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原始內容
Relative performance chart
EQUITY: TECHNOLOGY
Price
(TWD)
225-
2001
1751
1501
1251
1001
75
- 150
-125
Panjit International 2481.TW 2481 TT
EQUITY: TECHNOLOGY
Churra. I CEC Namura
Favorable pricing, product mix to elevate 2H26-2027F profit margins
New AI datacenter orders remain major growth driver
More positive on Panjit's AI datacenter power MOSFET supply chain position
Our recent market survey suggests sustained tight supply of select power discrete products in 2H26F, such as power/small signal MOSFET, and diodes. Future Electronics' monthly report indicates lengthened lead times for many MOSFET and diode variants in Jul/Aug 2026, along with an uptrend in pricing (Fig 5 ). On the other hand, SDI's (2351 TT, Buy) management indicated that IDM customers are placing more lead frame orders to the company with favorable pricing in 2H26E, in order to meet stronger AI-datacenter demand and to secure market share. As some products' lead times have reached historical record levels (for e.g., select Schottky/switch diodes and LV/HV MOSFET lead times reached 52 weeks in Aug 2026, vs 20 weeks a year ago), and with limited capacity expansion among IDMs/ foundries in the near term, we expect the tight supply to continue in 2H26-1H27F. We also expect such a benign environment to be a tailwind for vendors to pass-through cost increases.
We expect Panit's 2H26-2027F revenue growth and margin expansion to sustain
Panjit's 2Q26 revenue grew 16% q-q, better than management's target, and was driven by improved demand across end markets. 2Q26 GM reached a 19-quarter high at 33.2% on a greater revenue scale, better product mix, and favorable pricing. We expect the revenue and profit margin q-q momentum to sustain in 2H26-2027F, as the company has secured more orders from the AI datacenter power discrete market, along with price hikes (mainly to pass-through rising fab manufacturing and material costs). We expect 3Q264Q26F revenue to grow 10%/5% q-q, with AI datacenter related revenue contributing 12-14% total sales (vs 11% in 1H26). We also assume 2H26-2027F GM to reach 36.5%/37.3% (vs 33.0% in 1H26) with higher AI and automotive sales exposure, better utilization rates across manufacturing sites, along with a third round of price hikes in 4Q26F.
2026F/27F EPS raised by 3%/10%; TP increased to TWD214, implying 38.5% upside
We raise 2026F/27F EPS, as we assume contribution from more new AI datacenter orders mainly starting in 2H26-2027F, and expect a more favorable mix and pricing to form better margin profiles. Our TP of TWD214 is based on 25x 2027F EPS of TWD8.55 (previous TP of TWD195 was based on 25x 2027F EPS of TWD7.79). The stock currently trades at 18x/16x 2027F/28F EPS.
| Year-end 31 Dec Currency (TWD) | FY25 Actual | Old | FY26F New | Old | FY27F New | Old | FY28F New |
|---|---|---|---|---|---|---|---|
