Title Yageo (2327 TT) Buy, TP: NT$610
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Title:Yageo (2327 TT) Buy, TP: NT$610
Download File:2327 TT Yageo long report 180403--sinopac.pdf 
Summary:Raise TP to NT$610 (15x 2018F P/E); Maintain Buy: 1) 2018 outlook is even brighter than before. Yageo is well-positioned to profit from the persistent shortage of niche products. After raising our 2018 sales/net profit estimates by 8%/14%, we project 58%/158% YoY growth for 2018; 2) Valuation: Yageo is trading at 12x our 2018F EPS of NT$40.63, which we adjusted for ex-rights capital of NT$4.21bn, and 10x 2018F EPS of NT$48.75 based on current capital, vs. the firms historical range of 8.9-21.3x. Our new TP of NT$610 (was NT$550) implies an upside of 21%.
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