More earnings cuts to come
​Radiant held its annual investor conference and reported 1Q16 GM/EPS of 10%/NT$0.9 (down 68% QoQ), missing the Street’s expectation of 11-12%/NT$1.2-1.3, which we attribute to a lower loading rate and rising ASP pressure. Moreover, 2Q16 sales guidance (down 5-10% QoQ) was also a negative surprise, as the Street generally estimates for 10-15% QoQ growth. Amid slowing demand for Apple’s devices, mgmt revised down 2016 sales growth guidance from 20% to 7% YoY, which leads us to cut our 2016/17 EPS forecasts by 17%/26% to NT$6.9/NT$6.6.
RADIANT OPTO-ELECTRONICS CORPORATION is a Taiwan-based company mainly engaged in the manufacture and sale of backlight units (BLUs) and other electronic products. The Company is mainly engaged in the production of light guide plates, diffuser plates and backlight units. The products are mainly used in virtual reality (VR) products, notebook computers, tablet computers, liquid crystal display monitors, liquid crystal display televisions, digital cameras, digital video cameras, smart phones, electronic dictionaries, industrial equipment, personal digital assistants (PDAs) devices and printer panels. The Company distributes its products in domestic market and to overseas markets.
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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