| Revenue (mn) | 13,094 | 15,703 | 16,266 | 19,242 | 19,965 | 21,147 | 22,792 |
| Reported net profit (mn) | 1,375 | 2,023 | 2,071 | 2,976 | 3,267 | 3,395 | 3,794 |
| Normalised net profit (mn) | 1,375 | 2,023 | 2,071 | 2,976 | 3,267 | 3,395 | 3,794 |
| FD normalised EPS | 3.60 | 5.29 | 5.42 | 7.79 | 8.55 | 8.88 | 9.93 |
| FD norm. EPS growth (%) | 90.3 | 49.4 | 50.6 | 47.1 | 57.8 | 14.1 | 16.1 |
| FD normalised P/E (x) | 42.9 | - | 28.5 | - | 18.1 | - | 15.6 |
| EV/EBITDA (x) | 26.2 | - | 17.8 | - | 12.4 | - | 10.7 |
| Price/book (x) | 3.7 | - | 3.4 | - | 3.0 | - | 2.8 |
| Dividend yield (%) | 0.9 | - | 1.2 | - | 2.1 | - | 3.0 |
| ROE (%) | 8.7 | 12.1 | 12.3 | 16.3 | 17.7 | 17.1 | 18.7 |
| Net debt/equity (%) | 34.8 | 26.5 | 27.2 | 19.0 | 18.3 | 9.9 | 9.9 |
Source: Company data, Nomura estimates
Sep
| Rating Remains | Buy |
|---|---|
| Target price Increased from TWD 195.00 | TWD 214.00 |
| Closing price 10 September 2026 | TWD 154.50 |
| Implied upside | +38.5% |
Market Cap (USD mn)
ADT (USD mn)
Relative performance chart
Source: LSEG, Nomura
1,873.1
123.0
Research Analysts
Taiwan Technology
Kenny Chen - NITB kenny.chen@nomura.com +886 2 21769978
Aaron Jeng, CFA - NITB
aaron.jeng@nomura.com +886(2) 21769962
Production Complete: 2026-09-11 11:46 UTC
Key data on Panjit International
Performance
| (%) | 1M | 3M | 12M | ||
|---|---|---|---|---|---|
| Absolute (TWD) | 12.4 | 14 | 114.6 | M cap (USDmn) | 1,873.1 |
| Absolute (USD) | 14.8 | 14.3 | 106.1 | Free float (%) | 80.0 |
| Rel to Taiwan TAIEX Index | 7.3 | 4.9 | 27.3 | 3-mth ADT (USDmn) | 123.0 |
Income statement (TWDmn)
| Year-end 31 Dec | FY24 | FY25 | FY26F | FY27F | FY28F |
|---|---|---|---|---|---|
| Revenue | 12,536 | 13,094 | 16,266 | 19,965 | 22,792 |
| Cost of goods sold | -8,939 | -9,001 | -10,590 | -12,524 | -14,220 |
| Gross profit | 3,597 | 4,093 | 5,676 | 7,441 | 8,571 |
| SG&A | -2,784 | -2,982 | -3,436 | -3,738 | -4,247 |
| Employee share expense | |||||
| Operating profit | 813 | 1,111 | 2,240 | 3,703 | 4,324 |
| EBITDA | 1,853 | 2,122 | 3,278 | 4,775 | 5,430 |
| Depreciation | -1,040 | -1,011 | -1,039 | -1,072 | -1,105 |
| Amortisation | |||||
| EBIT | 813 | 1,111 | 2,240 | 3,703 | 4,324 |
| Net interest expense | -38 | 31 | 30 | 21 | 22 |
| Associates & JCEs | 116 | 344 | 298 | 290 | 285 |
| Other income | 181 | 377 | 193 | 220 | 220 |
| Earnings before tax | 1,072 | 1,862 | 2,761 | 4,234 | 4,851 |
| Income tax | -190 | -288 | -516 | -742 | -837 |
| Net profit after tax | 882 | 1,574 | 2,244 | 3,492 | 4,014 |
| Minority interests | -159 | -199 | -173 | -225 | -220 |
| Other items | |||||
| Preferred dividends | |||||
| Normalised NPAT | 723 | 1,375 | 2,071 | 3,267 | 3,794 |
| Extraordinary items | 0 | 0 | 0 | ||
| Reported NPAT | 723 | 1,375 | 2,071 | 3,267 | 3,794 |
| Dividends | -459 | -535 | -688 | -1,217 | -1,797 |
| Transfer to reserves | 264 | 840 | 1,383 | 2,051 | 1,997 |
| Valuations and ratios | |||||
