Waiting for stronger product cycles - 6153 TT; HOLD-OPF
Similar to ZDT (4958 TT; HOLD), Career’s share price has declined 20-30% over the past two quarters due to the weaker than expected iPhone 6S demand. Mgmt holds a conservative stance and targets sales to only see “mild†growth YoY in 2016, amid the uncertain smartphone demand outlook and increasing pricing pressure from major customers. Although VR is an interesting story the initial contribution could be too small to offset the slowing smartphone demand, in our view. The stock is currently trading at a 2016 P/E of 10x (vs. ZDT’s 8x), which does not seem undervalued.
Career Technology is principally engaged in the design, research, development, manufacture and processing of flexible printed circuits, hard circuit board, membrane switch, cable connector and other machineries; and involved in import and export trading.
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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