reports
Brighter outlook helped by stable sales growth
​Reiterate BUY with a TP of NT$174: CCI posted weak 3Q16 earnings due to Samsung Note 7 termination. However, we believe the worst is over, and 4Q16F earnings should return to normal. We reiterate BUY on CCI given the handset heat-pipe trend and our expectation of its server shipments’ stable growth in 2017F. We also forecast strong 2016/17F EPS of NT$10.29/12.42, up 32%/21% YoY. Our TP of NT$174 is derived from 14x (unchanged) 2017F EPS of NT$12.42, implying 19.1% upside.
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