Competitiveness intact
​EPS of NT$2.59 grew 7% QoQ and 4% YoY, above our/Street’s forecasts by 2/7%, largely in line. We mainly keep our 2016-17F earnings forecasts unchanged. We observe that Poya’s share price very much moves along with monthly SSS growth performance, and we reiterate BUY given 1) a long term growth outlook and 2) in the near-term likely stronger SSS growth in April vs. March. 1Q16 results came largely in line. We like Poya given its niche position in Taiwan’s retail market. It differentiates itself from peers with non-FMCG products, larger store size, and a higher SKU count.
Poya International is engaged in the sale of skin care and cosmetic products, household items, daily utensils, shampoo, shower gel, snacks, stationery, leather goods, ornaments, fashion accessories, underwear, socks, art and crafts and other related 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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