PDF 原檔：報告_Daiwa_奇鋐3017_20260909_original.pdf
原始內容
Taiwan
Asia Vital Components (3017 TT)
Target price:
TWD4,465.00 (from TWD3,880.00)
Share price (9 Sep): TWD3,380.00 | Up/downside: +32.1%
Revenue momentum heats up
- We expect its revenue to grow QoQ till end of 2027
- Aggressive capacity expansion plan for cold plate and manifolds
- Reaffirming our Buy (1) call and raising 12-month TP to TWD4,465
What's new: We received an update from AVC today (9 September). We reaffirm our Buy (1) call (see our latest flash note, 2Q26 results review: improving margins profile , on 12 August, and memo, Record-high monthly revenue for August , on 7 September). We now forecast a 45.3% net profit CAGR over 2026-28E, from our previous forecast of 33.3%.
What's the impact: Near-term outlook update. We expect its 3Q26E revenue to grow by 17.6% QoQ and 4Q26E revenue to grow by 20% QoQ, mainly driven by GB300 and a rising revenue contribution from ASICs. We expect to see some revenue (cold plate and rack manifold) from Rubin in September 2026. We expect a sequential MoM rise in revenue (ie, record highs) until November 2026. We also believe its 1Q27 revenue will grow QoQ, thanks to the revenue contribution from ASICs. In 2H26, AVC's gross margin should further expand QoQ and HoH amid rising ASICs revenue and a better production yield rate, per our estimates. Overall, AVC assumes liquid-cooling revenue to account for 30-40% of 2026 revenue.
2027 capacity set to expand by 50% YoY to meet its revenue growth.
AVC plans to expand its cold plate modules capacity (mainly in Vietnam) by 50%+ and double its capacity YoY for rack and inner manifolds by 2027. AVC said most of the equipment will be ready in 2Q27 and production will start from 3Q27. We estimate its capex to be TWD15bn in 2026 and TWD17-18bn in 2027. In 2027, we expect higher revenue contribution from ASICs and servers, as well as an improved liquid-cooling penetration rate from ASICs (ie, 50%+ of liquid-cooling penetration rate for an ASIC client's project in 2027 vs. 10% in 2026) to bode well with its gross margin expansion in 2027. AVC also works on the liquid-cooling component development for CPU racks. We raise our 2026-28E EPS by 3-22%, mainly on our more aggressive assumptions on revenue, gross and operating margins.
What we recommend: We reiterate our Buy (1) call and raise our 12M TP to TWD4,465 (from TWD3,880), now based on a new target PER of 30x (from 29x) vs. past-3-year PER range of 5-25x (average PER of 15x) on its accelerating earnings momentum and stronger earnings CAGR of 45.3% from 33.3% over 2026-28E (0.66x PEG) and applied to 1-year forward EPS. Key downside risks: slower-than-expected progress in high-grossmargin orders, slow AI server adoption and intensifying competition.
How we differ: Our 2026-28E EPS are 2-17% above Bloomberg consensus, likely on our relatively more aggressive assumptions on revenue, gross and operating margins.
