PDF 原檔：報告_Daiwa_聚陽1477_20260731_original.pdf
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| 檔名 | size | 分類 | 親眼所見內容 |
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30KB | 真資料圖 | Share price performance：聚陽股價（藍線）vs Relative to TWSE Index（橘色虛線）走勢圖，2025/07–2026/07 |
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20KB | 文字卡 | 12-month range／Market cap／3m avg daily turnover／Shares outstanding／Major shareholder 數字表格卡（數據與正文表格重複） |
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36KB | 真資料圖 | Margin trend：毛利率（藍線）vs 營益率（橘線）走勢圖，2017–2028E |
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42KB | 真資料圖 | 1-year-forward PER bands 圖：股價（深藍）疊 8x/12x/16x/20x/24x PER 帶狀線，2018/07–2026/07 |
原始內容
Taiwan
Makalot Industrial (1477 TT)
Target price:
TWD232.00 (from TWD275.00)
Share price (31 Jul):
TWD219.50 | Up/downside: +5.7%
2Q26 review: order uncertainty continues
- 2Q26 results beat our forecast but missed the Bloomberg consensus
- 3Q26 guidance was lowered previously on macro uncertainties
- Maintaining our Hold (3) call; lowering 12-month TP to TWD232
What's new: Makalot released its updated 2Q26 results on 31 July. We provide an update on its outlook for 3Q26 and 2026 ( see our previous memo on 26 May).
What's the impact: 2Q26 results beat our forecast but missed the Bloomberg consensus. Makalot's 2Q26 revenue of TWD8,166m (-8.2% QoQ, +6.2% YoY) was in line with our forecast but slightly missed the consensus estimate. Its 2Q26 gross margin was 24.4% (vs. 26.1% in 1Q26, 22.0% in 2Q25), beating our estimate of 24.0% but was in line with the consensus estimate of 24.5%. Its operating margin of 13.3% (vs. 15.5% in 1Q26, 12.2% in 2Q25) was higher than our estimate of 12.3% while missing the consensus estimate of 14.0%. Therefore, operating profit of TWD1,086m (-21.1% QoQ, +15.4% YoY) beat our forecast by 9.3% and missed the consensus by 7.9%. Its pre-tax profit of TWD1,072m (-21.0% QoQ, +31.0% YoY) beat our estimate by 11.5% and missed the consensus estimates by 9.0%. Its net income was TWD814m (-24.1% QoQ, +32.2% YoY), 8.2% higher than our forecast but 9.9% lower than the consensus. Its 2Q26 EPS ended at TWD3.3.
Unchanged 3Q26 outlook. Due to geopolitical uncertainties and structural shifts in pricing dynamics, Makalot maintained its 3Q26 guidance: shipments to grow by a mid-single digit rate (4-5%) YoY and ASP to decline by 3%, with a gross margin target of 24%. For 2026, it expects growth in both revenue and net profit. For 2026 shipments, it guides for a low-single digit rate of growth YoY with flat ASP YoY and gross margin of 25%. We lower our 2026-27E EPS after 2-6% factoring in 2Q26 results with a more conservative operating margin assumption. We introduce our 2028 forecasts.
What we recommend: We maintain our Hold (3) rating but lower our 12month TP to TWD232 (from TWD275), now based on a target PER of 15x (from 18x), near the average (19x) of its past-3-year PER trading range of 14-26x on top of its earnings momentum and order uncertainty in an inflationary environment and applied to our 1-year-forward EPS forecast. However, we believe its dividend yield of 6.8-7.5% over 2026-28E should be its share price support. Key upside/downside risks: higher-/fewer-thanexpected orders from key clients, inflation and tariffs.
How we differ: Our 2026-28E EPS are 8-15% below the Bloomberg consensus, likely due to our more conservative revenue, gross and operating margin expansion assumptions.
