Analyst Research Report Snapshot

Title:

文曄 (3036 TT, NT$34.75, 增加持股): 維持「增加持股」評等

Price:

$58.00

Provider:

KGI Greater China

Date:

04 Nov 2013

Pages:

7

Type:

AcrobatPDF

Companies referenced:

3036.TW

Available for Immediate Download
Summary:

3Q13業績與4Q13展望符合預期 受產品組合提升與庫存回補動能加持,3Q13營收季增11%暨年增7%達233億元,毛利率、營利率分別達5.83%與2.10%,與市場預期相符,使獲利自季增12%、年增6%至3.60億元,每股盈餘1.07元,符合市場共識的1.08元但低於凱基預估之1.13元 4Q13 營收公司自估季減2-7%,毛利率與營益率自估則分別為5.7-5.9%與1.85-2.05%,相符於市場共識與凱基預估 由於產品組合持續改善且營業費用控制理想,我們對中長期獲利成長抱持正面看法;12個月目標價維持42元,推估自4Q13-3Q14預估本益比的10倍;維持「增加持股」評等 我們下修2013-14每股盈餘預估自4.05元及4.75元至3.80元與4.63元,調幅分別達6.3%及2.6%,以較為保守的利潤率預估反映3Q13營運結果與4Q13展望。。我們維持12個月目標價42元,推估自4Q13-3Q14預估本益比的10倍。同時相較於台灣半導體通路商同業,大聯大(3702 TT, NT$33.85, 持有)有著相似的成長動能,但基於更具吸引力的風險溢酬(文曄目前估值在我們12個月預估每股盈餘的8倍,大聯大則為10倍),我們持續看好文曄維持「增加持股」評等。投資風險為併購活動趨緩、產品與客戶集中、需求疲弱。

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