Title ESG Equity Note: MSI (2377 TT) Neutral
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Title:ESG Equity Note: MSI (2377 TT) Neutral
Download File:2377 TT MSI ESG note 200408--sinopac.pdf 
Summary:Maintain Neutral: 1) We lower our 1Q20 sales/net profit estimates by 4%/10% to NT$26.95bn (-15.9% QoQ, -8.6% YoY)/NT$993mn (-24.3% QoQ, -24.0% YoY), with an EPS of NT$1.18; 2) We suppose MSIíŽs product launches planned for 2Q20-2H20 could be delayed; therefore, actual contribution from the products might be limited this year; 3) MSI will pay a cash dividend of NT$4.2 from 2019 earnings (63.5% payout ratio), implying a cash dividend yield of 5%; we had expected a payout ratio of 77-80%.
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