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Analyst Research Report Snapshot


Tong Hsing Electronic Industries (6271 TT): Long-term Competitiveness Intact with Rosy 2014 Outlook




MasterLink Securities Corporation


22 Nov 2013





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We forecast THEIL’s FY13 EPS of NT$9.77 and FY14 EPS of NT$11.28, and maintain a BUY rating, given the following reasons: 1) economies of scale advantage and strong profitability with the range of gross margin surging from 25~30% to 30~35%; 2) sustainable edge. For example, laser drilling improves production scale, and THEIL continues developing new CIS customers and applications, and sees no threat from EMC in the short run, which matched its 2Q13 guidance; 3) intact long-term competitiveness despite the fact that 4Q13 sales would decline temporarily due to lack of new products. Based on THEIL’s 3Q13 results, we raised FY13 and FY14 EPS forecast to NT$9.8 and NT$11.3 respectively and maintained target price at NT$180. But we expect the share price to undergo consolidation in the short term.

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