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

Capital Securities

External broker reports(aggregated public sources)

Equity Bottom-Up

<p>Earnings may rise further; initiate coverage with TRADING BUY. Since its shoemaking business is expected to return to normal in FY22, FY22 revenue is estimated at NTD273.198bn (+12.71% YoY) with EPS of NTD3.65. Considering that Pou Chen’s FY22 earnings may rise again, coupled with its historical PBR range of 0.6~1.1x in the past three years, we initiate coverage on Pou Chen with TRADING BUY and TP of NTD36 (0.8x FY22 PBR).</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 may rise further; initiate coverage with TRADING BUY. Since its shoemaking business is expected to return to normal in FY22, FY22 revenue is estimated at NTD273.198bn (+12.71% YoY) with EPS of NTD3.65. Considering that Pou Chen’s FY22 earnings may rise again, coupled with its historical PBR range of 0.6~1.1x in the past three years, we initiate coverage on Pou Chen with TRADING BUY and TP of NTD36 (0.8x FY22 PBR).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.

Pou Chen (9904 TT, TRADING BUY, NTD33.55)

Taiwan

Pou Chen Corporation manufactures and markets footwear products such as athletic shoes, leather shoes, plastics shoes and shoe soles. The Company markets its products in Taiwan and exports to the United States, South East Asia and Europe. Pou Chen's major business is shoe material trading.

Pou Chen (9904 TT)

Pou Chen (9904 TT, TRADING BUY, NTD33.55)

Earnings may rise further; initiate coverage with TRADING BUY. Since its shoemaking business is expected to return to normal in FY22, FY22 revenue...

Capital Securities