| Reported P/E (x) | 81.7 | 42.9 | 28.5 | 18.1 | 15.6 |
| Normalised P/E (x) | 81.7 | 42.9 | 28.5 | 18.1 | 15.6 |
| FD normalised P/E (x) | 81.7 | 42.9 | 28.5 | 18.1 | 15.6 |
| Dividend yield (%) | 0.8 | 0.9 | 1.2 | 2.1 | 3.0 |
| Price/cashflow (x) | 45.2 | 41.6 | 28.6 | 19.7 | 15.3 |
| Price/book (x) | 3.8 | 3.7 | 3.4 | 3.0 | 2.8 |
| EV/EBITDA (x) | 32.8 | 26.2 | 17.8 | 12.4 | 10.7 |
| EV/EBIT (x) | 69.6 | 44.4 | 25.1 | 15.7 | 13.3 |
| Gross margin (%) | 28.7 | 31.3 | 34.9 | 37.3 | 37.6 |
| EBITDA margin (%) | 14.8 | 16.2 | 20.2 | 23.9 | 23.8 |
| EBIT margin (%) | 6.5 | 8.5 | 13.8 | 18.5 | 19.0 |
| Net margin (%) | 5.8 | 10.5 | 12.7 | 16.4 | 16.6 |
| Effective tax rate (%) | 17.7 | 15.5 | 18.7 | 17.5 | 17.3 |
| Dividend payout (%) | 63.4 | 38.9 | 33.2 | 37.2 | 47.4 |
| ROE (%) | 4.8 | 8.7 | 12.3 | 17.7 | 18.7 |
| ROA (pretax %) | 3.6 | 5.4 | 9.1 | 13.7 | 15.3 |
| Growth (%) | |||||
| Revenue | -1.3 | 4.4 | 24.2 | 22.7 | 14.2 |
| EBITDA | 7.0 | 14.5 | 54.5 | 45.7 | 13.7 |
| Normalised EPS | 11.9 | 90.3 | 50.6 | 57.8 | 16.1 |
| Normalised FDEPS | 11.9 | 90.3 | 50.6 | 57.8 | 16.1 |
Source: Company data, Nomura estimates
Cashflow statement (TWDmn)
| Year-end 31 Dec | FY24 | FY25 | FY26F | FY27F | FY28F |
|---|---|---|---|---|---|
| EBITDA | 1,853 | 2,122 | 3,278 | 4,775 | 5,430 |
| Change in working capital Other operating cashflow | 418 | 357 | -1,075 | -1,340 | -1,046 |
| Cashflow from operations | -965 1,306 | -1,059 | -142 | -436 2,999 | -530 3,854 |
| expenditure | 1,419 | 2,062 | -600 | ||
| Capital | -504 | -411 | -500 | -600 | |
| Free cashflow | 802 | 1,008 | 1,562 | 2,399 | 3,254 |
| Reduction in investments | -1,990 | -1,372 | 0 | 0 | 0 |
| Net acquisitions | 112 | -56 | -1,395 | 100 | 100 |
| Dec in other LT assets Inc in other LT liabilities | 470 | -31 | 0 | 0 | 0 |
| Adjustments | 893 | 1,476 | 1,395 | -100 | -100 |
| CF after investing acts | 286 | 1,026 | 1,562 | 2,399 | 3,254 |
| Cash dividends | -459 | -535 | -688 | -1,217 | -1,797 |
| Equity issue | 0 | 0 | 0 | 0 | 0 |
| 0 | 0 | ||||
| Debt issue Convertible issue | -843 | -230 | 0 | ||
| debt Others | 299 | -493 | 0 | 0 | 0 |
| CF from financial acts | -1,002 | -1,258 | -688 | -1,217 | -1,797 |
| Net cashflow | -716 | -232 | 874 | 1,182 | 1,457 |
| Beginning cash | 3,077 | 2,361 | 2,129 | 3,003 | 4,186 |
| Ending cash | 2,361 | 2,129 | 3,003 | 4,186 | 5,642 |
| Ending net debt | |||||
| Balance sheet (TWDmn) As at 31 Dec | 5,588 | 5,613 | |||
| 4,739 | 3,557 | 2,100 | |||
| Cash & equivalents | FY24 2,361 | FY25 2,129 | FY26F 3,003 | FY27F 4,186 6,283 | FY28F 5,642 6,283 |
| Marketable securities Accounts receivable | 4,552 3,832 | 4,127 | 6,283 5,042 | 6,189 4,008 | 7,065 |
| 2,739 | 6,283 | 4,550 | |||
| Inventories Other current | 729 | 2,549 674 | 3,389 674 | 674 | 674 |
| assets Total current assets | 14,214 | 18,392 | 21,340 | 24,215 | |
| 15,763 | 987 | ||||
