Initiating Coverage of Largan Precision with Narrow Moat; FVE of TWD 4,750.00 per Share
We initiate coverage of Largan Precision with a narrow-moat rating and fair value estimate of TWD 4750.00 per share, implying a 2019 P/E ratio of 22.9x, which is at the high end of its five-year range. This reflects our optimistic outlook for Largan’s longer-term prospects because we believe it is well positioned to benefit from the rising adoption of multiple camera modules among handset makers, and the continued advancement in lenses technology, such as 3D and black lenses technology. Largan i...Largan Precision is engaged in the design, research, development, manufacture and sale of optical lens, camera projector, field glasses, microscope, scanner, viewfinders, camera lens module, mobile phone lens, object lens, mouse lens, digital camera and related spare parts; and the provision of after sales services.
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