Research from Quam Securities, Quam Securities

Quam Securities Research

Research from Quam Securities

Quam Securities

Since its inception in 1986, Quam Securities Limited (Quam Securities) has grown to become one of the few mid-tier securities brokerages in Hong Kong with global execution capabilities for both private and institutional clients. It boasts a well-established network in Greater China including Taiwan and in major world markets through the Global Alliance Partners (GAP). Quam Securities is well-positioned not only to harness and drive business within the China Tonghai International Financial Limited but also between China and the world markets.

Thematic (Sector/Industry)

<div><div><div><div><ul><li>Despite shipment continued to fall y/y, all major markets experienced deceleration in decline.</li><li>DMs like US &amp; W Europe did better with more material deceleration, which helped Apple to solidify its market position.</li><li>EMs remained weak with APAC (ex-Jap &amp; China), CEE and MEA falling 17-20% y/y, which was a bigger headache to the Android camp, especially the Chinese players, among which, Xiaomi had relatively poorer performance.</li></ul></div></div></div></div>

Despite shipment continued to fall y/y, all major markets experienced deceleration in decline.DMs like US &amp; W Europe did better with more material deceleration, which helped Apple to solidify its market position.EMs remained weak with APAC (ex-Jap &amp; China), CEE and MEA falling 17-20% y/y, which was a bigger headache to the Android camp, especially the Chinese players, among which, Xiaomi had relatively poorer performance.

Smartphone – Global Vs China Decelerated Downtrends

External broker reports(aggregated public sources), Masterlink Securities Corp

Masterlink Securities

External broker reports(aggregated public sources)

Masterlink Securities Corp

MasterLink Securities provide brokerage, securities underwriting, and proprietary trading services in Taiwan. It offers brokerage services, including Taiwan stock exchange and OTC brokerage services, futures trading assistance, foreign securities trading, investment Banking services, and derivative products.

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Equity Bottom-Up

<p> Upgrade to BUY, with a TP of NT$200. Although Catcher had sold its iPhone related business, it has been affected by material supply shortages in 2021. We project that Catcher’s FY22 EPS could top NT$10 after the problem of material shortages is improved. A significant booster for Catcher’s sales has not emerged yet, but the sign of reaching the bottom has appeared. In addition, Catcher is expected to pay out a cash dividend of NT$10 per share in the coming three years, which should support its share price. Considering limited downside risk and high dividend yield, we upgrade our rating on Catcher to BUY, with a TP of NT$200.</p><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

 Upgrade to BUY, with a TP of NT$200. Although Catcher had sold its iPhone related business, it has been affected by material supply shortages in 2021. We project that Catcher’s FY22 EPS could top NT$10 after the problem of material shortages is improved. A significant booster for Catcher’s sales has not emerged yet, but the sign of reaching the bottom has appeared. In addition, Catcher is expected to pay out a cash dividend of NT$10 per share in the coming three years, which should support its share price. Considering limited downside risk and high dividend yield, we upgrade our rating on Catcher to BUY, with a TP of NT$200.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Catcher (2474 TT) Impressive GM & High Dividend Yield

Taiwan

Catcher Technology Co., Ltd. manufactures aluminum and magnesium die casting products which are used in notebook computers, cellular phones, and hard disk drive bases.

Catcher Technology (2474 TT)

Smartphone – Global Vs China Decelerated Downtrends

Despite shipment continued to fall y/y, all major markets experienced deceleration in decline. DMs like US & W Europe did better with more material...

Quam Securities

Catcher (2474 TT) Impressive GM & High Dividend Yield

 Upgrade to BUY, with a TP of NT$200. Although Catcher had sold its iPhone related business, it has been affected by material supply shortages in...

Masterlink Securities