31 July 2026
5
3
→
Hold
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 | (1.0) | (1.0) | n.a. |
| Net profit change | (2.3) | (5.8) | n.a. |
| Core EPS (FD) change | (2.3) | (5.8) | n.a. |
Source: Daiwa forecasts
Share price performance
| 12-month range | 210.00-338.50 |
|---|---|
| Market cap (USDbn) | 1.67 |
| 3m avg daily turnover (USDm) | 18.35 |
| Shares outstanding (m) | 247 |
| Major shareholder | Li-Pian Zhou (Chairman) (2.8%) |
Financial summary (TWD)
| Year to 31 Dec | 26E | 27E | 28E |
|---|---|---|---|
| Revenue (m) | 34,799 | 36,539 | 38,366 |
| Operating profit (m) | 4,802 | 5,152 | 5,563 |
| Net profit (m) | 3,707 | 3,926 | 4,254 |
| Core EPS (fully-diluted) | 14.966 | 15.847 | 17.173 |
| EPS change (%) | 2.6 | 5.9 | 8.4 |
| Daiwa vs Cons. EPS (%) | (8.1) | (11.3) | (15.3) |
| PER (x) | 14.7 | 13.9 | 12.8 |
| Dividend yield (%) | 6.8 | 7.2 | 7.5 |
| DPS | 15.0 | 15.9 | 16.4 |
| PBR (x) | 3.8 | 3.7 | 3.5 |
| EV/EBITDA (x) | 9.9 | 9.2 | 8.5 |
| ROE (%) | 26.1 | 27.0 | 28.2 |
Source: FactSet, Daiwa forecasts
Makalot: revenue and earnings forecasts revisions
| 2026E | 2026E | 2026E | 2027E | 2027E | 2027E | 2028E | 2028E | 2028E | |
|---|---|---|---|---|---|---|---|---|---|
| (TWDm) | New | Previous | Change | New | Previous | Change | New | Previous | Change |
| ASP (TWD/dozen) | 1,907 | 1,888 | 1.0% | 1,907 | 1,888 | 1.0% | 1,907 | n.a. | n.a. |
| Shipments (m dozen) | 18.25 | 18.61 | -1.9% | 19.16 | 19.54 | -1.9% | 20.12 | n.a. | n.a. |
| Sales | 34,799 | 35,133 | -1.0% | 36,539 | 36,890 | -1.0% | 38,366 | n.a. | n.a. |
| Gross profit | 8,700 | 8,783 | -1.0% | 9,208 | 9,407 | -2.1% | 9,783 | n.a. | n.a. |
| Gross profit margin | 25.0% | 25.0% | 0pp | 25.2% | 25.5% | -0.3pp | 25.5% | n.a. | n.a. |
| Operating profit | 4,802 | 4,954 | -3.1% | 5,152 | 5,423 | -5.0% | 5,563 | n.a. | n.a. |
| Operating profit margin | 13.8% | 14.1% | -0.3pp | 14.1% | 14.7% | -0.6pp | 14.5% | n.a. | n.a. |
| Net profit | 3,707 | 3,793 | -2.3% | 3,926 | 4,168 | -5.8% | 4,254 | n.a. | n.a. |
| Net profit margin | 10.7% | 10.8% | -0.1pp | 10.7% | 11.3% | -0.6pp | 11.1% | n.a. | n.a. |
| Diluted EPS (TWD) | 14.97 | 15.32 | -2.3% | 15.85 | 16.83 | -5.8% | 17.17 | n.a. | n.a. |
Source: Daiwa forecasts
Makalot: 2Q26 results review
| (TWDm) | 2Q26 results | Our forecast | Differ | Bloomberg consensus | Differ |
|---|---|---|---|---|---|
| Revenue | 8,166 | 8,100 | 0.8% | 8,413 | -2.9% |
| Gross profit | 1,990 | 1,944 | 2.4% | 2,057 | -3.3% |
| Operating profit | 1,086 | 994 | 9.3% | 1,179 | -7.9% |
| Profit before tax | 1,072 | 961 | 11.5% | 1,178 | -9.0% |
| Net profit | 814 | 753 | 8.2% | 904 | -9.9% |
