Strong 1Q16 results; sales/earnings to improve further in 2016/17F
​We again lift our 2016F earnings forecasts by 3%, with EPS up to NT$5.3, to reflect Sinbon’s strong 1Q16 results. We reiterate BUY and raise our TP to NT$79 to reflect the upward revision of our EPS forecast. We believe 2016/17F sales/earnings may reach new highs, thanks to Sinbon’s operating strategy & a favorable industry trend. We expect 2016F sales to grow 14% YoY to a new high of NT$13.8 bn, driven by potential double-digit YoY sales growth of all major product lines. With the company’s 2016F cash dividend of NT$3.1 & stock dividend of NT$0.3, we view it as suitable for long-term investors.
Sinbon Electronics Co Ltd is a Taiwan-based company mainly engaged in the processing and manufacture of connecting wire groups and the agency trading of connectors. Main products include connection cables, system products, power rectifiers, mobile phone transmission cables, mobile phone connectors, wireless antennas and radio frequency identification devices (RFID). The Company operates through three business segments. The Wire Operation segment is engaged in the manufacture and sale of wire. The Electronic Components Operation segment is engaged in the sales of electronic connectors and electronic components. The Management Operation segment is mainly engaged in other business projects and reinvestment business. Products are used in the fields of healthcare, automotive aviation, green energy, industrial applications and communications. The Company operates in mainland China, the United States, Europe, Taiwan and other regions.
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.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.