| LT investments | 1,346 | 987 | 987 | 987 5,340 | |
| 7,322 | 6,856 | 6,318 | 5,846 | ||
| Fixed assets Goodwill assets | 1,498 | 1,495 | 0 | 0 | 0 |
| Other intangible Other LT assets Total assets | 4,363 28,743 | 4,418 | 5,813 31,510 | 5,713 33,886 | 5,613 36,156 |
| Short-term debt | 2,997 | 29,519 2,903 | 2,903 | 2,903 | 2,903 |
| Accounts payable | 1,589 | 1,650 | 2,330 | 2,755 | 3,128 |
| Other current | 2,966 | ||||
| Total current | 2,620 | 2,966 | 2,966 | 2,966 | |
| liabilities liabilities | |||||
| 7,206 | 7,519 | 8,199 | 8,625 4,839 | 8,998 4,839 | |
| Long-term debt Convertible debt Other LT | 4,952 | 4,839 | 4,839 | ||
| Total liabilities | 1,065 13,223 | 1,034 | 1,034 | 1,034 14,498 | 1,034 |
| liabilities | 14,072 | ||||
| 13,392 | 14,871 | ||||
| Minority interest Preferred stock Common stock Retained earnings Proposed dividends | 3,821 4,468 28,743 | 3,821 5,121 | 3,821 6,432 17,438 31,510 | 3,821 8,382 | 3,821 10,279 7,185 21,285 |
| Total shareholders' equity Total equity & liabilities | 36,156 | ||||
| 15,520 | 29,519 | 33,886 | |||
| Other equity and reserves | 7,231 | 7,185 16,127 | 7,185 | 7,185 19,388 | |
| Liquidity (x) | 1.97 | 2.10 | 2.24 | 2.47 | 2.69 |
| Current ratio Interest cover Leverage Net debt/EBITDA (x) | 21.3 3.02 36.0 | - 2.65 34.8 | - 1.45 27.2 | - 0.74 | - 0.39 9.9 |
| Net debt/equity (%) Per share | |||||
| Reported EPS (TWD) | 18.3 | ||||
| 1.89 1.89 | 3.60 | 8.55 | 9.93 | ||
| Norm EPS (TWD) FD norm EPS (TWD) | 1.89 40.62 | 3.60 3.60 42.21 | 5.42 5.42 5.42 | 8.55 8.55 | 9.93 9.93 |
| BVPS (TWD) | 1.40 | 45.63 | 55.70 4.70 | ||
| DPS (TWD) | 1.20 | 1.80 | 50.74 | ||
| Activity (days) | 3.18 | ||||
| 110.9 | 102.9 | 102.7 | 106.4 | ||
| 115.1 117.3 | 107.2 | 102.3 | 107.8 | ||
| Days receivable | 110.1 75.7 | ||||
| Days inventory Days payable | 74.1 | 65.7 | 68.6 | 74.1 | |
| 152.5 | 140.8 | ||||
| Cash cycle | 158.3 | 136.6 | 136.3 |
Source: Company data, Nomura estimates
Company profile
Panjit is a power semiconductor IDM headquartered in Taiwan. It currently manufactures and sells power discrete (including diodes, MOSFET, and SIC), Power IC, and solar products. The company's products are widely used in many end applications including industrial, green energy, consumer electronics, automotive, computers, power supply, and communication.
Valuation Methodology
Our TP of TWD214 is based on 25x 2027F EPS of TWD8.55. We use 25x to derive our TP, vs historical P/E range of 18x since 2018 (The stock traded in a range from 15-33x when the company was in earnings growth upcycle). The benchmark to the stock is TAIEX.
Risks that may impede the achievement of the target price
Downside risks: 1) global macroeconomic uncertainty that may drag demand for the company's products, especially auto and industrial; 2) slowerthan-expected supply chain inventory destocking; and 3) pricing competition from peers if global demand is worse than expected.
