Report
EUR 56.04 For Business Accounts Only

The worst has passed - 1504 TT; BUY

​We are positive on Teco since 1) the surprising non-op loss was recognized in 4Q15; 2) we expect core business growth to bottom-out in 2Q16F; and 3) its share price has corrected again to an attractive valuation. Overall, we expect Teco’s profitability to recover to the normalized 2013-14 level (ROE of 7-8%).

Provider
Yuanta
Yuanta

​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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