Title Auto Components: Buy Turvo, Cayman Engley, Macauto; D/G Hota to Neutral
  IC Design: Buy Realtek, Novatek, Parade, Rafael Micro
  Apparel: Buy Eclat, Quang Viet, Toung Loon, Kwong Lung
  Petrochemical: Buy FPC, FCFC
  Marine Shipping: Buy Evergreen, Yang Ming
  Powerpoint: 3D sensing module (focus on laser light source)
  LCD: U/G Innolux to Buy
  Auto component OEM: Buy Macauto, Hota, Turvo
  Garments: Buy Eclat, Quang Viet, Kwong Lung
  Petrochemical: Buy FPC, FCFC
 
More Titles
Title:Auto Components: Buy Turvo, Cayman Engley, Macauto; D/G Hota to Neutral
Download File:Auto component OEM industry note 170519--sinopac.pdf 
 
Summary:
  • Maintain Buy on Turvo (2233 TT), TP at NT$120 (13x 2017 P/E):

    We expect earnings will leap in 2017F.

  • Maintain Buy on Cayman Engley (2239 TT), TP at NT$190 (13x 2017 P/E):

    We expect sales and earnings to rebound in 2Q17-3Q17 on higher UTR, raw material prices pullbacks.

  • Maintain Buy on Macauto (9951 TT, TP at NT$195 (16x 2017 P/E)

    Powerful operational momentum on concentrated pull-in by clients in 2Q17-3Q17.

  • Downgrade Hota (1536 TT), Chian Hsing Forging (4528 TT) to Neutral:

    Previous TPs have been achieved.
  •   
    Date:2017/05/19
    Author:TaiwanResearch.com
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