FORMOSA CHEMS.& FIBRE (TW), a company active in the Commodity Chemicals industry, is favoured by a more supportive environment. The independent financial analyst theScreener has confirmed the fundamental rating of the title, which shows 3 out of 4 stars, as well as its unchanged, moderately risky market behaviour. The title leverages a more favourable environment and raises its general evaluation to Slightly Positive. As of the analysis date September 7, 2021, the closing price was TWD 82.70 and...
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....
Not much has changed over the past week when looking at the MSCI ACWI and S&P 500, with prices generally trending sideways and no material changes in our primary breadth indicators. Therefore, our outlook remains positive given breadth and price action improvements on both the ACWI and S&P 500 relative to mid-April (both developments that we highlighted in the 5/17/18 International Compass). • Major themes: Opportunities within Health Care and Materials. Price and relative strength trends con...
Highlighted themes and actionable charts: • Emerging markets (MSCI EM) versus Developed international (MSCI EAFE). Recent USD strength has weighed on EM's relative performance. Given (1) strength in commodity prices (sans precious metals), (2) the potential for some backing-and-filling of the USD, and (3) MSCI EM price and relative strength support levels continuing to hold, we see recent weakness as a buying opportunity... see below, left • Actionable countries. The MSCI BRIC index has re...
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...
​Reiterate BUY: After a strong 3Q16 beat, we expect more upside for the consensus earnings forecast and remain positive on FCFC due to 1) its solid earnings outlook in 4Q16/2017F; 2) limited impact from its Changhua plant shutdown; and 3) its upcycle profitability vs. its mid-cycle valuation. As such, we expect further re-rating and set our upcycle target multiple at 2.1x 2017F P/B (vs. 1.9x previously), from which we derive our TP of NT$110.
​We remain positive on FCFC due to 1) a 1Q16 earnings beat; 2) a solid core business outlook in 2016F; 3) an attractive valuation with strong earnings momentum. FCFC is now trading at a 2016F P/B of 1.6x, lower than its mid-cycle (2009-2015) valuation of 1.7x. Given strong earnings growth (outperforming other companies in FPC Group), better market sentiment and an attractive valuation, we lift our target P/B multiple to 2x 2016F BVPS from 1.9x, and derive a new TP of NT$100
We turn positive on FCFC’s profitability outlook due to 1) the styrene monomer (SM) upcycle in 2Q16F; 2) a favorable spread in 2016F; 3) a less negative PTA impact; and 4) strong dividend income. FCFC is now trading at a 2016F P/B of 1.6x, equivalent to a mid-cycle (2009-2015) valuation (vs. period avg. ROE of 8%). We expect a re-rating of the company driven by strong earnings growth (outperforming other companies in FPC group) and its attractive valuation.
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