| Basic EPS | 3.30 | 3.05 | 8.2% | 3.61 | -8.4% |
| Margin | |||||
| Gross margin | 24.4% | 24.0% | 0.4pp | 24.5% | -0.1pp |
| Operating margin | 13.3% | 12.3% | 1pp | 14.0% | -0.7pp |
| Pre-tax margin | 13.1% | 11.9% | 1.3pp | 14.0% | -0.9pp |
| Net margin | 10.0% | 9.3% | 0.7pp | 10.7% | -0.8pp |
Source: Company, Bloomberg, Daiwa forecasts
Makalot: quarterly P&L
| 2026E | 2026E | 2026E | 2026E | 2027E | 2026E | 2027E | 2028E | ||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| (TWDm) | 1Q26 | 2Q26E | 3Q26E | 4Q26E | 1Q27E | 2Q27E | 3Q27E | 4Q27E | |||
| Revenue | 8,897 | 8,166 | 9,000 | 8,736 | 9,100 | 8,600 | 9,500 | 9,339 | 34,799 | 36,539 | 38,366 |
| Gross profit | 2,326 | 1,990 | 2,160 | 2,224 | 2,366 | 2,124 | 2,309 | 2,409 | 8,700 | 9,208 | 9,783 |
| Operating profit | 1,377 | 1,086 | 1,210 | 1,129 | 1,366 | 1,174 | 1,309 | 1,303 | 4,802 | 5,152 | 5,563 |
| Pre-tax profit | 1,357 | 1,072 | 1,188 | 1,107 | 1,332 | 1,141 | 1,275 | 1,270 | 4,724 | 5,018 | 5,429 |
| Net profit | 1,073 | 814 | 928 | 891 | 1,044 | 890 | 998 | 994 | 3,707 | 3,926 | 4,254 |
| Basic EPS (TWD) | 4.35 | 3.30 | 3.76 | 3.61 | 4.23 | 3.61 | 4.04 | 4.03 | 15.03 | 15.91 | 17.24 |
| Margin | |||||||||||
| Gross margin | 26.1% | 24.4% | 24.0% | 25.5% | 26.0% | 24.7% | 24.3% | 25.8% | 25.0% | 25.2% | 25.5% |
| Operating margin | 15.5% | 13.3% | 13.4% | 12.9% | 15.0% | 13.7% | 13.8% | 14.0% | 13.8% | 14.1% | 14.5% |
| Pre-tax margin | 15.3% | 13.1% | 13.2% | 12.7% | 14.6% | 13.3% | 13.4% | 13.6% | 13.6% | 13.7% | 14.2% |
| Net margin | 12.1% | 10.0% | 10.3% | 10.2% | 11.5% | 10.4% | 10.5% | 10.6% | 10.7% | 10.7% | 11.1% |
| YoY | |||||||||||
| Revenue | -10.3% | 6.2% | 1.2% | 10.2% | 2.3% | 5.3% | 5.6% | 6.9% | 1.1% | 5.0% | 5.0% |
| Gross profit | -15.7% | 17.4% | 8.4% | 5.0% | 1.7% | 6.8% | 6.9% | 8.3% | 1.6% | 5.8% | 6.3% |
| Operating profit | -12.8% | 15.4% | 10.8% | 5.8% | -0.8% | 8.1% | 8.1% | 15.5% | 2.6% | 7.3% | 8.0% |
| Pre-tax profit | -16.1% | 31.0% | 9.8% | 3.1% | -1.8% | 6.4% | 7.3% | 14.7% | 2.9% | 6.2% | 8.2% |
| Net profit | -15.5% | 32.2% | 8.2% | 2.5% | -2.8% | 9.3% | 7.5% | 11.5% | 2.6% | 5.9% | 8.4% |
| QoQ | |||||||||||
| Revenue | 12.2% | -8.2% | 10.2% | -2.9% | 4.2% | -5.5% | 10.5% | -1.7% | |||
| Gross profit | 9.8% | -14.5% | 8.6% | 3.0% | 6.4% | -10.2% | 8.7% | 4.4% | |||
| Operating profit | 29.1% | -21.1% | 11.4% | -6.7% | 21.0% | -14.0% | 11.4% | -0.4% | |||
| Pre-tax profit | 26.4% | -21.0% | 10.9% | -6.9% | 20.4% | -14.4% | 11.8% | -0.4% | |||
| Net profit | 23.5% | -24.1% | 14.0% | -4.0% | 17.1% | -14.7% | 12.1% | -0.4% |
Source: Company, Daiwa forecasts
Makalot: margin trend
Source: Company, Daiwa forecasts
