Analyst Research Report Snapshot


Shin Zu Shing (3376 TT, NT$73.0, N): Maintain Neutral




KGI Greater China


12 Mar 2014





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Product mix better, but uncertainties remain 1Q14 is slow season; company guides sales to decline 10% QoQ; we expect earnings to fall 21% QoQ 4Q13 EPS of NT$1.44 (down 15% QoQ), a disappointment mainly on higher opex, bringing 2013 EPS down 11% to NT$5, below our estimate Earnings growth on better product mix in 2014; we revise up 2014 EPS forecast by 10% to NT$6.53 12M target price raised from NT$69 to NT$79 (12x our 2014F EPS); we see limited upside & potential swing factor of 12.9” iPad launch impacting MacBook Air demand; maintain Neutral Shares are trading at 11x our 2014 revised EPS projection. To reflect upward revisions of our 2014F earnings, we have raised our 12-month target price from NT$69 to NT$79 (12x 2014F EPS). Although we think gross margin and earnings will improve in 2014, a swing factor will be the launch of 12.9” iPad, which may have a negative impact on MacBook Air demand for which SZS provides over 70% of hollow-shatft hinge. Given limited share upside expected, we maintain our Neutral rating.

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