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>Better-than-expected GM; recommend TRADING BUY . Silergy’s 3Q21 GM beat our forecast. Given tight foundry capacity and product/client mix improvement, Silergy’s GM is expected to stay at the high level in FY22. Additionally, Silergy guides a growth of 20~30% in FY22 revenue.. Silergy’s stock price hit our prior TP, partially pricing in catalysts. Recommend TRADING BUY with TP of NTD5700 (70x 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>

Better-than-expected GM; recommend TRADING BUY . Silergy’s 3Q21 GM beat our forecast. Given tight foundry capacity and product/client mix improvement, Silergy’s GM is expected to stay at the high level in FY22. Additionally, Silergy guides a growth of 20~30% in FY22 revenue.. Silergy’s stock price hit our prior TP, partially pricing in catalysts. Recommend TRADING BUY with TP of NTD5700 (70x 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.

Silergy-KY (6415 TT, TRADING BUY, NTD5,150) 

China

Silergy Corp designs and manufactures a broad range of high performance analog integrated circuits.  The Company's products include single output step down regulators, dual output regulators, single output step by step regulators, power management ICs, step up LED backlight regulator, AC-DC LED lighting controller, DC input LED lighting drivers, LDO regulators, and protection switch

Silergy Corp (6415 TT)

Silergy-KY (6415 TT, TRADING BUY, NTD5,150)

Better-than-expected GM; recommend TRADING BUY . Silergy’s 3Q21 GM beat our forecast. Given tight foundry capacity and product/client mix...

Capital Securities

Silergy-KY (6415 TT, TRADING BUY, NTD5,150)

Better-than-expected GM; recommend TRADING BUY . Silergy’s 3Q21 GM beat our forecast. Given tight foundry capacity and product/client mix...

Capital Securities