Analyst Research Report Snapshot

Title:

瑞智(4532 TT, NT$31.6, 增加持股): 維持「增加持股」評等

Price:

$46.00

Provider:

KGI Greater China

Date:

24 Mar 2014

Pages:

6

Type:

AcrobatPDF

Companies referenced:

4532.TW

Available for Immediate Download
Summary:

2013年財報符合預期 瑞智公佈2013年財報,合併營收達164.78億元,年增7.8%,稅前淨利15.59億元,年減1.2%,稅後淨利扣除少數股權後為9.16億元,年減6.2%,EPS為2.03元,與凱基預估相當。董事會通過配發現金股利1.5元及股票股利0.3元,現金殖利率4.7% 1Q14年在外銷接單持續暢旺下,預估瑞智1Q出貨量將季成長8%達380萬台,產能利用率提高下,1Q毛利率預估為17.4%,營業費用預估將因產線加班而季增23%。我們預估瑞智1Q14年每股盈餘為0.72元,年成長82% 受惠2014年全球景氣持續復甦,除外銷訂單激增外,緊接下來的內銷訂單目前接單狀況亦佳,瑞智1H訂單均無慮。目前股價交易在我們預估瑞智2014年每股盈餘2.58元的12.2倍,2015年每股盈餘2.91元的10.9倍,維持瑞智「增加持股」的投資建議,根據2015年14倍本益比,目標價維持41元 受惠2014年全球景氣持續復甦,除外銷訂單激增外,緊接下來的內銷訂單目前接單狀況亦佳,瑞智1H訂單均無慮。目前股價交易在我們預估瑞智2014年每股盈餘2.58元的12.2倍,2015年每股盈餘2.91元的10.9倍,維持瑞智「增加持股」的投資建議,根據2015年14倍本益比,目標價維持41元。

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