Title Yageo (2327 TT) Buy, TP: NT$610
  Grape King Bio (1707 TT) Buy, TP; NT$303
  China General Plastics (1305 TT) Buy, TP: NT$41
  Hiwin Technologies (2049 TT) Buy, TP: NT$412
  Tong Hsing (6271 TT): Buy, TP: NT$185
  Bizlink (3665 TT) Buy, TP: NT$310
  Lungyen Life Service (5530 TT) Buy, TP: NT$87
  Taiwan Paiho (9938 TT) Buy, TP: NT$145
  Formosa Chemicals & Fibre (1326 TT) Buy, TP: NT$117.0
  Kayee International Group (2939 TT)
 
More Titles
Title:Yageo (2327 TT) Buy, TP: NT$610
Download File:2327 TT Yageo long report 180403--sinopac.pdf 
 
Summary:Raise TP to NT$610 (15x 2018F P/E); Maintain Buy: 1) 2018 outlook is even brighter than before. Yageo is well-positioned to profit from the persistent shortage of niche products. After raising our 2018 sales/net profit estimates by 8%/14%, we project 58%/158% YoY growth for 2018; 2) Valuation: Yageo is trading at 12x our 2018F EPS of NT$40.63, which we adjusted for ex-rights capital of NT$4.21bn, and 10x 2018F EPS of NT$48.75 based on current capital, vs. the firms historical range of 8.9-21.3x. Our new TP of NT$610 (was NT$550) implies an upside of 21%.
  
Date:2018/04/16
Author:TaiwanResearch.com
Register online at Become Member to receive Taiwan research services. For more information, contact TaiwanResearch.com. Tel (8862) 2316-5181
©2001, 2000, 1999 SinoPac All rights reserved. Additional copyright information applies.