D/G - Take profits amid rising aluminum price
​Our raised TP of NT$151 (20x 2016F EPS) up from NT$140 (20x 2016F EPS), mainly reflects an upward earnings revision of 10%, factoring in stronger forged wheel shipments and GM recovery. However, we downgrade SAI to HOLD as we believe there is limited upside even considering the recent rise in aluminum prices. As we are more conservative on the sustainability of the rising aluminum price in 2H16 and given a 25% share price rally since our buy call two months ago, we suggest investors take profits amid stronger growth in 1H16.
SuperAlloy Industrial Co.,Ltd. is a Taiwan-based company principally engaged in the manufacture and sales of automobiles and parts. The Company's main products include forged wheels and others. The Company is also involved in the manufacture of sporting goods, as well as the steel forging business. The Company distributes its products mainly 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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