What’s my name? Call me Mr. Big
We raise our 2017F basic/diluted EPS by 21% to NT$3.2/3.05 assuming a full takeover of SPIL starting 2017F; we thus raise our BUY TP to NT$47: ASE+SPIL (aka Mr. Big) deal is likely to go through (pending timing risk) as ASE and SPIL have come to agreement. We have earlier addressed antitrust concerns which we think are insufficient grounds for regulatory disapproval. Our new TP is now based on 2.2x 2017F BVPS (previously 2.0x 2016F) (see Valuation for details). ASE now trades at 1.7x 2017F BVPS on 15% ROE (vs. its mid-cycle average of 1.8x on 14% ROE).
Yuanta is a Taiwan-headquartered brokerage with a growing presence in Asia, especially across Greater China. Our team of 140+ provides cutting-edge analysis on key sectors, spread across offices in Taiwan, Hong Kong, Shanghai (A-Share), Seoul and Jakarta. With an ever-expanding coverage universe of 400+ companies, we provide in depth analysis with unique local color to investors. Consistently being voted the Best Investment Consulting Firm in Taiwan in the AsiaMoney broker poll is evidence of our strength. We target providing an extensive range of research, from small, to mid-sized, to large cap. We bring you the big, well-covered names, as well as going off the beaten track to research the less-familiar companies.
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