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

Vanguard Intl Semiconductor / Equity Bottom-Up

<p>Double-digit revenue/earnings growth in FY21; recommend BUY . Vanguard’s 3Q21 revenue/GM met the company’s upper-end guidance. Given capacity expansion by 5~10% and full order backlog, we forecast Vanguard’s revenue/earnings to increase by double digits in FY22. Vanguard’s stock price hit our prior TP. As the catalysts have been partially priced in, we recommend TRADING BUY with TP of NTD175 (20x 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>

Double-digit revenue/earnings growth in FY21; recommend BUY . Vanguard’s 3Q21 revenue/GM met the company’s upper-end guidance. Given capacity expansion by 5~10% and full order backlog, we forecast Vanguard’s revenue/earnings to increase by double digits in FY22. Vanguard’s stock price hit our prior TP. As the catalysts have been partially priced in, we recommend TRADING BUY with TP of NTD175 (20x 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.

<p>Double-digit revenue/earnings growth in FY21; recommend BUY. Vanguard gives a higher-than-expected 3Q21 revenue/GM guidance. Vanguard’s 3Q21 revenue/earnings YoY growth is expected to accelerate. FY21 revenue/earnings are forecasted to increase by double digits.. Given attractive valuation, we recommend BUY with TP of NTD145 (20x FY21 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>

Double-digit revenue/earnings growth in FY21; recommend BUY. Vanguard gives a higher-than-expected 3Q21 revenue/GM guidance. Vanguard’s 3Q21 revenue/earnings YoY growth is expected to accelerate. FY21 revenue/earnings are forecasted to increase by double digits.. Given attractive valuation, we recommend BUY with TP of NTD145 (20x FY21 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

Vanguard International Semiconductor Corporation offers integrated circuit foundry services.  The Company manufactures 0.18um logic, mixed-signal, analog, high voltage, low power, CMOS RF, flash, embedded memory, and bipolar CMOS DMOS semiconductors.

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Vanguard Intl Semiconductor (5347 TT)

Vanguard (5347 TT, BUY, NTD158)

Double-digit revenue/earnings growth in FY21; recommend BUY . Vanguard’s 3Q21 revenue/GM met the company’s upper-end guidance. Given capacity...

Capital Securities

Vanguard (5347 TT, BUY, NTD121.5)

Double-digit revenue/earnings growth in FY21; recommend BUY. Vanguard gives a higher-than-expected 3Q21 revenue/GM guidance. Vanguard’s 3Q21...

Capital Securities

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