Asustek’s 2Q Results Were Hit by Weak PC and Mobile Sales; FVE Remains at TWD 304
We retain our fair value estimate for no-moat Asustek at TWD 304 per share following second-quarter results that fell short of our expectations, with sales down 8% and net profit down 51% from the year-ago period. Slumping PC and mobile sales stemmed from intensifying competition in the consumer PC market and a longer-than-expected transition for the new ZenFone 4 series, along with negative impacts from rising costs for key components and a stronger foreign exchange rate for Taiwanese dollars a...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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