | 20.5 |
| ROAE | 18.1 | 9.0 | 3.4 | 4.1 | 7.2 | 31.9 | 51.8 | 50.7 |
| ROAA | 10.2 | 5.3 | 2.0 | 2.4 | 4.1 | 17.5 | 29.5 | 29.9 |
| ROCE | 18.7 | 7.9 | 4.1 | 5.3 | 9.0 | 36.0 | 60.8 | 62.6 |
| ROIC | 19.0 | 8.0 | 3.1 | 4.2 | 7.0 | 27.9 | 48.7 | 52.6 |
| Net debt to equity | net cash | net cash | net cash | 4.8 | 3.6 | 25.4 | net cash | net cash |
| Effective tax rate | 17.6 | 19.9 | 41.3 | 37.6 | 36.2 | 31.0 | 31.0 | 31.0 |
| Accounts receivable (days) | 135.1 | 159.0 | 171.9 | 150.9 | 153.3 | 152.9 | 150.4 | 150.7 |
| Current ratio (x) | 1.7 | 2.0 | 2.0 | 2.0 | 1.9 | 2.0 | 2.4 | 2.5 |
| Net interest cover (x) | 0.5 | 0.2 | 0.1 | 0.1 | 0.2 | 0.9 | 2.0 | 2.7 |
| Net dividend payout | 55.6 | 61.0 | 80.6 | 79.6 | 72.1 | 75.0 | 75.0 | 75.0 |
| Free cash flow yield | n.a. | 1.6 | 0.5 | 0.1 | 0.6 | n.a. | 4.2 | 4.1 |
Source: FactSet, Daiwa forecasts
Company profile
ITEQ Corporation is a leading manufacturer of high performance copper clad laminate materials used for the fabrication of printed circuit boards and was founded in April of 1997. ITEQ's products find use in many different application areas, such as computational and communications applications, Radio Frequency and Microwave devices, Automotive applications, and High Density Interconnect solutions.
ESG analysis
ESG risks
| Risks | Risks | Management | Analystcomments |
|---|---|---|---|
| Executive/board quality | 2 | All board members implement the company's operation faithfully and fulfil their obligations with discipline and care. Independent directors obey related laws and company regulations to protect the rights of the company and stockholders. | |
| G | Capital management | 2 | ITEQ paid a cash DPS of TWD3 in 2025, representing a 72% payout ratio. We believe ITEQ will sustain a similar payout level of c.75% over 2026-28E. We see its balance between investment and dividend as appropriate. |
| Related party & transaction | 2 | ITEQ's sales to related parties were insignificant versus its total revenue. | |
| S | Supplychain management | 2 | ITEQ requires all major raw material suppliers to comply with ESG, ethics, and regulatory standards. Annual RBA audits were conducted for vendors, all rated A-C. |
| S | Datasecurity | 1 | ITEQ has established an ISO/IEC 27001-certified Information Security Management System, conducts quarterly training, and implements system recovery drills to ensure risk preparedness. |
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: 14 Oct 2026
Source: Daiwa, Company