ESG
Panjit requires itself to uphold the business principles of 'innovation, growth, responsibility, and sustainability' in the global semiconductor supply chain in the face of unprecedented changes in the aspects of global environment and climate, economy and society. The company actively promotes and continues to make improvement in environmental protection, employee safety and health, labor conditions, moral values, and the maintenance of energy, striving to become a member of the green enterprises in the world while constantly strengthening ESG (the beauty of the Environment, the goodness in society, and the truthfulness in governance) actions to respond to changes and challenges in the future with a high level of dynamics.
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Financial analysis and forecasts
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Fig. 1: Panjit: earnings estimate revisions
2028F
| New forecasts | New forecasts | New forecasts | Previous forecasts | Previous forecasts | Previous forecasts | Change (%) | Change (%) | Change (%) | |
|---|---|---|---|---|---|---|---|---|---|
| TWDmn | 2025A | 2026F | 2027F | 2025A | 2026F | 2027F | 2025A | 2026F | 2027F |
| Revenues | 13,094 | 16,266 | 19,965 | 13,094 | 15,703 | 19,242 | - | 3.6 | 3.8 |
| Gross profit | 4,093 | 5,676 | 7,441 | 4,093 | 5,438 | 7,026 | - | 4.4 | 5.9 |
| Operating profit | 1,111 | 2,240 | 3,703 | 1,111 | 2,172 | 3,319 | - | 3.1 | 11.6 |
| Pre-tax profit | 1,679 | 2,788 | 4,234 | 1,679 | 2,689 | 3,839 | - | 3.7 | 10.3 |
| Net profit | 1,192 | 2,098 | 3,267 | 1,192 | 2,028 | 2,976 | - | 3.5 | 9.8 |
| EPS (TWD) | 3.11 | 5.49 | 8.55 | 3.11 | 5.31 | 7.79 | - | 3.4 | 9.8 |
| Margins (%) | |||||||||
| Gross margin | 31.3 | 34.9 | 37.3 | 31.3 | 34.6 | 36.5 | - | 0.3 | 0.8 |
| Operating margin | 8.5 | 13.8 | 18.5 | 8.5 | 13.8 | 17.2 | - | (0.1) | 1.3 |
| Pretax margin | 12.8 | 17.1 | 21.2 | 12.8 | 17.1 | 20.0 | - | 0.0 | 1.3 |
| Net margin | 9.1 | 12.9 | 16.4 | 9.1 | 12.9 | 15.5 | - | (0.0) | 0.9 |
Source: Company data, Nomura estimates
Fig. 2: Panjit: quarterly financial highlights
| (TWDmn) | 2024 | 2025 | 2026F | 2027F | 2028F | 1Q25 | 2Q25 | 3Q25 | 4Q25 | 1Q26 | 2Q26 | 3Q26F | 4Q26F | 1Q27F | 2Q27F | 3Q27F | 4Q27F |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net sales | 12,536 | 13,094 | 16,266 | 19,965 | 22,792 | 3,072 | 3,400 | 3,270 | 3,352 | 3,421 | 3,956 | 4,344 | 4,545 | 4,498 | 4,879 | 5,274 | 5,314 |
| COGS | 8,939 | 9,001 | 10,590 | 12,524 | 14,220 | 2,140 | 2,358 | 2,246 | 2,257 | 2,301 | 2,641 | 2,778 | 2,869 | 2,846 | 3,047 | 3,291 | 3,340 |
| Gross profit | 3,597 | 4,093 | 5,676 | 7,441 | 8,571 | 932 | 1,042 | 1,024 | 1,095 | 1,120 | 1,314 | 1,566 | 1,676 | 1,651 | 1,832 | 1,983 | 1,975 |
