Analyst Research Report Snapshot

Title:

伸興(1558.TT)公司營運重回穩定成長軌道、現金殖利率高,維持買進

Price:

$35.00

Provider:

SinoPac Sec Investment Service Traditional Chinese

Date:

30 Jun 2014

Pages:

5

Type:

AcrobatPDF

Companies referenced:

1558.TWO

Available for Immediate Download
Summary:

維持買進:2014年配息9元,配息率約在76%,屬於高配息的公司,現金殖利率仍達5.44%。5月越南排華事件後,2014年出貨量維持不變(甚至有調高的可能),長期而言,伸興生產規模與品質、越南輸歐關稅優惠的優勢難以取代,客戶轉單的可能性不高,公司營運仍維持在每年穩定成長的趨勢上。與機電同業相較,伸興近3年ROE在25%~30%,但目前本益比僅14倍,相較於機電業者14〜18倍的本益比偏低。綜合上述考量,維持買進建議,目標價為196元(PER=16X2015EPS)。

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