reports
Record high earnings to drive record high share price ahead
​We expect new record high sales & EPS in 2016/17F. We see KYEC’s sales growth driven by share gains into WLCSP and ongoing IDM outsourcing. We expect its share price to increase post the removal of ECB pricing overhang on its cheap P/E.
New record highs to drive valuation re-rating
​We lift our conviction BUY TP to NT$40 (35% upside) as we raise our 2017F EPS by 4% to NT$2.9 and shift our valuation basis to 2017F: We expect new record high sales & EPS in both 2016/17F. We see its sales growth driven by share gains into new products and IDM outsourcing. On the margin front, industry consolidation could drive better ASP/margin trends. Given its solid market positioning and fine mgmt execution, we believe using 2017F is a better basis to reflect KYEC’s stock value. Our ne...
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