Asustek’s 2Q Profit Was Hit by Foreign Exchange Loss; Trimming FVE to TWD 263 per Share
No-moat Asustek’s TWD 1.33 billion second-quarter net profit, down 34% year on year, was lower than we expected, mainly owing to a TWD 1.41 billion foreign exchange loss and a TWD 612 million investment loss from Askey. Excluding the nonoperating items, operating profit saw a strong improvement, up 62% year on year to TWD 2.82 billion, helped by 1.2 percentage points of gross margin expansion on the back of higher average selling prices. Although the company expected 20% sales rebound sequential...Asustek Computer is engaged in the production, design and sale of notebook PCs, main boards, CD-ROMs and add-on cards. Co.'s product lines include desktop and server, 3D AutoCAD, advanced sound blaster, NB, EeePC computer and Eee series Eee Pc, intelligent navigation phone, LED display, broadband and communication products, and advanced server.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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