Asustek’s Q4 Revenue Was In Line With Our Forecast; FVE Maintained at TWD 310 per Share
We retain our fair value estimate for no-moat Asustek at TWD 310 per share, as its fourth-quarter brand revenue was broadly in line with our forecast. Asustek’s quarterly brand revenue of TWD 117.2 billion, up 9.1% sequentially or down 5.4% year over year, was ahead of the company’s former guidance of TWD 100 billion-TWD 110 billion, thanks to robust shipments of its ZenFone 3 series smartphones in the Asia-Pacific region, along with higher average selling prices. As for the notebook segment, th...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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