| Opex | 2,784 | 2,982 | 3,436 | 3,738 | 4,247 | 701 | 700 | 747 | 834 | 898 | 850 | 834 | 855 | 873 | 922 | 971 | 972 |
| Op profit | 813 | 1,111 | 2,240 | 3,703 | 4,324 | 231 | 342 | 276 | 262 | 222 | 464 | 732 | 821 | 779 | 910 | 1,013 | 1,002 |
| Non-op income | 455 | 567 | 548 | 531 | 527 | 154 | 29 | 167 | 218 | 179 | 183 | 96 | 90 | 113 | 150 | 140 | 128 |
| Pre-tax profit | 1,268 | 1,679 | 2,788 | 4,234 | 4,851 | 385 | 371 | 443 | 480 | 401 | 647 | 828 | 911 | 892 | 1,060 | 1,153 | 1,130 |
| Net profit | 919 | 1,192 | 2,098 | 3,267 | 3,794 | 277 | 252 | 303 | 360 | 288 | 488 | 624 | 698 | 690 | 814 | 885 | 878 |
| EPS (TWD) | 2.40 | 3.12 | 5.49 | 8.55 | 9.93 | 0.72 | 0.66 | 0.80 | 0.94 | 0.75 | 1.28 | 1.63 | 1.83 | 1.81 | 2.13 | 2.32 | 2.30 |
| Operating ratios (%) | |||||||||||||||||
| Gross margin | 28.7% | 31.3% | 34.9% | 37.3% | 37.6% | 30.3% | 30.7% | 31.3% | 32.7% | 32.7% | 33.2% | 36.0% | 36.9% | 36.7% | 37.5% | 37.6% | 37.2% |
| Operating margin | 6.5% | 8.5% | 13.8% | 18.5% | 19.0% | 7.5% | 10.1% | 8.5% | 7.8% | 6.5% | 11.7% | 16.8% | 18.1% | 17.3% | 18.6% | 19.2% | 18.9% |
| Pre-tax profit margin | 10.1% | 12.8% | 17.1% | 21.2% | 21.3% | 12.5% | 10.9% | 13.5% | 14.3% | 11.7% | 16.4% | 19.1% | 20.1% | 19.8% | 21.7% | 21.9% | 21.3% |
| Net profit margin | 7.3% | 9.1% | 12.9% | 16.4% | 16.6% | 9.0% | 7.4% | 9.3% | 10.7% | 8.4% | 12.3% | 14.4% | 15.4% | 15.3% | 16.7% | 16.8% | 16.5% |
| Year-to-year (%) | |||||||||||||||||
| Net sales | -1% | 4% | 24% | 23% | 14% | 6% | 4% | -2% | 11% | 11% | 16% | 33% | 36% | 31% | 23% | 21% | 17% |
| Gross profit | 12% | 14% | 39% | 31% | 15% | 20% | 15% | 5% | 17% | 20% | 26% | 53% | 53% | 47% | 39% | 27% | 18% |
| Operating profit | -2% | 37% | 102% | 65% | 17% | 64% | 36% | 18% | 41% | -4% | 36% | 165% | 214% | 250% | 96% | 38% | 22% |
| Pre-tax profit | 9% | 32% | 66% | 52% | 15% | 40% | -3% | 34% | 71% | 4% | 74% | 87% | 90% | 122% | 64% | 39% | 24% |
| Net profit | 12% | 30% | 76% | 56% | 16% | 55% | -11% | 20% | 76% | 4% | 94% | 106% | 94% | 140% | 67% | 42% | 26% |
| Qtr-to-Qtr (%) | |||||||||||||||||
| Net sales | 2% | 11% | -4% | 3% | 2% | 16% | 10% | 5% | -1% | 8% | 8% | 1% | |||||
| Gross profit | -1% | 12% | -2% | 7% | 2% | 17% | 19% | 7% | -1% | 11% | 8% | 0% | |||||
| Operating profit | 24% | 48% | -19% | -5% | -15% | 109% | 58% | 12% | -5% | 17% | 11% | -1% | |||||
| Pre-tax profit | 37% | -3% | 19% | 8% | -16% | 61% | 28% | 10% | -2% | 19% | 9% | -2% | |||||
| Net profit | 35% | -9% | 20% | 19% | -20% | 70% | 28% | 12% | -1% | 18% | 9% | -1% |
Source: Company data, Nomura estimates
Fig. 3: Panjit: revenue mix by end market
Source: Company data, Nomura estimates
Fig. 4: Panjit - GM & OPM trends
Source: Company data, Nomura estimates
