Analyst Research Report Snapshot


Catcher Technology (2474 TT): Beneficiary of Apple’s Manufacturer Diversification Strategy




MasterLink Securities Corporation


10 Nov 2013





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We project Catcher’s FY13 and FY14 consolidated sales of NT$41.6bn and NT$45.1bn, +12.4% YoY and +8.5% YoY, with EPS of NT$18.12 and NT$15.93 respectively. We believe Catcher will be the beneficiary of Apple’s long-term manufacturer diversification strategy, and experience sales growth in 2014 and 2015. The company’s stock price still has an upside potential, as Catcher is trading at 11x FY14 EPS. We thus retain our BUY rating with a target price of NT$207.

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