Analyst Research Report Snapshot

Title:

新日興 (3376 TT, NT$73.0, 持有): 維持「持有」評等

Price:

$58.00

Provider:

KGI Greater China

Date:

12 Mar 2014

Pages:

7

Type:

AcrobatPDF

Companies referenced:

3376.TW

Available for Immediate Download
Summary:

產品組成轉佳但變數仍在 1Q14淡季營收預估季衰退約10%,獲利季衰退21% 4Q13每股盈餘1.44元,季減15%,不如預期主因是營業費用偏高,2013年每股盈餘5元,年減11%亦低於預期 2014年產品組成轉佳將帶動獲利增長,上修2014年每股盈餘預估10%到6.53元 12個月目標價由69元調升至79元(2014年每股盈餘預估的12倍);考量上檔有限與12.9吋iPad推出將影響MacBook Air需求的潛在變數,重申「持有」 新日興現價相當於2014年修正後每股盈餘預估的11倍左右。為反映凱基上修2014年獲利,我們將其12個月目標價由69元上修到79元(2014年每股盈餘預估12倍)。雖然我們認為毛利率與獲利將於2014年進步,但變數仍是蘋果推出12.9吋iPad恐會衝擊MacBook Air之銷售,而新日興供應七成以上的中空樞軸於MacBook Air。考量股價上檔空間有限,我們重申「持有」。

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