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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...
GM trending up on better product mix
​Chilisin enjoys GM expansion thanks to the rapid growth of high-margin 0201 high-frequency chip inductors and auto electronic products. We expect sales to grow by more than 20% YoY in 2H16 thanks to stronger pull-in in 2H16F. As such, we reiterate BUY with our target P/E multiple of 14x unchanged. We lift our TP to NT$80, implying 15.4% upside, as we rollover our valuation basis to 2016/17F average EPS of NT$5.62.
1Q16 earnings beat, with improving GM
​1Q16 EPS of NT$1.14 beat our/consensus forecasts by 2%/5%. Our 2016/17F earnings forecast are largely unchanged, with EPS of NT$5.35/5.93, up 21%/11% YoY. GM improved with lower exposure to PC products with pricing pressure, and greater exposure to high-margin auto electronics and 0201 high-frequency chip inductors. Chilisin outperformed peers with increasing sales/GM thanks to the rapid growth of high-margin 0201 high-frequency chip inductors and auto electronic products. 1Q16 EPS of NT$1...
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