9 September 2026
Daiwa
5
3
→
2
1
Buy
Helen Chien
Helen Chien
(886) 2 8758 6254 helen.chien@daiwacm-cathay.com.tw
Neil Teng, CFA (886) 2 8758 6256 neil.teng@daiwacm-cathay.com.tw
Forecast revisions (%)
| Year to 31 Dec | 26E | 27E | 28E |
|---|---|---|---|
| Revenue change | 0.8 | 12.6 | 21 |
| Net profit change | 2.8 | 14.9 | 22.1 |
| Core EPS (FD) change | 2.8 | 14.9 | 22.1 |
Source: Daiwa forecasts
Share price performance
| 12-month range | 941.00-3,570.00 |
|---|---|
| Market cap (USDbn) | 41.61 |
| 3m avg daily turnover (USDm) | 353.32 |
| Shares outstanding (m) | 388 |
| Major shareholder | Furukawa Electric (13.8%) |
Financial summary (TWD)
| Year to 31 Dec | 26E | 27E | 28E |
|---|---|---|---|
| Revenue (m) | 225,252 | 317,002 | 430,715 |
| Operating profit (m) | 61,651 | 92,248 | 128,353 |
| Net profit (m) | 42,338 | 64,134 | 89,411 |
| Core EPS (fully-diluted) | 105.880 | 160.389 | 223.604 |
| EPS change (%) | 119.5 | 51.5 | 39.4 |
| Daiwa vs Cons. EPS (%) | 2.0 | 2.7 | 17.4 |
| PER (x) | 31.9 | 21.1 | 15.1 |
| Dividend yield (%) | 1.3 | 1.9 | 2.7 |
| DPS | 43.1 | 65.3 | 91.1 |
| PBR (x) | 15.5 | 10.1 | 6.9 |
| EV/EBITDA (x) | 19.7 | 12.9 | 9.0 |
| ROE (%) | 65.1 | 59.2 | 55.1 |
Source: FactSet, Daiwa forecasts
AVC: revenue and earnings forecasts revisions
| 2026E | 2026E | 2026E | 2027E | 2027E | 2027E | 2028E | 2028E | 2028E | |
|---|---|---|---|---|---|---|---|---|---|
| (TWDm) | New | Previous | Change | New | Previous | Change | New | Previous | Change |
| Sales | 225,252 | 223,388 | 0.8% | 317,002 | 281,519 | 12.6% | 430,715 | 355,994 | 21.0% |
| Gross profit | 73,883 | 72,154 | 2.4% | 109,366 | 95,716 | 14.3% | 150,750 | 124,598 | 21.0% |
| Gross margin | 32.8% | 32.3% | 0.5pp | 34.5% | 34.0% | 0.5pp | 35.0% | 35.0% | 0pp |
| Operating profit | 61,651 | 60,025 | 2.7% | 92,248 | 80,796 | 14.2% | 128,353 | 106,086 | 21.0% |
| Operating margin | 27.4% | 26.9% | 0.5pp | 29.1% | 28.7% | 0.4pp | 29.8% | 29.8% | 0pp |
| Net profit | 42,338 | 41,185 | 2.8% | 64,134 | 55,799 | 14.9% | 89,411 | 73,206 | 22.1% |
| Net margin | 18.8% | 18.4% | 0.4pp | 20.2% | 19.8% | 0.4pp | 20.8% | 20.6% | 0.2pp |
| Fully Diluted EPS (TWD) | 105.88 | 102.99 | 2.8% | 160.39 | 139.53 | 14.9% | 223.60 | 183.06 | 22.1% |
Source: Daiwa forecasts
AVC: quarterly and annual P&L
| 2026E | 2026E | 2026E | 2027E | 2026E | 2027E | 2028E | |||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| (TWDm) | 1Q26 | 2Q26 | 3Q26E | 4Q26E | 1Q27E | 2Q27E | 3Q27E | 4Q27E | |||
| Revenue | 49,038 | 49,121 | 57,771 | 69,322 | 70,000 | 75,000 | 78,000 | 94,002 | 225,252 | 317,002 | 430,715 |
| Gross profit | 14,597 | 15,999 | 19,353 | 23,933 | 23,940 | 25,875 | 26,988 | 32,563 | 73,883 | 109,366 | 150,750 |
| Operating profit | 12,019 | 13,478 | 16,403 | 19,751 | 19,890 | 21,675 | 22,688 | 27,995 | 61,651 | 92,248 | 128,353 |
| Pre-tax profit | 11,979 | 13,935 | 16,860 | 20,208 | 20,404 | 22,189 | 23,202 | 28,509 | 62,981 | 94,304 | 130,409 |
| Net profit | 7,916 | 9,567 | 11,308 | 13,547 | 14,050 | 15,349 | 15,486 | 19,249 | 42,338 | 64,134 | 89,411 |
