Bright outlook despite industry uncertainty (Includes erratum)
​We trim our 2016F sales/earnings forecasts to reflect growing industry uncertainties, but still expect VPEC’s sales/earnings to hit new highs this year. Favorable trends in the PA industry will help offset concerns on sales of Apple’s new models. Despite uncertainties in the demand for optical communication products, VPEC will be less impacted vs. peers as it will begin to supply LD epiwafers in 2H16F. Our TP of NT$60 is based on 22x 2016F EPS of NT$2.73. As the company posted weak April sales, we advise investors remain cautious of the near-term impact on the share price.
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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