GM trending up on better product mix
​Chilisin enjoys GM expansion thanks to the rapid growth of high-margin 0201 high-frequency chip inductors and auto electronic products. We expect sales to grow by more than 20% YoY in 2H16 thanks to stronger pull-in in 2H16F. As such, we reiterate BUY with our target P/E multiple of 14x unchanged. We lift our TP to NT$80, implying 15.4% upside, as we rollover our valuation basis to 2016/17F average EPS of NT$5.62.
CHILISIN ELECTRONICS CORP. is a Taiwan-based company principally engaged in the manufacture and distribution of inductors and coils. The Company's primary products include thin-film inductors, multilayer ceramic chip inductors, wire wound chip inductors, power inductors, molding power chokes and magnetic beads, as well as traditional coils, nickel-zinc ferrite cores and manganese-zinc ferrite cores. Its products are mainly used in the manufacture of main boards, power supplies, radio frequency (RF) fields, computers, monitors, disk players, scanners, printers, workstations, mobile phones, personal digital assistants (PDAs), switches and facsimile machines. Its primary customers include Microsoft, SONY, Samsung, PACE, Panasonic, Nvidia, Foxconn, Harman Becker and Technicolor. The Company mainly operates its businesses in Taiwan, Mainland China and the Americas.
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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