Attractive valuation, outlook still decent
​Feng Tay’s stock price has declined by 13% along with Nike’s stock price decrease of ~10% since Mar 22, due to Nike’s slight miss in FY3Q16 revenue. After this correction, we believe there is limited downside to its stock price. With the 2016 outlook remaining bright, driven by better ASP and margins, we reiterate our positive view on the stock. The 1Q16 miss was mainly due to non-operating losses. We believe its operating business is still delivering decent results, driven by improving ASP and Nike’s strong future orders.
Feng Tay Enterprise is engaged in the manufacture of footwear, sports shoes and related accessories; the sale, and import and export of shoes materials, and footwear machines and equipment; and the provision of technical information in shoes manufacturing. Through its subsidiaries, Co. is also engaged in investments; machinery and tools trading; the manufacture and maintenance of mold, stripper bar and metal parts; and the retail of household electrical, apparel, sports series products, food and beverage, hardware and general merchandise.
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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