Choppy share movement, but we see opportunities
​Stock trading: Similar to many small/mid-cap stocks in recent days, its share price has been rather volatile, and investors’ reaction to any news flow has been quite fierce. There has been some negative market talk related to PTI, such as Micron building in-house back-end capacity, Walton (8110 TT; NR) gaining more allocation from PTI, and the PTI/Tsinghua deal falling apart, etc., but we see these as non-events, and we suggest investors add positions on any share pullback. The ramp up of its Xian fab continues to progress smoothly, and the company just posted record sales in Nov for the fourth consecutive month. As demand for both DRAM and NAND remains strong, sales growth momentum will likely sustain into 1H17F. We reiterate BUY with our estimates left largely unchanged.
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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