Title Accton Technology (2345 TT) Neutral
  Landmark (3081 TT) Buy: NT$303
  Novatek (3034 TT) Buy, TP: NT$203
  Flexium Interconnect (6269 TT) U/G Buy, TP: NT$107
  Delta (2308 TT) Buy, TP: NT$175
  Realtek (2379 TT) Buy, TP: NT$270
  Richwave Technology (4968 TT) Buy, TP: NT$200
  Mediatek (2454 TT): Buy, TP: NT$366
  ASE (3711 TT) U/G Buy, TP: NT$82
  Win Semi (3105 TT): U/G Buy, TP: NT$324
More Titles
Title:Accton Technology (2345 TT) Neutral
Download File:2345 TT Accton equity note 190822--sinopac.pdf 
Summary:Maintain Neutral: 1) YoY sales growth will begin to slow in 2H19 off a high base, but since the slower pace of 400G adoption due to the high optical transceiver cost will benefit Accton・s 100G business, Accton・s overall sales deceleration won・t be as sharp as we projected earlier; 2) Accton・s capacity expansion in Taiwan is progressing faster than we thought, which means it will feel the added costs and expenses in 2020F; 3) Accton・s new 400G products won・t ramp until 2H20, later than our previous expectation of 2H19; 4) Valuation: Accton is trading near the high end of its historical range with very few new catalysts expected before its new 400G switches ship next year. Look for better entry points as sales growth decelerates.
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.