2015 a good year; 2016 will rely on SSD - 8299 TT; HOLD-OPF
2015 was a good year for Phison as it delivered a record top line and decent margins. But with a high base, growth in 2016 could look more subdued given: 1) eMMC business may see little or no growth as its key US customer could be losing market share; 2) PC SSD will see growth, but there are always uncertainties on PC demand; 3) SSD for data centers has not taken off yet for Phison; and 4) Controller IC competition will also intensify.
Phison Electronics is principally engaged in the development, design, manufacture and sale of flash memory controllers and peripheral system applications as well as the design of TI DSP (Texas Instruments' digital signal processor) system. Co.'s products include flash drive control chips and system products; flash memory card control chips and flash memory series products, such as secure digital ("SD") cards, micro SD cards, universal serial bus ("USB") flash drives, compact flash ("CF") cards, solid disk controller chips and appliance products.
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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