reports
1Q17F sales likely to hold up despite weak seasonality; brighter outlo...
​Mgmt is more positive on its 2017F outlook. We believe it faced a bottleneck in 2016, but that its competitiveness is intact. We expect 2017F sales to return to the 2015 level on growth drivers including switch, IPC, high-end 3x3/4x4 wireless products and consolidated sales from its subsidiary, Emplus.
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...
Inventory adjustments continue in 2H16F, competiveness intact
​We attribute weak operations to continued inventory adjustments by a North American client, but believe Senao Networks’ product competitiveness and client stickiness remains intact. We lower 2016F sales/earnings forecasts again, by 2%/10%, and anticipate declines YoY. Seasonal demand in 2H16F may fail to materialize, but the company expects strong WiFi infrastructure construction in the North American market in 2017F, and anticipates a return to sales/earnings growth in 2017F. Senao has see...
Operating competitiveness intact despite 2H16F weaker seasonality
​We cut our 2016F sales/earnings forecasts by 13%/20% and expect YoY contraction. Nonetheless, we believe its operations are only affected by clients’ inventory adjustments, while its product competitiveness/client stickiness remain intact. 2H16F seasonality is weaker than we anticipated. However, we expect 2017F sales/earnings to recover to peak levels as Senao forecasts strong Wi-Fi deployment demand from the North American market. We are positive on 2016F GM and expect further expansion t...
Competitiveness remains intact; awaiting turnaround in 2H16F
​The weakness in 1H16 led to the recent share price decline. We believe Senao is just facing a short-term bottleneck as its product competitiveness & client stickiness remain intact. We reiterate BUY as the stock is now trading at a P/E of 10x. We trim our 2016F earnings estimate by 12% and do not expect it to hit a new high. However, we believe the company is just facing a short-term bottleneck as its product competitiveness & client stickiness remain intact. We also trim our 2016F sales fore...
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