Report
EUR 61.86 For Business Accounts Only

Introduction of new materials boosted GM

​Reiterate BUY: Chinsan’s 2Q16 earnings were in line with our forecast. Earnings improved notably given Chinsan’s active penetration into niche products and adoption of new materials to lower costs. We reiterate BUY and raise our TP to NT$61, now derived from 11x (unchanged) 2017F (vs. 2016F previously) EPS of NT$5.57, implying 20.7% upside.

Underlying
Provider
Yuanta
Yuanta

​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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