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>Full orders with high demand for e-bikes; upgrade to BUY. Merida posted FY21 revenue of NTD29.404bn (+8.61% YoY). FY21 EPS is estimated at NTD13.87.. Merida’s FY22 revenue/earnings may grow by double digits, we upgrade Merida to BUY with TP of NTD350 (21x FY22 PER).</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>

Full orders with high demand for e-bikes; upgrade to BUY. Merida posted FY21 revenue of NTD29.404bn (+8.61% YoY). FY21 EPS is estimated at NTD13.87.. Merida’s FY22 revenue/earnings may grow by double digits, we upgrade Merida to BUY with TP of NTD350 (21x FY22 PER).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.

Taiwan

Merida Industry Co., Ltd. manufactures and markets bicycles, related parts, and magnesium alloy castings.

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Merida Industry (9914 TT)

Merida (9914 TT, BUY, NTD290.00)

Full orders with high demand for e-bikes; upgrade to BUY. Merida posted FY21 revenue of NTD29.404bn (+8.61% YoY). FY21 EPS is estimated at...

Capital Securities

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