Analyst Research Report Snapshot

Title:

玉山金控 (2884 TT, NT$19.1, 持有)

Price:

$46.00

Provider:

KGI Greater China

Date:

25 Feb 2014

Pages:

6

Type:

AcrobatPDF

Companies referenced:

2884.TW

Available for Immediate Download
Summary:

2014年增資可能性漸增 2013年獲利年增19.8%至85億元,符合凱基預估 公司2014年自估展望積極和我們獲利預估年增11%至94億元相符 2014年增資可能性漸增,估計稀釋程度約7-8% 反映海外可轉換公司債轉換造成股權稀釋4.3%,12個月目標價自21.6元下修為20.6元,維持目標股價淨值比為1.3倍;考量股價上漲空間有限以及增資可能性漸增,維持「持有」評等 公司股價於過去三個月表現落後大盤與金融類股指數6.0%與2.4%,資本隱憂與ECB轉換所致。現價相當於2014年每股淨值預估的1.2倍,接近歷史區間0.7-1.3倍的高檔。反映股權因ECB轉換稀釋4.3%,並根據2014年每股淨值預估及維持目標股價淨值比1.3倍,將12個月目標價自21.6元下修為20.6元。基於市佔提高及交叉銷售,我們預期公司各主要獲利推手將繼續強勁成長。惟考量股價上檔空間有限以及增資可能性漸增,我們維持公司投資評等「持有」。

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