PDF 原檔：260608_ms_yageo_original.pdf
原始內容
M June 8, 2026 12:40 PM GMT
Yageo Corp. | Asia Pacific
May sales up 7% m/m, 47% y/y
Key Takeaways
- Yageo reported May sales of NT$15.1bn (+7% m/m, +47% y/y), 3% above our estimate.
- We believe the monthly revenue beat in May was a function of both price hikes and stronger demand.
- Utilization rate is also now running above expectations.
- Yageo's unaudited April + May revenues account for 69% of our 2Q26 revenue estimate and 70% of the Street's.
- This implies upside to both our estimate and consensus.
Pricing adjustments starting to show in 2Q: At our Asia AI Summit in late May 2026 (link), Yageo management stated that there were not a lot of price adjustments baked into 1Q numbers, but there should be more to come.
At our Asia AI Summit, Yageo also mentioned that its 2Q utilization rate is running above its guidance on the 1Q earnings call in April: Standard is running at 75-80% utilization and specialty is now at 85-90%. We believe there will be more price hikes to come, especially for midrange/low-end MLCCs, as we see lead-times extending and ODM/distributors building inventory. We expect pricing for tantalum capacitors to rise as well, which we highlighted here, in view of both higher raw material costs and strong demand from servers.
Stay OW: The stock does not look expensive to us at 31x 2027e and 23x 2028e P/E, vs. its Japanese and Korean peers at 40x+.
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 | Overweight | ||
|---|---|---|---|---|
| Industry View | In-Line | |||
| Price target | Price target | Price target | NT$1,010.00 | NT$1,010.00 |
| Up/downside to price target (%) | Up/downside to price target (%) | Up/downside to price target (%) | 34 | 34 |
| Shr price, close (Jun 8, 2026) | Shr price, close (Jun 8, 2026) | Shr price, close (Jun 8, 2026) | NT$751.00 | NT$751.00 |
| 52-Week Range | 52-Week Range | 52-Week Range | NT$847.00-111.75 | NT$847.00-111.75 |
| Sh out, dil, curr (mn) | Sh out, dil, curr (mn) | Sh out, dil, curr (mn) | 1,997 | 1,997 |
| Mkt cap, curr (mn) | Mkt cap, curr (mn) | Mkt cap, curr (mn) | NT$1,499,645 | NT$1,499,645 |
| EV, curr (mn) | EV, curr (mn) | EV, curr (mn) | NT$1,516,384 | NT$1,516,384 |
| Avg daily trading value (mn) | Avg daily trading value (mn) | Avg daily trading value (mn) | NT$11,087 | NT$11,087 |
| Fiscal Year Ending | 12/25 | 12/26e | 12/27e | 12/28e |
| EPS (NT$)** | 11.51 | 17.88 | 23.59 | 31.87 |
| Prior EPS (NT$)** | - | - | - | - |
| EPS (NT$)§ | 11.61 | 17.34 | 24.73 | 32.38 |
| Revenue, net (NT$ mn) | 132,930 | 166,013 | 195,908 | 243,456 |
| EBITDA (NT$ mn) | 39,635 | 54,405 | 68,769 | 90,165 |
| ModelWare net inc (NT | 23,634 | 36,719 | 48,437 | 65,444 |
| $ mn) | ||||
| P/E | 20.1 | 42.0 | 31.8 | 23.6 |
| P/BV | 2.7 | 7.2 | 6.5 | 5.6 |
| RNOA (%) | 12.0 | 18.1 | 24.9 | 34.6 |
| ROE (%) | 14.5 | 21.1 | 22.7 | 27.4 |
| EV/EBITDA | 12.4 | 27.3 | 21.2 | 15.7 |
| Div yld (%) | 2.2 | 0.8 | 1.4 | 1.9 |
| FCF yld ratio (%)** | 6.6 | 2.8 | 3.4 | 4.4 |
| Leverage (EOP) (%) | 9.6 | (13.3) | (24.2) | (34.9) |
Unless otherwise noted, all metrics are based on Morgan Stanley ModelWare framework
§ = Consensus data is provided by Refinitiv Estimates
** = Based on consensus methodology
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.
圖片清單（已驗證 2026-07-02）
回補驗證：僅涵蓋已被 lib 頁嵌入的圖片，非全量驗證。
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65KB | 裝飾·logo·banner | 純廣告橫幅圖，藍色水面背景，白色文字「Asia Summer School 2026」，右側書本與信封圖示，無任何國巨相關財務數據或圖表內容 |
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66KB | 真資料圖 | 國巨股價走勢圖，橫軸 06/01 2023至06/01 2026，縱軸0-1300，藍線為股價（末端約1010），紅色虛線標示歷次目標價變動（158.75→150→160→…→330→360），並標註「O/I」「NA/I」評等記號 |