Strong growth creates room for further re-rating
​Paiho’s 1Q16 preliminary earnings outperformed our/consensus forecasts by 43%/27%./ We lift our 2016/17F earnings estimates by 8%/6% and raise our TP to NT$106. We like Paiho for its strong revenue growth of >20% YoY for elastic tapes, molded hooks, shoelaces, as well as margin improvement in these products. We expect 2016/17F earnings to grow by 33%/17% & believe there is room for a further re-rating. Paiho’s three new products, four-way stretchable elastic tapes/one-piece shoe uppers /HTC VR headset contributed NT$60 mn/25 mn/60 mn in 1Q16, more than our estimates.
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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