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

Capital Securities

External broker reports(aggregated public sources)

Capital Securities Corp

Capital Securities provides clients with investment services covering diversified financial products. We have outstanding business performance amid intense competition in the domestic securities market. 

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Equity Bottom-Up

<p>Revenue/earnings momentum may decelerate in the short run; adjust from BUY to TRADING BUY. Catalyzed by growth in core businesses, Lite-On’s overall operations have improved. The company has significantly improved its profitability despite flat revenue in FY21. However, considering the lack of revenue/earnings momentum, we adjust Lite-On from BUY to TRADING BUY with TP of NT70 (11x FY22 EPS estimate).</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>

Revenue/earnings momentum may decelerate in the short run; adjust from BUY to TRADING BUY. Catalyzed by growth in core businesses, Lite-On’s overall operations have improved. The company has significantly improved its profitability despite flat revenue in FY21. However, considering the lack of revenue/earnings momentum, we adjust Lite-On from BUY to TRADING BUY with TP of NT70 (11x FY22 EPS estimate).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.

Lite-On Technology (2301 TT, TRADING BUY, NTD63.90)

<p>Earnings have grown significantly in FY21 on lean strategy; reiterate BUY. Catalyzed by the growth in core businesses, Lite-On’s overall operations have improved. Even though FY21 revenue is forecasted to remain steady, the company has significantly improved its profitability. Catalyzed by core earnings, FY22 earnings may also remain steady even without the contribution of valuation gains. We recommend BUY with TP of NTD74 (12x FY22 EPS).</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>

Earnings have grown significantly in FY21 on lean strategy; reiterate BUY. Catalyzed by the growth in core businesses, Lite-On’s overall operations have improved. Even though FY21 revenue is forecasted to remain steady, the company has significantly improved its profitability. Catalyzed by core earnings, FY22 earnings may also remain steady even without the contribution of valuation gains. We recommend BUY with TP of NTD74 (12x FY22 EPS).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.

Lite-On Technology (2301 TT, BUY, NTD60.10)

<p>Earnings fall in 3Q21 but may grow notably in FY21; maintain BUY. We expect its probability to rise notably in FY21. We also expect its overall earnings to be catalyzed by its core earnings and remain steady in FY22.. Reiterate BUY with TP of NTD74. </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>

Earnings fall in 3Q21 but may grow notably in FY21; maintain BUY. We expect its probability to rise notably in FY21. We also expect its overall earnings to be catalyzed by its core earnings and remain steady in FY22.. Reiterate BUY with TP of NTD74. 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.

Lite-On Technology (2301 TT, BUY, NTD60.40) 

Taiwan

Lite-On Technology Corp. manufactures and markets a wide range of computer components and Peripheral equipment. The Company's products include computers, digital home products, consumer electronics, communications products, key components and sub-systems, and optoelectronic components. Power Supplies, Enclosures, and LEDs business are the core of Lite-On Technology's business.

Lite On Technology (2301 TT)