3Q16 earnings beat; GM is trending up
​Reiterate BUY with a higher TP of NT$43: Getac is trading at 11.2x 2017F P/E, which is lower than peers’ valuation. In addition, growing shipments of high-GM rugged computers and greater market share have boosted sales and GM expansion. Our TP of NT$43 (NT$38 previously) is based on 13x (unchanged) 2017F EPS, with 16.8% upside.
Getac Technology is engaged in the research, development, manufacture and sale of notebook computer, military computer, industrial computer, related telecommunication equipment, parts, software and hardware, battery module, LED driver, inverter and converter, mobile and battery charger; and the provision for repair and maintenance and technical consultancy services.
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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