TheScreener - Everlight Electronics (2393) EVERLIGHT ELECTRONICS sees a downgrade to Slightly Negative on account of less fundamental stars

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TheScreener

EUR 13.65 For Business Accounts Only

EVERLIGHT ELECTRONICS sees a downgrade to Slightly Negative on account of less fundamental stars

The independent financial analyst theScreener just lowered the general evaluation of EVERLIGHT ELECTRONICS (TW), active in the Semiconductors industry. As regards its fundamental valuation, the title now shows 0 out of 4 stars while market behaviour can be considered moderately risky. theScreener believes that the title remains under pressure due to the loss of a star(s) and downgrades its general evaluation to Slightly Negative. As of the analysis date April 1, 2022, the closing price was TWD 48.40 and its target price was estimated at TWD 40.61.

02/04/2022 1 EN

Underlying

Everlight Electronics

Everlight Electronics is principally engaged in the manufacture and sale of optoelectronic components. Co. operates its businesses through three segments: light emitting diode (LED), light crystal display (LCD) and other. The LED segment provides LED lamp, LED backlighting, digit/dot matrix display, low/middle/high power LED, surface mount device LED, infrared LED, LED customized module, photo sensor module, photo transistor, photo coupler and optoelectronic integrated circuits. The LCD segment provides LCD panel and liquid crystal module. The other segment is engaged in the sale of raw materials for electronic products, masks and electro-phoretic displays.

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TW0002393006 Taiwan Stock Exchange Chinese Taipei

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TheScreener

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â€‹Everlight is trading at a trough P/B of 1.2x but with 11% ROE and 6% cash yield. In 2012, it traded at a P/B of 1.1x but with only 4% ROE. We believe potential rush orders into 2H16 (as ASP started to show stabilization) and its increasing presence in infrared (IR) & automotive LED are the key catalysts to watch. Our TP is still based on 1.4x 2016F BVPS, which is at a steep 35% discount vs. its 2009-14 avg. P/B, despite the ROE being the same at 11% (see valuation section for details). On P/E, it is trading at only 12x 2016F EPS vs. its historical range of 15-20x.

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EVERLIGHT ELECTRONICS sees a downgrade to Slightly Negative on account of less fundamental stars

Empowering Investors

Ford Equity International Rating and Forecast Report

Cheap valuation with emerging new growth opportunities

AC ENERGY CORP increases its risk exposure and slightly lowers to Neutral

With a more favourable environment, VUKILE PROPERTY improves to Positive

An unfavourable environment weighs on ROYAL BAFOKENG PLATINUM, which sees a downgrade to Slightly Negative

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