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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...
Benefits from logistics to materialize
​We reiterate BUY on Poya given its niche position in Taiwan’s retail market and long-term growth outlook. We expect the company will net add 9/8 stores in 3Q/4Q16, to a total of 158 stores at end of this year. The company has already secured locations for 14 of 17 new stores for 2H16. With the launch of its new southern warehouse in 1Q17, we expect Poya’s margin to improve further thanks to improved logistics. Poya’s 2Q16 earnings beat our/Street’s forecasts on higher than expected GM...
Competitiveness intact
​EPS of NT$2.59 grew 7% QoQ and 4% YoY, above our/Street’s forecasts by 2/7%, largely in line. We mainly keep our 2016-17F earnings forecasts unchanged. We observe that Poya’s share price very much moves along with monthly SSS growth performance, and we reiterate BUY given 1) a long term growth outlook and 2) in the near-term likely stronger SSS growth in April vs. March. 1Q16 results came largely in line. We like Poya given its niche position in Taiwan’s retail market. It differentiate...
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