Fig. 5: MOSFET: lead time and ASP trends
| MOSFET | July 2026 | Aug 2026 | Aug 2026 | Aug 2026 | July 2026 | July 2026 | July 2026 | Aug 2026 | Aug 2026 | Aug 2026 | |||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| onsemi | Lead time | Trend | Pricing | Lead time | Trend | Pricing | MCC | Lead time | Trend | Pricing | Lead time | Trend | Pricing |
| LV MOSFET | 10-52 | Up | Up | 10-52 | Up | Up | LV MOSFET | 26-44 | Up | Flat | 26-44 | Up | Flat |
| HV MOSFET | 10-52 | Up | Up | 10-52 | Up | Up | HV MOSFET | 24-52 | Up | Flat | 24-52 | Up | Flat |
| WBG MOSFET | 14-52 | Up | Up | 14-52 | Up | Up | Small signal | 16-40 | Up | Flat | 16-40 | Up | Flat |
| Small signal | 24-52 | Up | Up | 24-52 | Up | Up | |||||||
| Renesas LV MOSFET | Lead time | Trend | Pricing | Lead time 10-14 | Trend Flat | Pricing Up | Microchip HV MOSFET | Lead time 6-28 | Trend Up | Pricing Up | Lead time 6-28 | Trend Up | Pricing Up |
| Rohm | Lead time | Trend | Pricing | Lead time | Trend Up | Pricing | |||||||
| HV MOSFET | 12-36 | Up | Up | 12-36 | Up | Nexperia | Lead time | Trend | Pricing | Lead time | Trend | Pricing | |
| WBG MOSFET | 23-27 | Up | Flat | 23-27 | Up | Flat | LV MOSFET | 13-52 | Up | Up | 13-52 | Up | Up |
| ST HV MOSFET | Lead time 12-26 | Trend Up | Pricing Up | Lead time 12-26 | Trend Up | Pricing Up | |||||||
| LV MOSFET WBG MOSFET | 10-23 20-32 | Up Up | Up Flat | 10-23 20-32 | Up Up | Up Flat | |||||||
| Vishay | Trend | Lead time | Trend | Pricing | |||||||||
| HV MOSFET | Lead time | Pricing Up | 12-52+ | Up | |||||||||
| LV MOSFET Diodes | 12-52+ | Up Up | Up Pricing | 12-52+ | Up | Up | |||||||
| LV MOSFET | 12-52+ | Up | Up | ||||||||||
| Small signal | 12-52 20-52 | Up | Up | 12-52 | Up | ||||||||
| Lead time | Trend | Lead time | Trend | Pricing | |||||||||
| LV MOSFET HV MOSFET | 12-52+ | Up Trend | Pricing | 35-52 Lead time | Up Up Trend | Up | |||||||
| Lead time | Up | Up | 12-52+ | Up | Pricing | ||||||||
| Infeneon | 12-52+ | Up | Up | 12-52+ | Up | ||||||||
| Up | Up | ||||||||||||
| WBG MOSFET | 12-52 | Up | Up | 12-52 | Up | Up | |||||||
| LV MOSFET HV MOSFET | 23-52 | Flat | Up | 23-52 | Flat Flat | Up | |||||||
| Littelfuse | Lead time | Trend | Pricing | Lead time | Trend | Pricing | |||||||
| 23-50 | Flat | Up | 23-50 | Up | |||||||||
| WBG MOSFET | 27-29 | Flat | 27-29 | ||||||||||
| Flat | Flat | Flat |
Source: Future Electronics
Fig. 6: Diode: lead time and ASP trends
| Diode | July | July | July | Aug 2026 | Aug 2026 | Aug 2026 | Aug 2026 | Aug 2026 | Aug 2026 | Aug 2026 | |||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| onsemi | Lead time | Trend | Pricing | Lead time | Trend | Pricing | MCC | Lead time | Trend | Pricing | Lead time | Trend | Pricing |
