reports
2017 growth story intact
​Reiterate BUY but cut TP to NT$195: TCI reported strong 4Q16 sales of NT$886 mn, hitting a record quarterly high in its traditional peak season. Mgmt expects 4Q16 GM of ~42%, staying at a high level post a positive GM surprise in 3Q16. We therefore raise 4Q16/2016 EPS by 16.8%/4.3% to NT$2.04/7.1 to reflect a better than expected high season. Jan sachet product sales could be relatively weak, as some production lines may be halted for 3-5 days for new capacity to move in; we thus trim 1Q17F s...
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 results a surprising beat
​Reiterate BUY and lift TP to NT$215: 3Q16 sales of NT$852 mn were capped by unfavorable NTD fluctuations and less working days given the typhoon in Sept. 3Q16 EPS of NT$2.3, up 151% YoY, was significantly higher vs our/consensus estimates on account of 1) a change in product mix leading to 3Q16 GM of 42.9%, 3.6 ppt higher than 39.3% in 1H16; and 2) improving operating leverage. Overall, we still like TCI given its 1) GM and operating leverage expansion and our expectation of higher CUR at its...
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