Weaker than expected China demand - 9914 TT; HOLD-OPF
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We remain conservative on Merida due to its dim 2016F outlook. We expect weak demand in China and the industry destocking issue to continue to drag Merida’s 2016F earnings growth.
Merida Industry is principally engaged in the processing, manufacture and sale of bicycles and related components. Through its subsidiaries, Co. is also engaged in the production and sale of electric aided bicycles.
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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