Largan Precision Co Ltd

3008: XTAI (TWN)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Largan Earnings: Downgrade Valuation by 12% on Heightened Competition and Slower Camera Upgrades

Phelix Lee

Oct 18, 2024

We reduce our fair value estimate for Largan Precision to TWD 2,640 after management shed a dim view on the fourth quarter and confirmed market share loss. Largan appears fairly valued as there is little news on smartphone camera upgrades and competitors are gaining ground. Despite that, we think Largan’s unparalleled lens design capabilities can defend it against peers by promoting thinner camera designs while preserving image quality.

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Largan Precision Co Ltd

Largan Earnings: Downgrade Valuation by 12% on Heightened Competition and Slower Camera Upgrades

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