​We expect Casetek to regain sales momentum in 2Q16, driven by iPad shipment recovery and the ramp-up of new MacBook production. We revise our 2016/17F EPS estimates by -2%/-3%, but reiterate BUY and TP. With Casetek trading at 9x 2016F EPS, with 19% ROE and 29% YoY op. profit growth, we advise investors to use any share price weakness as a buying opportunity for new Apple product cycles. After a weaker than expected Jan-Feb, Casetek resumed its sales momentum in March by delivering NT$3.4 bn in sales, up 75% MoM/30% YoY.
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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