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Analyst Research Report Snapshot


Yeong Guan Energy Technology (1589 TT): Gross Margin Uptrend & Strong Orders in 2014




MasterLink Securities Corporation


26 Mar 2014





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In view of valuation, YGG’s FY13 EPS came in at NT$5.36. We lift YGG’s FY14 EPS estimate from NT$7.12 to NT$8.19 given the following reasons. (1) The wind turbine industry sees evident growth momentum. Gross margin is expected to rise to 30.9% thanks to improved product mix. (2) Thanks to economic recovery in Europe and America, rising demand for general machinery industry is expected to impel demand for casting products. As YGG is also eliminating bottlenecks by expanding capacity, we believe it would enjoy strong growth momentum throughout 2014. In sum, we retain BUY on YGG and raise our TP from NT$130 to NT$150 (18x FY14 PER).

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