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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...
Decent core business in 3Q16 with multiple catalysts ahead
​We transfer coverage with a BUY rating and TP of NT$57: Chipbond posted decent core business results in 3Q16, with all of the operating indicators ahead of guidance. Meanwhile, we see multiple catalysts into 4Q16/2017F, including: 1) better than seasonal DDI sell-through in the near term; 2) PA packaging migration to bumping/FC (from traditional WB); 3) Synaptics/Focaltech fast ramping TDDI (which carries a 40% ASP premium vs. general DDI for Chipbond); and 4) increasing 4K TV penetration and...
At the inflection point for upside risk
​How we differ from the Street: We believe too much market attention has been focused on its iPhone DDI backend business share loss in 2017/18F, while the growth of its PA backend business has been underestimated. This leads to our higher vs. the Street earnings forecasts as well as valuation upside on the perception of Chipbond’s growth outlook.
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