Focusing on fast-charging ICs, mobile chargers
​1H16 sales/earnings grew 18%/43% YoY with EPS of NT$5.94. Mgmt guides for 0-10% QoQ/17%+ YoY sales growth in 3Q16, driven by strong TV/handset demand, with a slightly higher GM, significantly lower tax rate and EPS of NT$4.75. We anticipate 2016/17/18F EPS to grow by 26%/6%/5% YoY to NT$14.26/15.08/15.8, respectively, and raise our 2017/18F earnings forecasts by 1%/4% as well as correct the ex-div capital estimate to NT$539 mn. The stock is now trading at a 2016/ 17/18F P/E of 17x/16x/15x, at the median of its historical range of 7-26x. We reiterate BUY and lift our TP to NT$270, based on a 2017F P/E of 18x.
On Bright Electronics Inc. On-Bright Electronics Incorporated. is principally engaged in the design, manufacturing and distribution of integrated circuits (ICs). The Company mainly provides alternating current (AC)/direct current (DC) power supply management ICs, cold cathode fluorescent lighting (CCFL) inverter controlling ICs, light-emitting diode (LED) power supply management ICs, among others. The Company's IC products are primarily applied in network communication equipment, liquid crystal display (LCD) televisions, LCD monitors, storage equipment, computer power supplies, LED backlights and lighting, home appliances, among others. The Company mainly distributes its products in China mainland and Hong Kong markets.
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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