PDF 原檔：260528_2327_國巨__ms_yageo_original.pdf
原始內容
M May 28, 2026 03:01 PM GMT
Yageo Corp. | Asia Pacific
Asia AI Summit 2026 Feedback
Key Takeaways
- There weren't a lot of pricing adjustments baked into 1Q revenue.
- Thus, there should be more (from the pricing adjustments made in tantalum, resistors, magnetics, MLCC, etc.).
- 2Q revenue and margin likely have upside - demand appears stronger than a few weeks ago...
- ...with standard (75%+) and premium products (85%+) all running at higher utilization vs. its guidance during the 1Q earnings call.
- Distributor inventory remains healthy at <5 months (vs. slightly above 5 months in 1Q).
- In early stages of silicon capacitor development. Currently seeking partners
- Book-to-bill ratio is now at 1.3x.
- Not seeing any signs of consumer electronics demand slowdown in 2Q, but visibility into 2H is limited currently.
- AI revenue was of the mix 15% in C1Q. Outside of tantalum and resistors, magnetics contribute more to AI than MLCC.
- Typically, pricing negotiations with customers are quarterly,but Yageo did not comment on whether it expects to hike MLCC prices in 2H.
- Yageo adjusted prices for tantalum three times in the past 1.5 years; each time it was for a different tantalum product.
Update
Morgan Stanley Taiwan Limited+
| Howard Kao | Howard Kao | Howard Kao | Howard Kao |
|---|---|---|---|
| Equity Analyst Howard.Kao@morganstanley.com | Equity Analyst Howard.Kao@morganstanley.com | Equity Analyst Howard.Kao@morganstanley.com | +886 2 2730-2989 |
| Irene Yen | Irene Yen | Irene Yen | Irene Yen |
| Research Associate | Research Associate | Research Associate | Research Associate |
| Irene.Yen@morganstanley.com | Irene.Yen@morganstanley.com | Irene.Yen@morganstanley.com | +886 2 2730-2869 |
| Sharon Shih | Sharon Shih | Sharon Shih | Sharon Shih |
| Equity Analyst | Equity Analyst | Equity Analyst | Equity Analyst |
| Sharon.Shih@morganstanley.com | Sharon.Shih@morganstanley.com | Sharon.Shih@morganstanley.com | +886 2 2730-2865 |
| Yageo Corp. (2327.TW, 2327 TT) | Yageo Corp. (2327.TW, 2327 TT) | Yageo Corp. (2327.TW, 2327 TT) | Yageo Corp. (2327.TW, 2327 TT) |
| Greater China Technology Hardware | Taiwan | Greater China Technology Hardware | Taiwan | Greater China Technology Hardware | Taiwan | Greater China Technology Hardware | Taiwan |
| Stock Rating | Overweight | ||
| Industry View | In-Line | ||
| Price target | NT$360.00 | ||
| Up/downside to price target (%) | Up/downside to price target (%) | Up/downside to price target (%) | (51) |
| Shr price, close (May 28, 2026) | Shr price, close (May 28, 2026) | Shr price, close (May 28, 2026) | NT$742.00 |
| 52-Week Range | 52-Week Range | 52-Week Range | NT$769.00-111.75 |
| Sh out, dil, curr (mn) | Sh out, dil, curr (mn) | Sh out, dil, curr (mn) | 1,997 |
| Mkt cap, curr (mn) | Mkt cap, curr (mn) | Mkt cap, curr (mn) | NT$1,481,673 |
| EV, curr (mn) | EV, curr (mn) | EV, curr (mn) | NT$1,498,412 |
| Avg daily trading value (mn) | Avg daily trading value (mn) | Avg daily trading value (mn) | |
| NT$10,600 | |||
| Fiscal Year Ending | 12/25 | 12/26e | 12/27e 12/28e |
| EPS (NT$)** | 11.51 | 16.64 | 19.13 20.87 |
| Prior EPS (NT$)** | - | - | - - |
| EPS (NT$)§ | 11.61 | 17.08 | 22.12 26.40 |
| Revenue, net (NT$ mn) | 132,930 | 158,893 | 170,289 177,514 |
| EBITDA (NT$ mn) | 39,635 | 51,277 | 57,175 61,111 |
| ModelWare net inc (NT | 23,634 | 34,161 | 39,282 42,850 |
| $ mn) | |||
| P/E | 20.1 | 44.6 | 38.8 35.6 |
| P/BV | 2.7 | 7.2 | 6.7 6.2 |
| RNOA (%) | 12.0 | 16.9 | 20.0 22.1 |
| ROE (%) | 14.5 | 19.6 | 18.7 18.7 |
| EV/EBITDA | 12.4 | 28.7 | 25.4 23.4 |
| Div yld (%) | 2.2 | 0.8 | 1.3 1.5 |
| FCF yld ratio (%)** | 6.6 | 2.6 | 2.8 2.9 |
| Leverage (EOP) (%) | 9.6 | (12.0) | (20.3) (26.6) |
Unless otherwise noted, all metrics are based on Morgan Stanley ModelWare framework
** = Based on consensus methodology
§ = Consensus data is provided by Refinitiv Estimates e = Morgan Stanley Research estimates
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