KGI Securities
KGI Securities is the securities arm of Taiwan's KGI Financial Holding and the country's second-largest broker by brokerage market share as of 2025; its research drew global attention through Apple supply-chain analyst Ming-Chi Kuo.
Activity24M
RatingsPrice targetsKey figures
- Stocks covered
- 2212M
- Actions
- 3812M
- Ratings / Price targets
- 15 / 23
- Upgrades / Downgrades
- 6 / 7
- Initiations
- 2
- Buy-rated
- 46%of 13 rated
- Median upside
- +14.7%
- Targets raised / lowered
- 5 / 4
- On record
- Jun 2021 – Aug 2026
Overview
KGI's research department covers Taiwanese and regional equities, and affiliates in Singapore and Thailand publish local research. Ming-Chi Kuo's supplier-based forecasts of Apple products were widely reported by technology media until he left in April 2018. KGI's Taiwan research is published by its subsidiary KGI Securities Investment Advisory. In 2023 the unit formed a content team that recasts its research for retail investors as a near-daily YouTube show, alongside podcasts and audio reports.
KGI Securities was founded in Taipei in 1988 as China Securities, backed by the Koo family's Chinatrust group; it used the KGI name in Hong Kong from 1997 and adopted it formally in Taiwan in 2008. Its 2009 purchase of Taiwan Securities' brokerage business from Taishin Financial made it Taiwan's second-largest broker. China Development Financial took full ownership in January 2013 and merged Grand Cathay Securities into it that June; the parent was renamed KGI Financial Holding in 2024.
Milestones
- 1988
Founded in Taipei as China Securities
- 2008
Formally renamed KGI Securities in Taiwan
- 2009
Acquired Taiwan Securities' brokerage business
- 2013
Became wholly owned by China Development Financial
- 2024
Parent renamed KGI Financial Holding
Firm facts
- Legal name
- KGI Securities Co., Ltd.
- Type
- Full-service
- Founded
- 1988
- Headquarters
- Taipei, Taiwan
- Parent
- KGI Financial Holding
- Listing
- Taiwan Stock Exchange: 2883
- Rating scale
- OutperformNeutralUnderperform12 months
- Website
- kgi.com.tw
Research philosophy
You must take a position and not equivocate; only then will the market trust you.
KGI Securities Investment Advisory chairman Yen-Min Chu said in 2025 that analysts are judged by institutional clients' votes rather than report counts, and that their logic and views are challenged internally before publication.
Rating methodology
Stocks are rated Outperform, Neutral or Underperform by ranking each one's expected 12-month excess return within KGI's coverage universe in its market: the top 40% are rated Outperform and the bottom 40% Underperform.
Coverage12M
Sectors
Most covered24M
| Stock | Rating | Target |
|---|---|---|
 Intel CorporationINTC | Neutral | $71 |
 Netflix, Inc.NFLX | Neutral | $75 |
 Apple Inc.AAPL | Hold | $315 |
 Deckers Outdoor CorporationDECK | Neutral | $117 |
 Rocket Lab USA, Inc.RKLB | Outperform | $107 |
 ASML Holding N.V.ASML | Outperform | $1,415 |
 DICK'S Sporting Goods, Inc.DKS | Neutral | $135.10 |
 The Home Depot, Inc.HD | — | $320 |
 MongoDB, Inc.MDB | Outperform | $470 |
 Tesla, Inc.TSLA | Outperform | $276 |
Most active analysts
- Rob Chang3 notesAAPLCRDOIBM
- Leon Chen2 notesAMATASML
- Jenny Liu2 notesDKSPLNT
- Terry Lee1 notesTSLA
- Michael Shen1 notesMU
Recent actions
| Date | Stock | Rating action | Rating | Target | Analyst |
|---|---|---|---|---|---|
| Aug 26 | DICK'S Sporting Goods, Inc.DKS | Downgrade | Outperform →Neutral | $135.10 | Jenny Liu |
| Jul 29 | UMUnited Microelectronics CorporationUMC | Upgrade | Neutral →Outperform | ||
| Jul 27 | Rocket Lab USA, Inc.RKLB | Upgrade | Neutral →Outperform | $105 →$107 | |
| Jul 17 | Netflix, Inc.NFLX | Downgrade | Outperform →Neutral | $1,350 →$75 | |
| Jul 8 | MongoDB, Inc.MDB | Initiate | Outperform | $470 | |
| Jul 2 | TWTwilio Inc.TWLO | Initiate | Outperform | $250 | |
| Jun 22 |  Space Exploration Technologies Corp.SPCX | Downgrade | Outperform →Hold |