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Ford Equity International Rating and Forecast Report
Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind...
Focusing on fast-charging ICs, mobile chargers
​1H16 sales/earnings grew 18%/43% YoY with EPS of NT$5.94. Mgmt guides for 0-10% QoQ/17%+ YoY sales growth in 3Q16, driven by strong TV/handset demand, with a slightly higher GM, significantly lower tax rate and EPS of NT$4.75. We anticipate 2016/17/18F EPS to grow by 26%/6%/5% YoY to NT$14.26/15.08/15.8, respectively, and raise our 2017/18F earnings forecasts by 1%/4% as well as correct the ex-div capital estimate to NT$539 mn. The stock is now trading at a 2016/ 17/18F P/E of 17x/16x/15x, at...
Better than expected operations
​2Q16 sales beat our estimate on strong handset/TV segment momentum. Though the handset fast-charging IC penetration rate is lower than we expected, we anticipate a breakthrough in late 3Q16F due to clients’ aggressive promotions. We are positive on On-Bright’s future share gains in the fast charging/small appliance sectors. We raise 2016/17F EPS by 13%/7% to reflect stronger than expected 1H16 operating momentum & a significantly lower tax rate due to China’s tax cuts. The stock is now ...
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