| Basic EPS (TWD) | 20.17 | 24.37 | 28.80 | 34.51 | 35.79 | 39.10 | 39.45 | 49.03 | 107.85 | 163.37 | 227.76 |
| Margin | |||||||||||
| Gross margin | 29.8% | 32.6% | 33.5% | 34.5% | 34.2% | 34.5% | 34.6% | 34.6% | 32.8% | 34.5% | 35.0% |
| Operating margin | 24.5% | 27.4% | 28.4% | 28.5% | 28.4% | 28.9% | 29.1% | 29.8% | 27.4% | 29.1% | 29.8% |
| Pre-tax margin | 24.4% | 28.4% | 29.2% | 29.2% | 29.1% | 29.6% | 29.7% | 30.3% | 28.0% | 29.7% | 30.3% |
| Net margin | 16.1% | 19.5% | 19.6% | 19.5% | 20.1% | 20.5% | 19.9% | 20.5% | 18.8% | 20.2% | 20.8% |
| YoY | |||||||||||
| Revenue | 110.2% | 66.0% | 48.4% | 45.1% | 42.7% | 52.7% | 35.0% | 35.6% | 61.3% | 40.7% | 35.9% |
| Gross profit | 142.2% | 121.5% | 90.3% | 89.8% | 64.0% | 61.7% | 39.4% | 36.1% | 105.0% | 48.0% | 37.8% |
| Operating profit | 175.6% | 164.5% | 102.9% | 97.2% | 65.5% | 60.8% | 38.3% | 41.7% | 123.7% | 49.6% | 39.1% |
| Pre-tax profit | 159.3% | 136.3% | 105.2% | 101.0% | 70.3% | 59.2% | 37.6% | 41.1% | 118.8% | 49.7% | 38.3% |
| Net profit | 146.3% | 139.3% | 111.8% | 104.1% | 77.5% | 60.4% | 37.0% | 42.1% | 120.7% | 51.5% | 39.4% |
| QoQ | |||||||||||
| Revenue | 2.6% | 0.2% | 17.6% | 20.0% | 1.0% | 7.1% | 4.0% | 20.5% | |||
| Gross profit | 15.8% | 9.6% | 21.0% | 23.7% | 0.0% | 8.1% | 4.3% | 20.7% | |||
| Operating profit | 20.0% | 12.1% | 21.7% | 20.4% | 0.7% | 9.0% | 4.7% | 23.4% | |||
| Pre-tax profit | 19.2% | 16.3% | 21.0% | 19.9% | 1.0% | 8.7% | 4.6% | 22.9% | |||
| Net profit | 19.3% | 20.9% | 18.2% | 19.8% | 3.7% | 9.2% | 0.9% | 24.3% |
Source: Company, Daiwa forecasts
AVC: product mix
Source: Company, Daiwa forecasts
Asia Vital Components (3017 TT): 9 September 2026
AVC: 1-year forward PER
Source: Bloomberg, Daiwa forecasts
Daiwa
Financial summary
Key assumptions
| Year to 31 Dec | 2021 | 2022 | 2023 | 2024 | 2025 | 2026E | 2027E | 2028E |
|---|---|---|---|---|---|---|---|---|
| Thermal & chassis revenue YoY growth (%) | 11.5 | 22.5 | 2.2 | 22.7 | 116.8 | 73.4 | 43.9 | 37 |
| System integration products revenue YoY growth (%) | 17.7 | 14.9 | 13.9 | 7.6 | 46.4 | 10 | 10 | 10 |
| Fositek revenue YoY growth (%) | 126.1 | (0.2) | 12.5 | 45 | 51.9 | 50 | 50 | 50 |
Profit and loss (TWDm)
| Year to 31 Dec | 2021 | 2022 | 2023 | 2024 | 2025 | 2026E | 2027E | 2028E |
|---|---|---|---|---|---|---|---|---|
| Thermal & Chassis | 31,609 | 38,707 | 39,542 | 48,511 | 105,148 | 182,341 | 262,343 | 359,405 |
| System Integration Products | 10,702 | 12,296 | 14,005 | 15,070 | 22,063 | 24,269 | 26,696 | 29,366 |
| Other Revenue | 5,022 | 5,013 | 5,647 | 8,181 | 12,428 | 18,642 | 27,963 | 41,944 |
| Total Revenue | 47,333 | 56,017 | 59,194 | 71,761 | 139,639 | 225,252 | 317,002 | 430,715 |
| Other income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| COGS | (38,947) | (45,167) | (46,806) | (54,891) | (103,605) | (151,370) | (207,637) | (279,965) |
| SG&A | (1,186) | (1,637) | (1,793) | (1,892) | (2,900) | (4,505) | (6,340) | (8,614) |
| Other op.expenses | (2,373) | (2,907) | (3,174) | (4,156) | (5,579) | (7,727) | (10,778) | (13,783) |
