3Q16 earnings slightly miss; robust GM
​We expect Ibase to resume sales growth in 4Q16F with future shipments of high-GM products, helping it maintain GM at a high level and boost earnings. We reiterate BUY but lower our target P/E multiple to 12x from 13x, given a P/E de-rating of IPC names due to a recent share price decline in the sector. Our TP of NT$85 is derived from 2017F EPS of NT$7.11, and implies 32.8% upside.
Ibase Technology Inc.. IBASE TECHNOLOGY INC. is a Taiwan-based company principally engaged in the manufacture and distribution of computer devices. The Company's main products include motherboards for single-board computers (SBCs), embedded computer motherboards, compact personal computer interfaces (PCIs), central processing unit (CPU) cards, backplanes, industrial motherboards, interface cards, firewalls, virtual private network (VPN) products, industrial personal computer (PC) systems, automobile computer products, games and entertainment computer products, media advertisement application products, industrial panel PCs, reduced instruction-set computer (RISC) boards and others. The Company distributes its products in Taiwan market, the rest of Asia, Europe and the Americas.
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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