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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...
Strong fundamentals for 2016/17F still to be factored in
​The market is worried that sales may have peaked in April this year and that the company may lose steam in 2017F. However, our view is that earnings momentum in 2H16F remains strong HoH, while Arcadyan enjoys good client relationships and is penetrating into new markets. We believe 2017F sales may further see double-digit growth and hit a new high. Despite the recent share price pullback, the company’s strong fundamentals are still intact, or ever better. We raise our 2016F sales/earnings e...
Strong 2Q/3Q16F outlook; valuation undemanding
Following our channel checks, we expect 2016F sales/earnings to grow 20%/101% to new highs, with EPS rising to NT$6.1. 1Q16 EPS of NT$1.28 beat our estimate by 30%. Sales in April hit a new high, and we thus expect 2Q16F sales to grow 15% QoQ, with EPS reaching NT$2. Despite stronger momentum in its share price recently, the company is still trading less than 9x P/E. We reiterate our BUY rating given 1) its strong performance in 2016/17F; and 2) much less impact from the EUR on earnings. Our TP...
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