| Operating profit | 4,827 | 6,306 | 7,421 | 10,823 | 27,556 | 61,651 | 92,248 | 128,353 |
| Net-interest inc./(exp.) | (120) | (184) | (46) | 114 | 91 | 756 | 756 | 756 |
| Assoc/forex/extraord./others | 61 | 367 | 650 | 1,415 | 1,140 | 574 | 1,300 | 1,300 |
| Pre-tax profit | 4,768 | 6,489 | 8,025 | 12,352 | 28,786 | 62,981 | 94,304 | 130,409 |
| Tax | (1,438) | (1,871) | (2,211) | (3,159) | (7,836) | (17,144) | (25,670) | (35,498) |
| Min. int./pref. div./others | (429) | (456) | (510) | (1,020) | (1,764) | (3,500) | (4,500) | (5,500) |
| Net profit (reported) | 2,901 | 4,162 | 5,305 | 8,172 | 19,186 | 42,338 | 64,134 | 89,411 |
| Net profit (adjusted) | 2,901 | 4,162 | 5,305 | 8,172 | 19,186 | 42,338 | 64,134 | 89,411 |
| EPS (reported)(TWD) | 8.210 | 11.781 | 14.106 | 21.210 | 49.173 | 107.850 | 163.374 | 227.765 |
| EPS (adjusted)(TWD) | 8.210 | 11.781 | 14.106 | 21.210 | 49.173 | 107.850 | 163.374 | 227.765 |
| EPS (adjusted fully-diluted)(TWD) | 8.176 | 11.728 | 13.706 | 20.622 | 48.238 | 105.880 | 160.389 | 223.604 |
| DPS (TWD) | 4.300 | 5.000 | 6.960 | 9.930 | 21.000 | 43.140 | 65.349 | 91.106 |
| EBIT | 4,827 | 6,306 | 7,421 | 10,823 | 27,556 | 61,651 | 92,248 | 128,353 |
| EBITDA | 6,404 | 8,022 | 9,375 | 13,285 | 30,802 | 64,919 | 96,959 | 134,688 |
Cash flow (TWDm)
| Year to 31 Dec | 2021 | 2022 | 2023 | 2024 | 2025 | 2026E | 2027E | 2028E |
|---|---|---|---|---|---|---|---|---|
| Profit before tax | 4,768 | 6,489 | 8,025 | 12,352 | 28,786 | 62,981 | 94,304 | 130,409 |
| Depreciation and amortisation | 1,577 | 1,716 | 1,954 | 2,463 | 3,246 | 3,268 | 4,711 | 6,334 |
| Tax paid | (780) | (1,582) | (1,616) | (2,430) | (3,253) | (17,144) | (25,670) | (35,498) |
| Change in working capital | (3,275) | (1,339) | 3,683 | (7,379) | (390) | (15,295) | (7,136) | (16,975) |
| Other operational CF items | 551 | 3,556 | (1,722) | 4,628 | 10,932 | (756) | (756) | (756) |
| Cash flow from operations | 2,841 | 8,840 | 10,324 | 9,632 | 39,321 | 33,055 | 65,453 | 83,515 |
| Capex | (1,567) | (3,666) | (3,657) | (4,540) | (7,267) | (15,000) | (17,000) | (19,000) |
| Net (acquisitions)/disposals | 43 | (12) | (23) | (66) | 3 | 0 | 0 | 0 |
| Other investing CF items | (636) | (515) | (226) | (3,063) | (6,072) | 0 | 0 | 0 |
| Cash flow from investing | (2,160) | (4,194) | (3,907) | (7,669) | (13,336) | (15,000) | (17,000) | (19,000) |
| Change in debt | 1,793 | 4,037 | (1,474) | 3,309 | 7,054 | 0 | 0 | 0 |
| Net share issues/(repurchases) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends paid | (989) | (1,519) | (1,915) | (2,683) | (3,877) | (7,059) | (16,935) | (25,654) |
| Other financing CF items | 355 | (436) | 4,261 | (426) | (557) | 0 | 0 | 0 |
| Cash flow from financing | 1,159 | 2,082 | 872 | 200 | 2,620 | (7,059) | (16,935) | (25,654) |
| Forex effect/others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in cash | 1,841 | 6,728 | 7,289 | 2,163 | 28,605 | 10,996 | 31,518 | 38,862 |
| Free cash flow | 1,275 | 5,174 | 6,667 | 5,092 | 32,053 | 18,055 | 48,453 | 64,515 |
