Global Materials | Industrials | Commodities

Rahul Jain

Equity Bottom-Up

<ul>
<li>With Minebea out, Yageo’s ¥7,130/share bid (55% premium, ~18× FY25E P/E) is the sole path forward; board support makes completion highly probable.</li>
<li>Japanese takeover rules ensure eventual squeeze-out (&gt;90%) or illiquidity (50–90%); past bumps without rivals have been modest (+1–5%).</li>
<li>Clear Timeline: Tender closes mid-Oct 2025, results late Oct, squeeze-out Nov–Dec, delisting by Jan 2026 — shareholders should tender to lock in value.</li>
</ul>


With Minebea out, Yageo’s ¥7,130/share bid (55% premium, ~18× FY25E P/E) is the sole path forward; board support makes completion highly probable.
Japanese takeover rules ensure eventual squeeze-out (&gt;90%) or illiquidity (50–90%); past bumps without rivals have been modest (+1–5%).
Clear Timeline: Tender closes mid-Oct 2025, results late Oct, squeeze-out Nov–Dec, delisting by Jan 2026 — shareholders should tender to lock in value.


Shibaura Electronics – Yageo Tender Offer Defines the Endgame

Managing Director, Zero One, Zero One

Vincent Fernando, CFA

Managing Director, Zero One

Zero One

Founded in 2015, Zero One produces independent investment research and provides corporate finance advisory services with a focus on both listed and private technology companies. Founder Vincent Fernando has over 20 years of experience in US and Asia capital markets.

Independent Investment Research

TSMC (Taiwan Semiconductor Manufacturing) - ADR / Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) - ADR

<ul>
<li>ARM IPO -- TSMC says will decide this week whether to participate. ARM is a company potentially without peers and enjoys support from Apple, Nvidia, AMD, and Samsung.</li>
<li>Elan, Yageo, ChipMOS top gainers in Taiwan -- Three of our Longs have done well most recently on high volume and little new public news.</li>
<li>Recent Dell &amp; HP results provide additional clarity on the coming AI PC wave.</li>
</ul>


ARM IPO -- TSMC says will decide this week whether to participate. ARM is a company potentially without peers and enjoys support from Apple, Nvidia, AMD, and Samsung.
Elan, Yageo, ChipMOS top gainers in Taiwan -- Three of our Longs have done well most recently on high volume and little new public news.
Recent Dell &amp; HP results provide additional clarity on the coming AI PC wave.


Taiwan Tech Weekly: TSMC to Decide on ARM This Week; Elan, Yageo, ChipMOS Flying; AI PC Wave Signals

<ul>
<li>We visited Yageo's headquarters to learn more about the business and strategy. We expect revenue quality to improve, margins to rise through 2025E, and possible accretive acquisitions.</li>
<li>The company is a heavily shorted stock based on our short model -- This implies short squeeze potential we believe. The company has over US$1.5bn of dry powder for acquisitions.</li>
<li>We rate Yageo as a Structural Long with a NT$690 target price. Potential upside catalysts outnumber downside catalysts in our view.</li>
</ul>


We visited Yageo's headquarters to learn more about the business and strategy. We expect revenue quality to improve, margins to rise through 2025E, and possible accretive acquisitions.
The company is a heavily shorted stock based on our short model -- This implies short squeeze potential we believe. The company has over US$1.5bn of dry powder for acquisitions.
We rate Yageo as a Structural Long with a NT$690 target price. Potential upside catalysts outnumber downside catalysts in our view.


Yageo: Company Visit -- Improving Revenue Quality & Cashed-Up Actively Looking For Acquisitions

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Quantitative Analysis

<ul>
<li>We analyzed the changes in short interest of TWSE Stocks as of Jul 28th which has an aggregated short interest worth USD15.0bn.</li>
<li>We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in Quanta Computer, Lite-On Tech, Wiwynn, Alchip Tech, Inventec, Faraday Tech.</li>
</ul>


We analyzed the changes in short interest of TWSE Stocks as of Jul 28th which has an aggregated short interest worth USD15.0bn.
We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We highlight short interest changes in Quanta Computer, Lite-On Tech, Wiwynn, Alchip Tech, Inventec, Faraday Tech.


