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​Pegatron’s 1Q16 results were below expectations mainly due to lower than expected margin and F/X losses. Guidance on its 2Q16 outlook is also weaker than guidance from the last earnings meeting. We believe the company has been impacted by unstable orders from Apple, Asus and Toshiba, but we also believe Pegatron’s recent mgmt team reshuffle is the answer to this situation. We give our reasons why we maintain BUY on the stock. Our TP of NT$82.0 implies 26% upside
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