Yageo Corp

2327: XTAI (TWN)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	TWD 698.00	Gzgxd	Tdrcwcnzh

Yageo: Uncertainty Rating Upgraded to Medium; Transformation Not Fully Recognized

Kazunori Ito

Jun 3, 2024

We upgrade Yageo’s Morningstar Uncertainty Rating to Medium from High, and with a lower discount rate, we revise our fair value estimate to TWD 800 per share from TWD 750. We believe that Yageo’s diversified product portfolio and customer mix have made the company much more resilient to economic fluctuations, but the market has not yet fully recognized this transformation.

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