Makalot: 1-year-forward PER bands
Source: Bloomberg, Daiwa forecasts
Makalot Industrial (1477 TT): 31 July 2026
Daiwa
Financial summary
Key assumptions
| Year to 31 Dec | 2021 | 2022 | 2023 | 2024 | 2025 | 2026E | 2027E | 2028E |
|---|---|---|---|---|---|---|---|---|
| ASP (TWD) (dozen) | 1,732.4 | 1,980.4 | 1,932.1 | 1,995.7 | 1,907.0 | 1,907.0 | 1,907.0 | 1,907.0 |
| Shipments (m dozen) | 16.7 | 16.2 | 16.8 | 17.8 | 18.1 | 18.2 | 19.2 | 20.1 |
| Consolidated gross margin (%) | 22.6 | 25.7 | 25.8 | 25.3 | 24.9 | 25.0 | 25.2 | 25.5 |
Profit and loss (TWDm)
| Year to 31 Dec | 2021 | 2022 | 2023 | 2024 | 2025 | 2026E | 2027E | 2028E |
|---|---|---|---|---|---|---|---|---|
| US | 22,855 | 23,421 | 22,721 | 24,867 | 24,118 | 24,359 | 25,577 | 26,856 |
| Japan | 4,918 | 5,775 | 6,167 | 6,394 | 6,202 | 6,264 | 6,577 | 6,906 |
| Other Revenue | 1,157 | 2,887 | 3,570 | 4,263 | 4,108 | 4,176 | 4,385 | 4,604 |
| Total Revenue | 28,931 | 32,083 | 32,459 | 35,524 | 34,428 | 34,799 | 36,539 | 38,366 |
| Other income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| COGS | (22,396) | (23,827) | (24,092) | (26,532) | (25,864) | (26,099) | (27,331) | (28,583) |
| SG&A | (3,154) | (3,824) | (3,527) | (3,691) | (3,883) | (3,897) | (4,056) | (4,220) |
| Other op.expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating profit | 3,381 | 4,432 | 4,840 | 5,300 | 4,681 | 4,802 | 5,152 | 5,563 |
| Net-interest inc./(exp.) | (74) | (155) | (189) | (272) | (242) | (260) | (260) | (260) |
| Assoc/forex/extraord./others | 91 | 313 | 376 | 215 | 154 | 181 | 126 | 126 |
| Pre-tax profit | 3,398 | 4,589 | 5,027 | 5,243 | 4,592 | 4,724 | 5,018 | 5,429 |
| Tax | (720) | (1,049) | (992) | (1,071) | (922) | (949) | (1,008) | (1,091) |
| Min. int./pref. div./others | (23) | (25) | (44) | (57) | (55) | (67) | (84) | (84) |
| Net profit (reported) | 2,655 | 3,515 | 3,991 | 4,115 | 3,614 | 3,707 | 3,926 | 4,254 |
| Net profit (adjusted) | 2,655 | 3,515 | 3,991 | 4,115 | 3,614 | 3,707 | 3,926 | 4,254 |
| EPS (reported)(TWD) | 11.195 | 14.532 | 16.502 | 16.680 | 14.650 | 15.028 | 15.913 | 17.245 |
| EPS (adjusted)(TWD) | 11.195 | 14.532 | 16.502 | 16.680 | 14.650 | 15.028 | 15.913 | 17.245 |
| EPS (adjusted fully-diluted)(TWD) | 11.151 | 14.450 | 16.432 | 16.608 | 14.587 | 14.966 | 15.847 | 17.173 |
| DPS (TWD) | 9.500 | 14.500 | 16.400 | 17.100 | 15.000 | 15.028 | 15.913 | 16.383 |
| EBIT | 3,381 | 4,432 | 4,840 | 5,300 | 4,681 | 4,802 | 5,152 | 5,563 |
| EBITDA | 3,912 | 4,994 | 5,388 | 5,865 | 5,288 | 5,343 | 5,730 | 6,178 |
Cash flow (TWDm)
| Year to 31 Dec | 2021 | 2022 | 2023 | 2024 | 2025 | 2026E | 2027E | 2028E |
