Report
EUR 65.60 For Business Accounts Only

Will continue catching market attention

​Stock trading: The stock has had a great run this year as investors finally begin to appreciate its unique market position and increasingly expanded TAM in IoT. Meanwhile, corporate transparency has also improved, and therefore, we foresee its re-rating continuing, as even after a 50% rally this year, the share price is still only trading at less than 1x 2017F P/B, with a 30% 2017F net cash-to-market cap and an impressive FCF yield of around 10%. Earnings may see some downward revisions in the near-term due to severance, F/X losses, etc., but it does not change our long-term positive stance. We reiterate BUY.

Underlying
E Ink Holdings

E Ink Holdings is a thin-film liquid crystal display (TFT-LCD) manufacturing company based in Taiwan. Co. is engaged in the development, manufacture, and sale of thin-film transistor liquid crystal display products. Co. offers TFT-LCD panels, which are primary parts/components to the electronics and information technology industries. These products are used in various applications, including consumer electronics, automobile display, and industrial display. Panels are designed for digital cameras, portable TVs, DVDs, GPS car navigation systems, portable TVs, entertainment and industrial products.

Provider
Yuanta
Yuanta

​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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