Continuing to generate solid earnings growth
​We are positive on GEM given its strength in advanced packaging technology and its foothold in the China market, which enables it to directly provide service to local clients. GEM is among the top three SATS companies globally and is also the only profitable company among its global peers. With a focus on six main areas, GEM is aggressively developing industrial and automotive products to boost sales/GM and sustain earnings growth. We expect 2016/17F EPS to reach NT$5.73/6.07. Our TP of NT$75 is based on 13x 2016F EPS, given its growth potential and the range of P/E multiples among peers.
GEM Services, Inc is mainly engaged in the provision of packaging and testing service for power semiconductors. The Company provides packaging and testing services for high-performance, low-voltage power metal-oxide semiconductor field-effect transistors (MOSFETs), diodes and integrated circuits (ICs) for power conversion and power management, to discrete component design companies, IC design companies and integrated device manufacturers (IDMs). The Company's main products are mainly applied to motherboards, notebook computers, desktop computers, servers, white goods, automotive electronics, power supplies, chargers, adapters, storage devices of consumer electronic equipment, display terminal applications, as well as any household appliances and industrial machinery equipment required power system.
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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