|---|---|---|---|---|---|---|---|---|
| Profit before tax | 3,398 | 4,589 | 5,027 | 5,243 | 4,592 | 4,724 | 5,018 | 5,429 |
| Depreciation and amortisation | 530 | 562 | 548 | 565 | 608 | 541 | 578 | 615 |
| Tax paid | (720) | (1,049) | (992) | (1,071) | (922) | (949) | (1,008) | (1,091) |
| Change in working capital | 301 | (223) | 393 | (39) | 488 | (225) | (92) | (243) |
| Other operational CF items | (497) | (165) | 809 | 33 | (421) | 260 | 260 | 260 |
| Cash flow from operations | 3,013 | 3,715 | 5,785 | 4,731 | 4,344 | 4,351 | 4,755 | 4,970 |
| Capex | (399) | (398) | (476) | (799) | (708) | (750) | (750) | (750) |
| Net (acquisitions)/disposals | 4 | 8 | 39 | 8 | 16 | 0 | 0 | 0 |
| Other investing CF items | (1,977) | (676) | (1,040) | 1,969 | 522 | 0 | 0 | 0 |
| Cash flow from investing | (2,372) | (1,066) | (1,478) | 1,177 | (170) | (750) | (750) | (750) |
| Change in debt | (1,483) | (136) | (199) | (332) | 79 | 0 | 0 | 0 |
| Net share issues/(repurchases) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends paid | (1,935) | (2,298) | (3,507) | (3,966) | (4,185) | (3,700) | (3,707) | (3,926) |
| Other financing CF items | 3,088 | (207) | (331) | (1,870) | 21 | 0 | 0 | 0 |
| Cash flow from financing | (329) | (2,640) | (4,037) | (6,169) | (4,084) | (3,700) | (3,707) | (3,926) |
| Forex effect/others | (37) | 109 | (17) | 146 | (97) | 0 | 0 | 0 |
| Change in cash | 276 | 118 | 254 | (115) | (8) | (100) | 298 | 295 |
| Free cash flow | 2,614 | 3,317 | 5,309 | 3,932 | 3,636 | 3,601 | 4,005 | 4,220 |
Source: FactSet, Daiwa forecasts
Makalot Industrial (1477 TT): 31 July 2026
Daiwa
Financial summary continued …
Balance sheet (TWDm)
| Year to 31 Dec | 2021 | 2022 | 2023 | 2024 | 2025 | 2026E | 2027E | 2028E |
|---|---|---|---|---|---|---|---|---|
| Cash & short-term investment | 2,809 | 2,917 | 3,226 | 3,102 | 2,830 | 2,731 | 3,029 | 3,323 |
| Inventory | 5,434 | 5,241 | 4,843 | 5,702 | 5,034 | 5,345 | 5,458 | 5,781 |
| Accounts receivable | 1,160 | 1,199 | 1,527 | 829 | 899 | 861 | 929 | 962 |
| Other current assets | 6,757 | 8,607 | 8,822 | 6,459 | 7,141 | 7,141 | 7,141 | 7,141 |
| Total current assets | 16,160 | 17,963 | 18,419 | 16,093 | 15,905 | 16,077 | 16,557 | 17,207 |
| Fixed assets | 5,022 | 5,227 | 5,264 | 5,815 | 5,978 | 6,187 | 6,359 | 6,495 |
| Goodwill & intangibles | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other non-current assets | 1,041 | 1,239 | 1,193 | 1,290 | 2,022 | 2,022 | 2,022 | 2,022 |
| Total assets | 22,223 | 24,429 | 24,876 | 23,198 | 23,904 | 24,286 | 24,938 | 25,723 |
| Short-term debt | 1,866 | 1,753 | 1,553 | 1,221 | 1,300 | 1,300 | 1,300 | 1,300 |