Source: FactSet, Daiwa forecasts
Asia Vital Components (3017 TT): 9 September 2026
Daiwa
Financial summary continued …
Balance sheet (TWDm)
| Year to 31 Dec | 2021 | 2022 | 2023 | 2024 | 2025 | 2026E | 2027E | 2028E |
|---|---|---|---|---|---|---|---|---|
| Cash & short-term investment | 12,915 | 20,049 | 26,957 | 29,924 | 58,530 | 69,526 | 101,043 | 139,905 |
| Inventory | 16,374 | 18,951 | 19,369 | 35,473 | 51,484 | 84,174 | 108,007 | 149,512 |
| Accounts receivable | 6,762 | 5,081 | 7,196 | 8,306 | 13,212 | 21,976 | 29,235 | 40,871 |
| Other current assets | 2,580 | 1,405 | 1,370 | 2,389 | 2,950 | 2,950 | 2,950 | 2,950 |
| Total current assets | 38,631 | 45,486 | 54,892 | 76,092 | 126,176 | 178,625 | 241,234 | 333,238 |
| Fixed assets | 7,711 | 9,694 | 11,350 | 13,805 | 17,849 | 29,581 | 41,870 | 54,535 |
| Goodwill & intangibles | 151 | 134 | 177 | 169 | 195 | 195 | 195 | 195 |
| Other non-current assets | 4,372 | 5,160 | 5,248 | 9,839 | 15,916 | 15,916 | 15,916 | 15,916 |
| Total assets | 50,865 | 60,474 | 71,667 | 99,906 | 160,137 | 224,318 | 299,216 | 403,884 |
| Short-term debt | 5,028 | 7,970 | 7,583 | 13,130 | 16,311 | 16,311 | 16,311 | 16,311 |
| Accounts payable | 20,116 | 18,911 | 24,900 | 36,809 | 61,128 | 87,988 | 112,645 | 149,514 |
| Other current liabilities | 2,832 | 5,999 | 4,350 | 8,350 | 20,057 | 13,025 | 13,025 | 13,025 |
| Total current liabilities | 27,976 | 32,880 | 36,833 | 58,288 | 97,495 | 117,324 | 141,981 | 178,850 |
| Long-term debt | 3,730 | 4,908 | 3,678 | 4,049 | 7,623 | 7,623 | 7,623 | 7,623 |
| Other non-current liabilities | 5,074 | 5,263 | 5,309 | 4,096 | 4,453 | 4,453 | 4,453 | 4,453 |
| Total liabilities | 36,780 | 43,051 | 45,820 | 66,433 | 109,572 | 129,401 | 154,058 | 190,926 |
| Share capital | 3,533 | 3,533 | 3,833 | 3,883 | 3,983 | 3,926 | 3,926 | 3,926 |
| Reserves/R.E./others | 8,880 | 11,963 | 18,197 | 24,988 | 40,618 | 81,527 | 127,268 | 189,568 |
| Shareholders' equity | 12,413 | 15,496 | 22,030 | 28,871 | 44,601 | 85,453 | 131,194 | 193,494 |
| Minority interests | 1,672 | 1,927 | 3,817 | 4,602 | 5,964 | 9,464 | 13,964 | 19,464 |
| Total equity & liabilities | 50,865 | 60,474 | 71,667 | 99,906 | 160,137 | 224,318 | 299,216 | 403,884 |
| EV | 1,309,533 | 1,306,773 | 1,300,139 | 1,303,875 | 1,283,386 | 1,275,891 | 1,248,873 | 1,215,511 |
| Net debt/(cash) | (4,157) | (7,171) | (15,696) | (12,745) | (34,596) | (45,591) | (77,109) | (115,970) |
| BVPS (TWD) | 35.134 | 43.861 | 57.472 | 74.929 | 114.306 | 217.681 | 334.201 | 492.902 |
Key ratios (%)
| Year to 31 Dec | 2021 | 2022 | 2023 | 2024 | 2025 | 2026E | 2027E | 2028E |
|---|---|---|---|---|---|---|---|---|
| Sales (YoY) | 19.3 | 18.3 | 5.7 | 21.2 | 94.6 | 61.3 | 40.7 | 35.9 |
| EBITDA (YoY) | 41.8 | 25.3 | 16.9 | 41.7 | 131.8 | 110.8 | 49.4 | 38.9 |
| Operating profit (YoY) | 47.2 | 30.6 | 17.7 | 45.8 | 154.6 | 123.7 | 49.6 | 39.1 |
| Net profit (YoY) | 51.4 | 43.5 | 27.4 | 54.1 | 134.8 | 120.7 | 51.5 | 39.4 |
| Core EPS (fully-diluted) (YoY) | 51.3 | 43.4 | 16.9 | 50.5 | 133.9 | 119.5 | 51.5 | 39.4 |
