PDF 原檔：260617_ms_yageo_original.pdf
原始內容
M June 17, 2026 05:26 PM GMT
Yageo Corp. | Asia Pacific
Strong preliminary May profits
Key Takeaways
- Yageo reported May 2026 profit per TWSE regulatory requirements.
- Revenue was NT$15.06B. NP was NT$3.28B (+113% YoY), accounting for 38% of both our and the Street's 2Q26 NP estimates.
- The unaudited preliminary May results imply slight upside to our estimates and Street consensus.
Stay OW: We continue to see margin improvement, with May net margin at 21.7%, vs. 21.0% in 1Q26. We believe this was driven by more favorable pricing and higher utilization rates across the board, which we mentioned in our recent notes (link and link). We reiterate our OW rating on Yageo, as we believe AI demand is beginning to tighten broader MLCC supply, lengthen lead times, and create a more favorable pricing backdrop across different parts of the market.
Exhibit 1 : Yageo preliminary May 2026 profit announcement
Morgan Stanley Taiwan Limited+
| Howard Kao Equity Analyst Howard.Kao@morganstanley.com | +886 2 2730-2989 |
|---|---|
| Irene Yen Research Associate Irene.Yen@morganstanley.com | +886 2 2730-2869 |
| Sharon Shih Equity Analyst Sharon.Shih@morganstanley.com | +886 2 2730-2865 |
Yageo Corp. (2327.TW, 2327 TT)
Greater China Technology Hardware | Taiwan
| Stock Rating | Overweight |
|---|---|
| Industry View | In-Line |
| Price target | NT$1,355.00 |
| Up/downside to price target (%) | 38 |
| Shr price, close (Jun 17, 2026) | NT$984.00 |
| 52-Week Range | NT$1,000.00-111.75 |
| Sh out, dil, curr (mn) | 1,997 |
| Mkt cap, curr (mn) | NT$1,964,914 |
| EV, curr (mn) | NT$1,981,653 |
| Avg daily trading value (mn) | NT$12,226 |
mmmmmmmm
| Fiscal Year Ending | 12/25 | 12/26e | 12/27e | 12/28e |
|---|---|---|---|---|
| EPS (NT$)** | 11.51 | 18.19 | 30.71 | 42.85 |
| EPS (NT$)§ | 11.61 | 17.41 | 26.41 | 35.88 |
| Revenue, net (NT$ mn) | 132,930 | 167,293 | 226,791 | 280,529 |
| EBITDA (NT$ mn) | 39,635 | 55,213 | 87,629 | 119,441 |
| ModelWare net inc (NT | 23,634 | 37,356 | 63,065 | 87,993 |
| $ mn) | ||||
| P/E | 20.1 | 54.1 | 32.0 | 23.0 |
| P/BV | 2.7 | 9.5 | 8.0 | 6.7 |
| RNOA (%) | 12.0 | 18.5 | 32.8 | 47.1 |
| ROE (%) | 14.5 | 21.5 | 29.5 | 34.7 |
| EV/EBITDA | 12.4 | 35.3 | 21.8 | 15.5 |
| Div yld (%) | 2.2 | 0.6 | 1.1 | 1.9 |
| FCF yld ratio (%)** | 6.6 | 2.1 | 3.3 | 4.4 |
| Leverage (EOP) (%) | 9.6 | (13.6) | (28.7) | (40.7) |
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
Morgan Stanley does and seeks to do business with companies covered in Morgan Stanley Research. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of Morgan Stanley Research. Investors should consider Morgan Stanley Research as only a single factor in making their investment decision.
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