| Accounts payable | 2,237 | 1,859 | 2,187 | 2,276 | 2,164 | 2,211 | 2,301 | 2,414 |
| Other current liabilities | 3,603 | 4,899 | 4,857 | 4,522 | 5,100 | 5,100 | 5,100 | 5,100 |
| Total current liabilities | 7,707 | 8,511 | 8,597 | 8,019 | 8,565 | 8,612 | 8,702 | 8,815 |
| Long-term debt | 163 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other non-current liabilities | 557 | 474 | 352 | 411 | 1,166 | 1,166 | 1,166 | 1,166 |
| Total liabilities | 8,427 | 8,984 | 8,949 | 8,429 | 9,730 | 9,777 | 9,867 | 9,980 |
| Share capital | 2,419 | 2,419 | 2,419 | 2,467 | 2,467 | 2,467 | 2,467 | 2,467 |
| Reserves/R.E./others | 11,294 | 12,939 | 13,401 | 12,177 | 11,578 | 11,845 | 12,323 | 12,912 |
| Shareholders' equity | 13,713 | 15,357 | 15,819 | 14,644 | 14,045 | 14,312 | 14,790 | 15,379 |
| Minority interests | 83 | 88 | 108 | 125 | 129 | 196 | 280 | 364 |
| Total equity & liabilities | 22,223 | 24,429 | 24,876 | 23,198 | 23,904 | 24,286 | 24,938 | 25,723 |
| EV | 53,453 | 53,073 | 52,584 | 52,393 | 52,748 | 52,915 | 52,701 | 52,491 |
| Net debt/(cash) | (779) | (1,164) | (1,673) | (1,881) | (1,530) | (1,430) | (1,728) | (2,023) |
| BVPS (TWD) | 57.821 | 63.497 | 65.408 | 59.359 | 56.933 | 58.015 | 59.953 | 62.338 |
Key ratios (%)
| Year to 31 Dec | 2021 | 2022 | 2023 | 2024 | 2025 | 2026E | 2027E | 2028E |
|---|---|---|---|---|---|---|---|---|
| Sales (YoY) | 16.1 | 10.9 | 1.2 | 9.4 | (3.1) | 1.1 | 5.0 | 5.0 |
| EBITDA (YoY) | 22.2 | 27.7 | 7.9 | 8.9 | (9.8) | 1.0 | 7.2 | 7.8 |
| Operating profit (YoY) | 26.8 | 31.1 | 9.2 | 9.5 | (11.7) | 2.6 | 7.3 | 8.0 |
| Net profit (YoY) | 29.1 | 32.4 | 13.6 | 3.1 | (12.2) | 2.6 | 5.9 | 8.4 |
| Core EPS (fully-diluted) (YoY) | 19.8 | 29.6 | 13.7 | 1.1 | (12.2) | 2.6 | 5.9 | 8.4 |
| Gross-profit margin | 22.6 | 25.7 | 25.8 | 25.3 | 24.9 | 25.0 | 25.2 | 25.5 |
| EBITDA margin | 13.5 | 15.6 | 16.6 | 16.5 | 15.4 | 15.4 | 15.7 | 16.1 |
| Operating-profit margin | 11.7 | 13.8 | 14.9 | 14.9 | 13.6 | 13.8 | 14.1 | 14.5 |
| Net profit margin | 9.2 | 11.0 | 12.3 | 11.6 | 10.5 | 10.7 | 10.7 | 11.1 |
| ROAE | 22.3 | 24.2 | 25.6 | 27.0 | 25.2 | 26.1 | 27.0 | 28.2 |
| ROAA | 13.0 | 15.1 | 16.2 | 17.1 | 15.3 | 15.4 | 16.0 | 16.8 |
| ROCE | 23.0 | 26.8 | 27.9 | 31.7 | 29.8 | 30.7 | 32.0 | 33.3 |
| ROIC | 22.2 | 25.0 | 27.2 | 31.1 | 29.3 | 29.8 | 31.2 | 32.9 |
| Net debt to equity | n.a. | n.a. | n.a. | n.a. | n.a. | n.a. | n.a. | n.a. |
| Effective tax rate | 21.2 | 22.9 | 19.7 | 20.4 | 20.1 | 20.1 | 20.1 | 20.1 |
| Accounts receivable (days) | 22.9 | 13.4 | 15.3 | 12.1 | 9.2 | 9.2 | 8.9 | 9.0 |
| Current ratio (x) | 2.1 | 2.1 | 2.1 | 2.0 | 1.9 | 1.9 | 1.9 | 2.0 |
