Improving earnings outlook in 4Q16/2017F
​Upgrade to BUY: We were conservative on Nan Ya previously due to its weak core businesses in 3Q16. However, mgmt indicated that the worst for core business has passed with positive guidance for 4Q16/1Q17. We also see good signs for both core business & investment income. As such, we raise our earnings forecast and set our target multiple at 1.9x 2017F BVPS (vs. 1.5x previously), deriving our new TP of NT$82.
Nan Ya Plastics is engaged in the manufacture and sale of plastic products, polyester fiber products, petrochemical products, electronic materials, printed circuit boards and other related raw materials. Through its subsidiaries, Co. is also engaged in the investments; repair of electronic products; manufacture of electronic parts; distribution of steam and electric power; manufacture and sale of fiber glass and pipeline.
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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