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243KB | 真資料圖 | Citi 揭露頁：儒鴻（1476.TW）評等與目標價歷史圖（2023-11～2026-10，股價約 NT$280–600）＋Short-Term View／Catalyst Watch 歷史圖；表列歷次評等／TP（如 2026-01-14 評等調整 TP 550、2026-05-19 TP 460）。屬股價／評等歷史，不嵌 lib |
原始內容
citr
05 Nov 2026 07:43:16 ET │ 12 pages
Eclat (1476.TW)
3Q26 Margin Rebound and Sustained Order Momentum Reinforces Our Buy
CITI'S TAKE
Eclat's 3Q26 EPS of NT$6.58 rose 16% qoq and 9% yoy, beating our/BBG estimates by 2%/7% each. GPM recovery to 31.2% was the key positive, supported by earlier price increases and better mix. We expect a positive share price reaction as the results reinforce our constructive view on Eclat's differentiated product capabilities, growing exposure to emerging brands and higher value vertical orders. We also believe Democrats' US midterm victory could further support sentiment towards apparel exporters through expectations of a more favorable tariff environment and lower oil prices. Eclat will host its 3Q26 briefing on November 9th.
3Q26 EPS of NT$6.58 topped our/BBG estimates by 2%/7% - 3Q26 sales reached NT$10.6bn +10% y/y, broadly in-line with our/BBG estimates, helped mostly by stronger garment sales +16% y/y thanks to persisting strong strength for new products/vertical orders from emerging brands. GPM expanded 1.2ppt q/q to 31.2%, beating our/BBG forecast by 30bps and 70bps, which is attributable to price hikes in 2Q to reflect cost inflation, alongside a richer mix of vertical orders, and a lower contribution from carry-over styles. The opex ratio declined to 9.9% from 10.8% in 2Q, helping OPM to reach 21.3%, which beat BBG's 20.1%.
Oct-26 sales boosted by sustained vertical order strength - Oct-26 sales rose 11% y/y to NT$3.4bn, driven by garment +16% y/y while fabrics sales were broadly flat y/y. Growth continued to benefit from high-margin vertical orders from emerging brands. Mgmt expects 4Q26E sales to rise sequentially, supported by sustained demand for new products, while positive FX, product mix upgrade and price increases should help maintain GPM from 3Q's level. Order visibility extends into early 2Q27E, with mgmt remaining optimistic about 1Q27E orders.
Implications - The margin recovery supports our view that earlier cost pressures
Earnings Summary
| Year to 31 Dec | Net Profit (NT$M) | Diluted EPS (NT$) | EPS growth (%) | P/E (x) | P/B (x) | ROE (%) | Yield (%) |
|---|---|---|---|---|---|---|---|
| 2024A | 6,641 | 24.20 | 28.3 | 14.0 | 3.2 | 24.3 | 5.0 |
| 2025A | 5,515 | 20.10 | -17.0 | 16.9 | 3.1 | 18.8 | 4.4 |
| 2026E | 7,009 | 25.55 | 27.1 | 13.3 | 3.4 | 24.6 | 5.6 |
| 2027E | 7,778 | 28.35 | 11.0 | 12.0 | 3.2 | 27.4 | 6.2 |
| 2028E | 8,876 | 32.35 | 14.1 | 10.5 | 2.9 | 29.1 | 7.1 |
Source: Powered by dataCentral
are easing, while Eclat's product differentiation and growing exposure to emerging brands continue to drive higher value vertical orders. Order visibility extending into early 2Q27E and an optimistic 1Q27E outlook provide further support for earnings
See Appendix A-1 for Analyst Certification, Important Disclosures and Research Analyst Affiliations
| Buy | |
|---|---|
| Price (05 Nov 26 13:30) | NT$339.50 |
| Target price | NT$460.00 |
| Expected share price return | 35.5% |
| Expected dividend yield | 5.3% |
| Expected total return | 40.8% |
| Market Cap | NT$93,148M |
| US$2,834M |
Angela Hsu AC
+886-2-8726-9083 angela.hc.hsu@citi.com momentum. Potential tariff relief and lower oil prices following the Democrats' US midterm victory could provide additional support through reduced cost pressure and stronger consumer purchase power. Reiterate Buy and expect a positive stock reaction with next Tuesday's briefing being a near-term catalyst.
Figure 1. Eclat: 3Q26 Results Comp
| NT$mn | 2Q26 | 3Q25 | 3Q26 | QoQ | YoY | Citi Estimate | Diff. | BBG Consensus | Diff. |
|---|---|---|---|---|---|---|---|---|---|
| Sales | 10,086 | 9,633 | 10,572 | 5% | 10% | 10,896 | -3% | 10,435 | 1% |
| COGS | -7,059 | -6,872 | -7,275 | -7,532 | |||||
| Gross profits | 3,027 | 2,761 | 3,296 | 9% | 19% | 3,365 | -2% | 3,179 | 4% |
| OPEX | -1,092 | -921 | -1,047 | -1,080 | -1,080 | ||||
| Operatingprofits | 1,935 | 1,840 | 2,249 | 16% | 22% | 2,285 | -2% | 2,099 | 7% |
| Total non-op income | 74 | 248 | 43 | 50 | 91 | ||||
| Pre-tax profits | 2,009 | 2,089 | 2,292 | 14% | 10% | 2,335 | -2% | 2,190 | 5% |
| Tax Exp | -456 | -436 | -487 | -558 | -462 | ||||
| Net Income | 1,553 | 1,652 | 1,806 | 16% | 9% | 1,777 | 2% | 1,728 | 5% |
| EPS (NT$) | 5.66 | 6.02 | 6.58 | 16% | 9% | 6.48 | 2% | 6.15 | 7% |
| Margins | |||||||||
| GPM | 30.0% | 28.7% | 31.2% | 1.2ppt | 2.5ppt | 30.9% | 0.3ppt | 30.5% | 0.7ppt |
| OPM | 19.2% | 19.1% | 21.3% | 21ppt | 2.2ppt | 21.0% | 0.3ppt | 20.1% | 1.2ppt |
| OPEX Ratio | 10.8% | 9.6% | %66 | -0.9ppt | 0.3ppt | 9.9% | 0.0ppt | 10.3% | -0.4ppt |
| Net Margin | 15.4% | 17.2% | 17.1% | 1.7ppt | -0.1ppt | 16.3% | 0.8ppt | 16.6% | 0.5ppt |
© 2026 Citigroup Inc. No redistribution without Citigroup's written permission.
Source: Bloomberg, Company Reports, Citi Research, Citi Research Estimates
Eclat
Valuation
Our target price for Eclat of NT$460 is based on 17x 2H26H-1H27E EPS, 15% below its historical average in view of persisting uncertainties on consumption trend and oil price fluctuations.
Risks
Key downside risks that could prevent the shares from reaching our target price include: rising tariff tensions, conservative consumer spending, slower capacity ramp-up in Indonesia, softer order outlooks by brand customers, and a lukewarm macro environment.
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