Still no signs of recovery in China market - 9921 TT; HOLD-UPF
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We remain conservative on Giant given 1) weak demand in China market still lingers in 2016F; and 2) excess inventory in China and the US market would pressure its 2016F sales.
Giant Manufacturing is engaged in the manufacture, process and sale of bicycles, indoor fitness equipment, and equipment used for sport purposes; manufacture and sale of bicycle parts such as handgrips, wheel rims, frames, front forks, chains, braces, saddles, dynamos, steel balls, bells, and fly-wheels; manufacture and sale of diesel and steam engines, and alternating current generators; process, plate and paint metal products; process, manufacture and sale of spare-parts for automobiles, steamships, and airplanes; and sale of sports and leisure appliances and bicycle fittings.
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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