Market share gains driving YoY growth
​1Q16 net income is in line with consensus but op profit beat on better margins. We believe investors will appreciate the decent 2Q/3Q16 guidance. Importantly, its outperforming 1Q16 top line YoY growth due to market share gains supports our view that it continues to benefit from industry consolidation. We recommend investors buy into an undemanding valuation of 9.4x 2016 P/E and 1.1x 2016 P/B with 4.8% div yield. Our new TP of NT$37 implies ~18% upside.
Synnex Technology International and its subsidiaries are engaged in the assemble and sale of computers and its peripheral equipments and other information technology equipments; sale of mobile phones and other communication equipments; sale of consumer electronics; sale of electronic components; and provision of repairing services. Co.'s products include computer motherboard, notebooks, desktop PC, LCD monitor, CRT monitor, digital camera, mp3 player, portable DVD player, digital camcorder, memory card 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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