| ESD | 16-52 | Up | Flat | 16-52 | Up | Flat | ESD | 16-32 | Up | Flat | 16-32 | Up | Flat |
| Bridge | 20-24 | Flat | Flat | 20-24 | Flat | Flat | TVS | 14-24 | Up | Flat | 14-24 | Up | Flat |
| Schottky | 24-52 | Up | Up | 24-52 | Up | Up | Schottky | 16-40 | Up | Flat | 16-40 | Up | Flat |
| Rectifier | 20-24 | Up | Up | 20-24 | Up | Up | Switching | 16-40 | Up | Flat | 16-40 | Up | Flat |
| Switching | 24-52 | Up | Up | 24-52 | Up | Up | Zener | 16-40 | Up | Flat | 16-40 | Up | Flat |
| Zener | 24-52 | Up | Up | 24-52 | Up | Up | |||||||
| Rohm | Lead time | Trend | Pricing | Lead time | Trend | Pricing | Nexperia | Lead time | Trend | Pricing | Lead time | Trend | Pricing |
| Schottky | 16-52 | Up | Flat | 16-52 | Up | Flat | ESD | 52 | Up | Up | 52 | Up | Up |
| Switching | 16-52 | Up | Flat | 16-52 | Up | Flat | Schottky | 16-52 | Up | Up | 16-52 | Up | Up |
| Switching | 16-52 | Up | Up | 16-52 | Up | Up | |||||||
| ST | Lead time | Trend | Pricing | Lead time | Trend | Pricing | Zener | 16-52 | Up | Up | 16-52 | Up | Up |
| ESD | 16-24 | Up | Flat | 16-24 | Up | Flat | |||||||
| TVS | 12-16 | Flat | Flat | 12-16 | Flat | Flat | |||||||
| Rectifier | 18-20 | Up | Up | 18-20 | Up | Up | |||||||
| Vishay | Lead time | Trend | Pricing | Lead time | Trend | Pricing | |||||||
| TVS | 8-12 | Up | Up | 14-18 | Up | Up | |||||||
| Bridge | 10-12 | Up | Up | 10-12 | Up | Up | |||||||
| Rectifier | 10-12 | Up | Up | 10-12 | Up | Up | |||||||
| Zener | 16-60+ | Up | Up | 16-60+ | Up | Up | |||||||
| Diodes | Lead time | Trend | Pricing | Lead time | Trend | Pricing | |||||||
| TVS/ESD | 16-40 | Up | Up | 16-40 | Up | Up | |||||||
| Bridge | 16-20 | Up | Up | 16-20 | Up | Up | |||||||
| Schottky | 20-50 | Up | Up | 35-52 | Up | Up | |||||||
| Rectifier | 24-30 | Up | Up | 35-52 | Up | Up | |||||||
| Switching | 20-50 | Up | Up | 35-52 | Up | Up | |||||||
| Zener | 20-50 | Up | Up | 35-52 | Up | Up | |||||||
| Pricing | Trend | Pricing | |||||||||||
| Littelfuse ESD | Lead time 14-30 | Trend Up | Up | Lead time 14-30 | Up | Up | |||||||
| Diode arrays | 14-30 | Up | Up | 14-30 | Up | Up | |||||||
| *Lead time = weeks | *Lead time = weeks | *Lead time = weeks |
Source: Future Electronics
(x)
40
35
30
25
20
15
10
5
0
Jan-18
May-18
— +1 SD
-2 SD
Fig. 7: Panjit: 12M forward P/E
San.18
Source: Company data, Nomura estimates
(x)
May-18
Jan-19
Sep-18
P/B
-1 SD
Average
— +1 SD
+2 SD
-2 SD
Fig. 8: Panjit: 12M forward P/B
May-19
Source: Company data, Nomura estimates
Rating and target price chart (three year history)
Panjit International
Appendix A-1
Di
11
10
12
12
12
This report has been produced by Nomura International (Hong Kong) Ltd., Taipei Branch (NITB), Taiwan. See Disclaimers for Nomura Group entity details.