Solid 3Q16F and 2017F sounds good to us
​Raise TP to NT$58: We reiterate BUY and keep our EPS forecast largely unchanged but raise our TP to NT$58 from NT$53 as we now adopt a higher target P/E of a 2017F P/E of 11x (vs. 10x previously) given rising profit contribution from audio business, which is a “high P/E business.†Fundamentally, we remain positive on its 2017F outlook, driven by robust audio momentum and the ramp up of dual-cam. Despite recent share price outperformance, we still view its current valuation as attractive at 9x 2017F EPS, vs. peers (i.e., Chicony/LOT’s 12x).
Primax Electronics Ltd. is principally engaged in the manufacture and distribution of computer peripheral products and non-computer peripheral products. The computer peripherals products include mice, keyboards and other computer input devices, laptop touch pads, digital handwriting boards and network camera modules. The non-computer peripheral products include communication peripheral devices, image scanners, printers, multi-function machines, fax machines, sports watches, smart watches and other office automation products. The Company distributes its products mainly in Mainland China, America and others.
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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