Title Accton Technology (2345 TT) Neutral
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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.
  
Date:2019/08/22
Author:TaiwanResearch.com
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