We Cut Asustek’s FVE to TWD 282 Following Its Weak 4Q Results; Shares Are Fairly Valued
We are trimming our fair value estimate for no-moat Asustek by 7% to TWD 282 per share from TWD 304, as we roll over our model and lower our revenue forecast for the mobile segment, following the weaker-than-expected fourth-quarter results. Management attributed the firm’s 15% year-on-year operating profit decline to the sales restructuring, the intensifying market competition, and increasing costs for key components, along with the negative impact from Taiwanese dollar appreciation. While Asust...
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