| Gross-profit margin | 17.7 | 19.4 | 20.9 | 23.5 | 25.8 | 32.8 | 34.5 | 35.0 |
| EBITDA margin | 13.5 | 14.3 | 15.8 | 18.5 | 22.1 | 28.8 | 30.6 | 31.3 |
| Operating-profit margin | 10.2 | 11.3 | 12.5 | 15.1 | 19.7 | 27.4 | 29.1 | 29.8 |
| Net profit margin | 6.1 | 7.4 | 9.0 | 11.4 | 13.7 | 18.8 | 20.2 | 20.8 |
| ROAE | 25.2 | 29.8 | 28.3 | 32.1 | 52.2 | 65.1 | 59.2 | 55.1 |
| ROAA | 6.2 | 7.5 | 8.0 | 9.5 | 14.8 | 22.0 | 24.5 | 25.4 |
| ROCE | 23.5 | 23.7 | 22.0 | 24.7 | 44.0 | 63.8 | 64.1 | 63.2 |
| ROIC | 39.4 | 44.5 | 52.7 | 52.2 | n.a | n.a | n.a | n.a |
| Net debt to equity | n.a. | n.a. | n.a. | n.a. | n.a. | n.a. | n.a. | n.a. |
| Effective tax rate | 30.2 | 28.8 | 27.5 | 25.6 | 27.2 | 27.2 | 27.2 | 27.2 |
| Accounts receivable (days) | 49.6 | 38.6 | 37.9 | 39.4 | 28.1 | 28.5 | 29.5 | 29.7 |
| Current ratio (x) | 1.4 | 1.4 | 1.5 | 1.3 | 1.3 | 1.5 | 1.7 | 1.9 |
| Net interest cover (x) | 40.3 | 34.2 | 162.1 | n.a. | n.a. | n.a. | n.a. | n.a. |
| Net dividend payout | 52.4 | 42.4 | 49.3 | 46.8 | 42.7 | 40.0 | 40.0 | 40.0 |
| Free cash flow yield | 0.1 | 0.4 | 0.5 | 0.4 | 2.4 | 1.4 | 3.7 | 4.9 |
Source: FactSet, Daiwa forecasts
Company profile
AVC is a global leading comprehensive thermal solutions provider in segments related to desktops, laptops, communication, servers, energy and autos. Its main product line includes thermal products (thermal modules and fans), chassis, system assembly and peripheral products and hinges. The company has been listed on Taiwan's main board since September 2002.
Asia Vital Components (3017 TT): 9 September 2026
Daiwa
ESG analysis
ESG risks
| Risks | Risks | Management | Analyst comments |
|---|---|---|---|
| G | Executive/board quality | 2 | The CEO and Chairperson of AVC are the same individual, but we see no issue with its board quality. Besides, we see the Chairperson has 24 years of experience in this industry, which is a positive sign from an executive perspective. |
| Capital management | 2 | AVC's dividend payout ratio was 40-52% over 2020-25, likely due to its capacity expansion plans. | |
| E | Related party & transaction | 2 | Revenue generated from related-party transactions was 1-3% of total revenue during 2021-25, and we found no suspicious activity. |
| Supply chain management | 1 | AVC has introduced Hazardous Substance Process Management (HSPM) and received QC080000 certification. In addition, AVC set up a Green Product team to promote HSPM and formulate environmental regulation to make sure its material sourcing and efficiency are well- performed. | |
| E | Data security | 1 | To prevent the interruption of information systems and leakage of sensitive information causing losses to the company and customers, AVC has introduced an information security management system and passed the ISO 27001 information security management system certification in 2019. |
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: 6 May 2026 Source: Daiwa, Company
Asia Vital Components (3017 TT): 9 September 2026
Daiwa