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Largan Precision Co Ltd 3008

Morningstar Rating
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Stock XTAI Rating as of
TWD 2,195.00 0.00 (0.00%)
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As of Delayed Price Closed
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Company Report

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Largan Earnings: Outlook Unchanged as Upgrade Demand for Flagship Smartphones Remains Solid

Phelix Lee, Zachary Seng

Largan Precision’s first-quarter earnings were on track with our full-year projections, suggesting continued strong demand and camera upgrades for high-end smartphones. Accordingly, we maintain our earnings forecasts for Largan and our fair value estimate of TWD 3,000 per share. We continue to believe that Largan’s shares are undervalued as the company’s margin expansion from improving product mix and production yield is not fully priced in. Larger wins in high-end Chinese smartphones and faster progress in its newly formed lithium-ion battery venture could provide further upside to our fair value estimate.

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Price vs Fair Value

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3008 is trading within a range we consider fairly valued.
Price
TWD 2,195.00
Fair Value
TWD 5,225.00
Uncertainty
High
1-Star Price
TWD 8,795.00
5-Star Price
TWD 7,996.00
Economic Moat
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Capital Allocation
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Bulls Say, Bears Say

Bulls

Largan continues to pioneer advanced handset camera-lens and actuator technology to deliver higher value-added solutions to customers to ensure growth for years to come.

Bears

Largan cedes market share among high-end smartphone models to second player Sunny Optical, whose design capabilities for handset lenses has improved vastly following its acquisition of Konica Minolta’s China business in 2014.

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Trading Information

Previous Close Price
TWD 2,195.00
Day Range
TWD 2,165.00–2,215.00
52-Week Range
TWD 1,925.00–2,880.00
Bid/Ask
TWD 2,190.00 / TWD 2,195.00
Market Cap
TWD 292.96 Bil
Volume/Avg
324,398 / 670,336

Key Statistics

Price/Earnings (Normalized)
16.74
Price/Sales
6.07
Dividend Yield (Trailing)
3.08%
Dividend Yield (Forward)
3.08%
Total Yield
3.08%

Company Profile

Largan Precision is the leader in optical lens technology and the world’s largest handset lensmaker by value. The company boasts almost 30 years of experience in the production of optical lenses, namely, plastic aspherical lenses, which are widely used to manufacture smartphone cameras. It is a major supplier of high-end handset camera lenses to global smartphone brands such as Apple and Samsung. The firm also produces optical lenses for various applications such as for automobiles, digital cameras, and extended reality headsets. Largan was co-founded in 1987 by Scott Lin, whose sons Lin En Ping and Lin En Zhou serve as the current CEO and Chairman, respectively. Largan is headquartered and mainly operates in Taichung City, Taiwan and employs 7,704 people as of 2023.
Sector
Technology
Industry
Electronic Components
Stock Style Box
Large Value
Total Number of Employees
6,285
Website
http://www.largan.com.tw

Competitors

Valuation

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Metric
3008
01478
02018
Price/Earnings (Normalized)
 16.7485.1037.88
Price/Book Value
 1.770.741.20
Price/Sales
 6.070.281.26
Price/Cash Flow
 13.35—5.46
Price/Earnings
3008
01478
02018

Financial Strength

Metric
3008
01478
02018
Quick Ratio
 4.390.871.51
Current Ratio
 4.551.161.96
Interest Coverage
 15,895.42−0.112.17
Quick Ratio
3008
01478
02018

Profitability

Metric
3008
01478
02018
Return on Assets (Normalized)
 9.46%0.05%1.56%
Return on Equity (Normalized)
 11.30%0.12%2.89%
Return on Invested Capital (Normalized)
 9.28%0.26%2.46%
Return on Assets
3008
01478
02018
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