TWSE Short Interest Weekly (Jul 28th): Quanta Computer, Lite-On Tech, Wiwynn, Alchip Tech

<ul>
<li>Yageo has been relatively range-bound since early 2023E, missing completely the 'AI Rally' that caused many other Taiwan names to rise. Hence one can buy it without chasing hype.</li>
<li>We spoke with management. The company has historically enjoyed durable margins and we believe could enjoy a cycle turn-around as its products are linked to high-tech power needs.</li>
<li>While not directly linked to AI demand, its products have strong long-term demand dynamics and are necessary for AI servers, high-end computing, autos, defense, and communications. Structural Long, NT$690 target.</li>
</ul>


Yageo has been relatively range-bound since early 2023E, missing completely the 'AI Rally' that caused many other Taiwan names to rise. Hence one can buy it without chasing hype.
We spoke with management. The company has historically enjoyed durable margins and we believe could enjoy a cycle turn-around as its products are linked to high-tech power needs.
While not directly linked to AI demand, its products have strong long-term demand dynamics and are necessary for AI servers, high-end computing, autos, defense, and communications. Structural Long, NT$690 target.


Yageo: Left Behind By the 'AI Rally', But Robust Business Still Tied to Strong Power/EV Drivers

Taiwan

Yageo Corporation manufactures resistors and related equipment.  The Company also produces thick-film resistors which are used in downstream electronics products, and high power thin-film resistors and chip resistors which are used in aerospace, automobile, and precision electronics industries.  Through its subsidiaries, Yageo also operates a consumer goods importing business.

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Yageo Corporation (2327 TT)

Shibaura Electronics – Yageo Tender Offer Defines the Endgame

Yageo's bid for Minebea is the only option forward, with a clear timeline for completion and potential squeeze-out of shareholders.

Rahul Jain

Taiwan Tech Weekly: TSMC to Decide on ARM This Week; Elan, Yageo, ChipMOS Flying; AI PC Wave Signals

Elan, Yageo, ChipMOS top gainers in Taiwan -- Three of our Longs have done well most recently on high volume and limited public developments.

Vincent Fernando, CFA

Yageo: Company Visit -- Improving Revenue Quality & Cashed-Up Actively Looking For Acquisitions

The company is a heavily shorted stock based on our short model -- This implies short squeeze potential we believe. The company has over US$1.5bn...

Vincent Fernando, CFA

TWSE Short Interest Weekly (Jul 28th): Quanta Computer, Lite-On Tech, Wiwynn, Alchip Tech

We analyzed TWSE short interest report for the past week and highlight short interest changes in Quanta Computer, Lite-On Tech, Wiwynn, Alchip...

Ke Yan, CFA, FRM

Yageo: Left Behind By the 'AI Rally', But Robust Business Still Tied to Strong Power/EV Drivers

We spoke with management. Opportunity to acquire a stock with strong fundamentals... Without having to chase a hyped-up share price.

Vincent Fernando, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Shibaura Electronics – Yageo Tender Offer Defines the Endgame

​Yageo's bid for Minebea is the only option forward, with a clear timeline for completion and potential squeeze-out of shareholders.

Rahul Jain

Taiwan Tech Weekly: TSMC to Decide on ARM This Week; Elan, Yageo, ChipMOS Flying; AI PC Wave Signals

Elan, Yageo, ChipMOS top gainers in Taiwan -- Three of our Longs have done well most recently on high volume and limited public developments.

Vincent Fernando, CFA

Yageo: Company Visit -- Improving Revenue Quality & Cashed-Up Actively Looking For Acquisitions

The company is a heavily shorted stock based on our short model -- This implies short squeeze potential we believe. The company has over US$1.5bn...

Vincent Fernando, CFA

TWSE Short Interest Weekly (Jul 28th): Quanta Computer, Lite-On Tech, Wiwynn, Alchip Tech

We analyzed TWSE short interest report for the past week and highlight short interest changes in Quanta Computer, Lite-On Tech, Wiwynn, Alchip...

Ke Yan, CFA, FRM

Yageo: Left Behind By the 'AI Rally', But Robust Business Still Tied to Strong Power/EV Drivers

We spoke with management. Opportunity to acquire a stock with strong fundamentals... Without having to chase a hyped-up share price.

Vincent Fernando, CFA

Yageo's bid for Minebea is the only option forward, with a clear timeline for completion and potential squeeze-out of shareholders.