| Net interest cover (x) | 46.0 | 28.5 | 25.7 | 19.5 | 19.3 | 18.5 | 19.8 | 21.4 |
| Net dividend payout | 84.9 | 99.8 | 99.4 | 102.5 | 102.4 | 100.0 | 100.0 | 95.0 |
| Free cash flow yield | 4.8 | 6.1 | 9.8 | 7.3 | 6.7 | 6.6 | 7.4 | 7.8 |
Source: FactSet, Daiwa forecasts
Company profile
Makalot Industrial (Makalot) is a diversified garment manufacturer for brands and retailers globally. Its major clients include Gap, Fast Retailing, Kohl's, Target, and Walmart.
Makalot Industrial (1477 TT): 31 July 2026
Daiwa
ESG analysis
ESG risks
| Risks | Management | Analyst comments | |
|---|---|---|---|
| G | Executive/board quality | 2 | Most directors on the board have relevant experience in the apparel industry. We also see a high female percentage (6 females) among its 15 directors, including 2 of the 3 independent directors. Makalot's Chairman and CEO are the same individual, but we believe the board's stability will be maintained as we note that the CEO has decided to appoint his son, Alex Chou, as his successor. |
| Capital management | 1 | Makalot has maintained a dividend payout ratio of over 85% (2025: 102.4%), except for 2019, which was severely affected by the global economy, and which impacted the development of the apparel industry. In the future, the company will continue to maintain a stable cash dividend policy with expected payout ratio of 70-90%. | |
| S | Related party & transaction | 1 | Makalot has tapped into its Vietnam fabric suppliers' operations to effectively control material quality and cost for better profitability. |
| Supply chain management | 1 | Makalot adopts the Higg Index to evaluate and train its suppliers, and its supplier management policy is set up based on relative agreements. Makalot is devoted to co-developing with its suppliers, sustainable textile products that are recyclable, biomass-based and biodegradable to uphold the values of eco-friendliness. Furthermore, in 2025, Makalot purchased USD170m of recycled material and USD140m of eco-friendly cotton, effectively reducing the negative impact to the environment. | |
| E | Materials sourcing & efficiency | 2 | Makalot follows the ZDHC goals, and aims to reduce water use and carbon emissions. In 2023, 78% of raw materials or finished products are provided by key first-tier suppliers that have passed third-party environmental certifications, and there were no violations of chemical regulations and chemical leakage incidents with Makalot, and all its products met the chemical emissions standards of ZDHC. |
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: 31 Jul 2026
Source: Daiwa, Company
Makalot Industrial (1477 TT): 31 July 2026
Daiwa