D/G - New plant a growth driver, but current valuation appears fair
​We still anticipate growth to be driven by the ramp-up of Bioteque’s new plant in the Philippines. We now raise our TP to NT$172 from NT$154, as we lift our 2016/17F EPS by 5.0%/8.9%. However, at the current valuation, we would recommend investors wait for a chance to accumulate should there be any share price correction. Bioteque already has the Certificate of Product Registration (CPR) and the Free Sale Certificate (FSC) from the Philippine FDA, which allows it to manufacture products in the Philippines and sell abroad.
Bioteque Corporation. BIOTEQUE CORPORATION is a Taiwan-based company principally engaged in the manufacture, wholesaling and retailing of medical supplies. The Company is also engaged in the importing and exporting of medical equipment. The Company's primary products include thermoplastic urethane (TPU) tubes, angiography catheters, blood loop tubes, puncture needles, medical use soft bags, transfusion sets, surgery drainage tubes, urethral catheters, precise measuring cylinders, as well as other medical supplies and components. The Company mainly distributes its product within domestic market and to overseas markets, including the rest of Asia, the Americas, Europe and Africa.
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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