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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...
3Q16 earnings slightly miss; robust GM
​We expect Ibase to resume sales growth in 4Q16F with future shipments of high-GM products, helping it maintain GM at a high level and boost earnings. We reiterate BUY but lower our target P/E multiple to 12x from 13x, given a P/E de-rating of IPC names due to a recent share price decline in the sector. Our TP of NT$85 is derived from 2017F EPS of NT$7.11, and implies 32.8% upside.
1Q16 earnings beat; strong order outlook
​1: Ibase is now trading at an attractive 2016F P/E of 10.4x, vs. peers’ average of 17.2x. We reiterate BUY given 1) higher than expected 1Q16 earnings; and 2) we expect record-high 2Q16F sales on new product shipments. Our TP of NT$71 is based on 13x (unchanged) 2016F EPS of NT$5.45, implying 25% upside.
Positive 1H16F outlook on shipment growth
​Ibase is now trading at an attractive 2016F P/E of 11x, vs. peers’ average of 17x. We maintain our BUY rating given 1) likely higher than expected 1Q16F earnings; and 2) record-high 2Q16F sales thanks to new product shipments. Our TP of NT$67 is based on 13x (unchanged) 2016F EPS of NT$5.15, implying 17.7% upside.
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