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Yageo Corp 2327

Morningstar Rating
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Stock XTAI Rating as of
TWD 615.00 −9.00 (1.44%)
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As of Delayed Price Closed
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Company Report

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Yageo Earnings: Operating Margin to Bottom Out, Driven by Better Utilization and Operating Expenses

Kazunori Ito

No-moat-rated Yageo’s March-quarter results and June-quarter guidance support our view that the operating margin bottomed out in the March quarter. While the improvement in capacity utilization in the coming quarters is likely to be somewhat slower than we had expected, the company’s operating expense ratio is likely to improve faster due to cost-cutting initiatives. As a result, we maintain our forecast for Yageo’s operating margin to reach 23.0% in the December quarter, up from 17.4% in the March quarter, and maintain our fair value estimate for Yageo of TWD 750.

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Price vs Fair Value

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2327 is trading at a 19% discount.
Price
TWD 607.00
Fair Value
TWD 848.00
Uncertainty
High
1-Star Price
TWD 2,887.70
5-Star Price
TWD 778.00
Economic Moat
Xrt
Capital Allocation
Hpgdqjynf

Bulls Say, Bears Say

Bulls

Yageo will benefit from increasing passive components demand driven by the content growth in 5G smartphones and autos.

Bears

While suppliers expand their production capacity, demand could be weaker than anticipated, leading to a price war.

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Trading Information

Previous Close Price
TWD 620.00
Day Range
TWD 613.00–623.00
52-Week Range
TWD 441.00–634.00
Bid/Ask
TWD 615.00 / TWD 616.00
Market Cap
TWD 257.78 Bil
Volume/Avg
1.9 Mil / 2.6 Mil

Key Statistics

Price/Earnings (Normalized)
20.75
Price/Sales
2.46
Dividend Yield (Trailing)
1.63%
Dividend Yield (Forward)
1.63%
Total Yield
1.63%

Company Profile

Yageo produces passive components for electronic devices. Passive components are necessary for all electronic circuits; they are used to stabilize and control electric flow and remove electromagnetic noise from the circuit. Yageo’s main products are multilayer ceramic capacitors, chip resistors, inductors, and tantalum capacitors, which are ranked third, first, third, and first in global production volume, respectively.
Sector
Technology
Industry
Electronic Components
Stock Style Box
Large Core
Total Number of Employees
9,415
Website
https://www.yageo.com

Competitors

Valuation

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Metric
2327
6976
6981
Price/Earnings (Normalized)
 20.75191.9924.61
Price/Book Value
 1.911.422.16
Price/Sales
 2.461.473.37
Price/Cash Flow
 10.0816.5714.19
Price/Earnings
2327
6976
6981

Financial Strength

Metric
2327
6976
6981
Quick Ratio
 0.862.322.64
Current Ratio
 1.133.694.39
Interest Coverage
 10.510.49—
Quick Ratio
2327
6976
6981

Profitability

Metric
2327
6976
6981
Return on Assets (Normalized)
 5.80%0.78%7.44%
Return on Equity (Normalized)
 13.64%1.29%8.90%
Return on Invested Capital (Normalized)
 6.71%0.83%9.79%
Return on Assets
2327
6976
6981
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