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

Capital Securities

External broker reports(aggregated public sources)

Equity Bottom-Up

<p>Uncertainty over panel supply may emerge following China’s power consumption controls; upgrade to TRADING BUY . Since APR21, Innolux’s share price has retreated persistently and declined by 51.92% at one point. Moreover, as China launched a dual control program to curb power consumption in the country recently, it has cast uncertainty over future panel supply.. We upgrade Innolux from NEUTRAL to TRADING BUY.</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>

Uncertainty over panel supply may emerge following China’s power consumption controls; upgrade to TRADING BUY . Since APR21, Innolux’s share price has retreated persistently and declined by 51.92% at one point. Moreover, as China launched a dual control program to curb power consumption in the country recently, it has cast uncertainty over future panel supply.. We upgrade Innolux from NEUTRAL to TRADING BUY.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.

Innolux (3481 TT, TRADING BUY, NTD16.50) 

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

Masterlink Securities

<p>We forecast Innolux’s FY21 EPS at NT$6.68, which bodes well for the company’s cash dividend distribution in 2022 (estimated to be above NT$2 per share). That said, the market’s current focus is on the panel price trend in 2H21 and FY22 EPS forecast. In our view, the oligopolistic market in China is leading the sale prices, which is helpful in putting a brake on price downtrend. As such, we forecast FY22 EPS at NT$4.75 and expect BVPS to reach NT$30-35 at 2022-end. Since we believe Innolux’s dividend yield and PBR both imply attractive valuation, we reiterate BUY on the company with a TP of NT$30.</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>

We forecast Innolux’s FY21 EPS at NT$6.68, which bodes well for the company’s cash dividend distribution in 2022 (estimated to be above NT$2 per share). That said, the market’s current focus is on the panel price trend in 2H21 and FY22 EPS forecast. In our view, the oligopolistic market in China is leading the sale prices, which is helpful in putting a brake on price downtrend. As such, we forecast FY22 EPS at NT$4.75 and expect BVPS to reach NT$30-35 at 2022-end. Since we believe Innolux’s dividend yield and PBR both imply attractive valuation, we reiterate BUY on the company with a TP of NT$30.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.

Innolux (3481 TT) Attractive Valuation despite Product Price Downtrend

Taiwan

Innolux Corporation manufactures TFT-LCD, LCD models and LCD monitors. The company also provides research, development, manufacturing and retails business.

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Innolux Corp (3481 TT)

Innolux (3481 TT, TRADING BUY, NTD16.50)

Uncertainty over panel supply may emerge following China’s power consumption controls; upgrade to TRADING BUY . Since APR21, Innolux’s share price...

Capital Securities

Innolux (3481 TT) Attractive Valuation despite Product Price Downtrend

We forecast Innolux’s FY21 EPS at NT$6.68, which bodes well for the company’s cash dividend distribution in 2022 (estimated to be above NT$2 per...

Masterlink Securities

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