KGI Securities
KGI Securities Co., Ltd.
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.
Company history
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.
- 1988Founded in Taipei as China Securities
- 2008Formally renamed KGI Securities in Taiwan
- 2009Acquired Taiwan Securities' brokerage business
- 2013Became wholly owned by China Development Financial
- 2024Parent renamed KGI Financial Holding
Research
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. 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
- Stocks
- 22
- Ratings
- 15
- Price targets
- 23
- Median upside
- +14.7%
- Upgrades
- 6
- Downgrades
- 7
- Initiations
- 2
- Reiterations
- 0
- Targets raised
- 5
- Targets cut
- 4
- Positive46%6
- Neutral54%7
- Negative0%0
Sectors
Ratings
Listing
Activity24M
Most covered24M
| Stock | Rating | Target |
|---|---|---|
 INTCIntel Corporation | Neutral | $71 |
 NFLXNetflix, Inc. | Neutral | $75 |
 AAPLApple Inc. | Hold | $315 |
 DECKDeckers Outdoor Corporation | Neutral | $117 |
 RKLBRocket Lab USA, Inc. | Outperform | $107 |
 ASMLASML Holding N.V. | Outperform | $1,415 |
 DKSDICK'S Sporting Goods, Inc. | Neutral | $135.10 |
 HDThe Home Depot, Inc. | — | $320 |
 MDBMongoDB, Inc. | Outperform | $470 |
 TSLATesla, Inc. | Outperform | $276 |
Analysts24M
- Rob ChangAAPL · CRDO · IBM3
- Leon ChenAMAT · ASML2
- Jenny LiuDKS · PLNT2
- Terry LeeTSLA1
- Michael ShenMU1
Recent actions
| Stock | Rating action | Rating | Target | Date |
|---|---|---|---|---|
| DICK'S Sporting Goods, Inc.DKS | Downgrade | Outperform →Neutral | $135.10 | Aug 26 |
| UMUnited Microelectronics CorporationUMC | Upgrade | Neutral →Outperform | Jul 29 | |
| Rocket Lab USA, Inc.RKLB | Upgrade | Neutral →Outperform | $105 →$107 | Jul 27 |
| Netflix, Inc.NFLX | Downgrade | Outperform →Neutral | $1,350 →$75 | Jul 17 |
| MongoDB, Inc.MDB | Initiate | Outperform | $470 | Jul 8 |
| TWTwilio Inc.TWLO | Initiate | Outperform | $250 | Jul 2 |
 Space Exploration Technologies Corp.SPCX | Downgrade | Outperform →Hold | Jun 22 |
Similar coverage12M
References
- KGI Financial - historykgi.com
- China Development Financial will be renamed KGI Financial Holding - announcement (2024)kgi.irpro.co
- 凱基證券 - Wikipedia (Chinese)zh.wikipedia.org
- Prolific Apple supply chain analyst Ming-Chi Kuo departs KGI Securities - 9to5Mac9to5mac.com
- KGI Financial 2025 results: KGI Securities brokerage market share - CNAcna.com.tw
- KGI Securities (Thailand) research report with KGI rating definitions (2026)kgieworld.co.th