At the bottom, or close enough
​Pegatron’s 1Q16 results were below expectations mainly due to lower than expected margin and F/X losses. Guidance on its 2Q16 outlook is also weaker than guidance from the last earnings meeting. We believe the company has been impacted by unstable orders from Apple, Asus and Toshiba, but we also believe Pegatron’s recent mgmt team reshuffle is the answer to this situation. We give our reasons why we maintain BUY on the stock. Our TP of NT$82.0 implies 26% upside
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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