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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...
Brighter 2017F outlook for orders & GM
​Reiterate BUY and lift our TP to NT$91: We continue to like Sercomm, with its position in the networking industry remaining solid, and given its exposure to the IoT & smart home segments. Following our channel checks, we are more positive on Sercomm’s order and GM outlook. As such, we raise our 2017F sales/earnings estimates by 3%/14%, implying growth of 6%/22% YoY, with EPS up to NT$7.1. We expect 1Q17F sales/earnings to decline only by 3%/11% QoQ despite low seasonality, thanks to new cli...
Solid industry position; weaker than expected 3Q16F seasonality
​We trim our 2016F earnings forecast by 4% to reflect our revised sales assumptions, but still expect 2016F sales and earnings to hit new highs. While we forecast 3Q16F sales will only see minor growth QoQ (decline YoY) due to weaker than expected seasonality, we believe 4Q16F sales will continue to grow QoQ, with YoY growth turning positive. With exposure to the IoT & smart home segments, we anticipate surveillance business to account for 36%/34% of overall earnings in 2016/17F and for Sercom...
Seeing stronger momentum in 2H16F
​We trim our 2016F earnings forecast by 4% to reflect our opex adjustment and tax rate assumptions. Nonetheless, we still expect 2016F sales/earnings to hit new highs, with double-digit YoY growth. Despite weaker sales in 2Q16F, we expect stronger 2H16F sales momentum thanks to new clients & orders. With exposure to the IoT & smart home segments, we anticipate surveillance business to account for 37%/35% of overall earnings in 2016/17F and for Sercomm to become the leader in Taiwan’s surveil...
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