Managing Director, Zero One, Zero One

Vincent Fernando, CFA

20 years of experience researching capital markets in Asia and the USA.

Managing Director, Zero One

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

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Taiwan Tech Weekly: TSMC Cuts Capex; Hon Hai AI Servers in Demand; ASE Winning TSMC Orders

Hon Hai: Hits New 52-Week Highs; Sanity Checking Management Guidance Shows Still More Upside

A Bull Investment Case for TSMC (Summary Version)

Equity Bottom-Up

<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

Yageo Corporation

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