Analyst Research Report Snapshot

Title:

F-譜瑞(4966.TT)iPad mini Retina加入,2014年營運回復高成長,股價已反應毛利率利空,調升至買進

Price:

$23.00

Provider:

SinoPac Sec Investment Service Traditional Chinese

Date:

28 Nov 2013

Pages:

4

Type:

AcrobatPDF

Companies referenced:

4966.TWO

Available for Immediate Download
Summary:

預估2013年營收為40.16億元(-16%YoY),毛利率下滑至43.9%,營業費用為10.86億元,稅後淨利為6.05億元(-52.9%YoY),稅後EPS為8.1元。2014年譜瑞將供應全系列iPad,出貨量將顯著成長,考量sipi介面Source驅動IC貢獻,預估2014年營收調升至64.13億元(+59.7%YoY,原預估為63.15億元),毛利率為41.1%,營業費用為13.15億元,稅後淨利略為上調至11.9億元(+96.6%YoY),稅後EPS略為上修至15.93元(原預估為15.63元)。在投資建議方面,先前股價修正已反應4Q13毛利率下滑利空,看好2014年營運回復成長,目前評價偏低投資價值浮現,投資建議調升至買進,目標價為225元(PER=14X2014EPS)。

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