Report
Dan Baker
EUR 147.86 For Business Accounts Only

Transferring Coverage of Asustek With No Economic Moat, Stable Trend, and FVE of TWD 310

After transferring coverage of Asustek to a new analyst, we are retaining our no-moat and stable moat trend ratings. We are also maintaining our fair value estimate of TWD 310 per share, implying the shares are fairly valued.
While Asus has been able to compete in the intensely contested PC market, and has achieved rapid growth in the mobile business, we do not believe the firm boasts any lasting competitive advantages, and we therefore assign the firm a no-moat rating. Consumer electronics comp...
Underlying
Asustek Computer Inc.

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.

Provider
Morningstar
Morningstar

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.

We have operations in 27 countries.

Analysts
Dan Baker

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