D/G - Drifting towards an unfavorable scenario - 2313 TT; HOLD-OPF
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Our industry checks indicate further deterioration in iPhone order outlook. In addition, we are also seeing higher pricing pressure on overall PCB/HDI. While we see its valuation is cheap at 0.9x P/B (9% ROE) and 10x P/E, key near-term risk is its 2H16F growth outlook.
Compeq Manufacturing is engaged in the manufacture and sale of multi-layer printed circuit boards for computer use and product related services. Co.'s application of main products include: (i) computers: desk-top PC, laptop, work station, server and other computer peripherals; (ii) networking: hub, switch, router and other network equipments; (iii) telecommunication: mobile phone, base station and other telecom equipments; (iv) consumers related: LCD monitor, DSC, PDA, GPS and other consumer products; and (v) IC substrate: CPU, ASIC, MCU, system chipset, GPU and other IC packaging substrates.
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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