reports
U/G Positive 2017F outlook supported by growth of new markets & client...
​Upgrade to BUY & lift TP to NT$80: Given stronger microwave component segment growth, we turn positive on UMT’s 2017F outlook and raise our 2017F sales/earnings estimates notably by 11%/36% (or up 14%/29% YoY), with EPS of NT$5.7. In the short term, we believe December sales will hit a new high, with 4Q16 sales/earnings likely to reach record highs and EPS up to NT$1.7. We expect the company to regain sales/earnings growth momentum in 2017F, which will help boost investors’ interest in th...
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...
Stronger momentum from 2Q16F onwards
​We trim our 2016F sales/earnings forecasts by 5% after reviewing orders of each product line. However, we still expect 2016F sales/op. profit to grow 24%/26% YoY to new highs, with EPS of NT$4.9. We also expect 2Q16 sales to grow 18% QoQ, likely to a new high, thanks to 1) new orders of microwave components; and 2) shipments of Radiation Tech’s large energy antenna order. UMT is also a beneficiary of 4G network infrastructure demand and IoT plays. Our TP of NT$79 is based on a 2016F P/E of ...
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