Full Article at IIR has reaffirmed its Recommended rating for PIA after undertaking a review post the appointment of a new Portfolio Manager, Harding Loevner. The full report can be found on the IIR website. On 26 July 2021, Pengana International Equities Limited (PIA) announced a fully franked dividend of 1.35 cents per share for the June quarter. This represents an 8% increase on the March quarter dividend and takes the total dividends declared for FY21 of 5.1 cents per share, fully franked....
US Dollar Weakness Remains A Tailwind For EM The MSCI EM index (local currency) remains constructive as it consolidates below the all-time highs set in January 2018 near 65,700; as long as the index is above 60,000 we are constructive from a price perspective. Additionally, the MSCI EM vs. EAFE ratio is breaking out to multi-year highs -- remain overweight EM relative to EAFE. We continue to attribute much of this outperformance to the downtrend in the US dollar (DXY). As long as the DXY dow...
Correction Lows Established -- Add Broad Exposure Key $70 support on the MSCI ACWI (ACWI-US) held strong last week, and ACWI-US is now inflecting topside its bullish falling wedge pattern. This bullish price action combined with market dynamics which remain mostly healthy lead us to believe the lows of this recent correction are in. · Key Levels On MSCI ACWI & EM Indexes. Key support levels to watch moving forward include $70 on ACWI-US and $42.30 on EEM-US; if these support levels hol...
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...
​Our industry checks indicate further deterioration in iPhone order outlook. In addition, we are also seeing higher pricing pressure on overall PCB/HDI. While we see its valuation is cheap at 0.9x P/B (9% ROE) and 10x P/E, key near-term risk is its 2H16F growth outlook.
​2016F sales will still grow 3% YoY (3Q16F sales could grow over 30% QoQ with sequential growth into 4Q16F) with EPS of NT$2.4. Stock is cheap at 8x P/E, 1x P/B with 13% ROE and 6% cash yield. We suggest buying after 1Q16 results to position for 2H16F growth. Compeq’s share price has dropped 19% YTD (vs. the TAIEX up 2%) due to ongoing turmoil with iPhone shipment outlook (iPhone accounts for 25-30% of Compeq’s sales). However, we believe its earnings will reach bottom in 1Q16F, and thus s...
​We initiate coverage of Compeq with a BUY TP of NT$26 based on the avg. of 1.4x 2016F BVPS (14% ROE) and 10x 2016F EPS. In addition to its undemanding valuation, we believe Compeq will see above industry average sales & EPS growth in 2016F. Compeq is gaining shares from existing clients on superior product quality offerings. Off a high base in 2015, we expect it can still deliver 4%/4% YoY sales/EPS growth in 2016F, which is decent among iPhone plays. Its FPC business could also offer upsid...
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