One of the bright spots in tech
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Our EPS forecasts are largely unchanged and we maintain our BUY TP at NT$82. 1Q16 EPS of NT$1.2 (+22% YoY) is in line. We estimate PTI’s 2Q16F sales will grow 12% QoQ while mgmt is positive on 2H16F on share gains. Powertech (PTI) is positioned to reap benefits from earlier business transition pains starting in 2016F. Aside from DRAM backend share gains, its FC business is growing fast. We estimate 2016F sales/EPS to grow 11%/22% YoY, while its valuation remains attractive.
Powertech Technology is a semiconducter manufacturing company based in Taiwan. Co. maintains a focus on assembly and testing services, engaged in the provision of backend services for memory products and ranging package types in assembly processes. In addition, Co. is also engaged in the research, development, design and sale of integrated circuit and semiconductor device automatic testing computer software. Co.'s on stream services are TSOP, Tape LOC, WSOP, TFBGA, wBGA and FBGA packages. For small package size and high IO requirements, Co. offers Tape BGA , Stacked MCP and CSP technology.
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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