Analyst Research Report Snapshot

Title:

鳳凰(5706):殖利率加持且評價偏低

Price:

$35.00

Provider:

MasterLink Securities Corporation

Date:

27 Jan 2014

Pages:

5

Type:

AcrobatPDF

Companies referenced:

5706.TW

Available for Immediate Download
Summary:

維持買進評等:基於:1).鳳凰目前的股價低迷表現,反映了今年獲利不如預期的表現,然獲利影響主因包含系統負面事件,對鳳凰因屬非戰之罪。2).展望2014年,鳳凰除享有2013年較低基期的增長動能,經營團隊在主要旅線的強化,也可望看到營運的增長。3).鳳凰將成立第二品牌,結合該品牌可望降低供應商的購貨成本,以及提升集團市場規模。4).鳳凰表示2014年的現金股利,在股東期待下將可望維持3元的配發,故以目前收盤價計算,殖利率已達5%水準。因而綜合上述看法,元富維持鳳凰買進評等,不過此次考量支線品牌初期的成立費用,元富小幅調降2014年EPS 4.05元至3.85元,並同步調降目標價69元至65元(17 X 2014PER)。

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