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

Masterlink Securities

MasterLink Securities provide brokerage, securities underwriting, and proprietary trading services in Taiwan. It offers brokerage services, including Taiwan stock exchange and OTC brokerage services, futures trading assistance, foreign securities trading, investment Banking services, and derivative products.

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External broker reports(aggregated public sources)

Masterlink Securities Corp

Equity Bottom-Up

<p> Better long-term profitability and cash dividend in the coming years. Apex has benefited from rising production in Southeast Asia fueled by capacity expansion. Product mix tilting toward high-end PCB applied to automobiles and high-end home appliances could further beef up profitability. With additional capacity coming on stream in 2H21-1H22, Apex’s sales should significantly increase. Accordingly, we forecast FY21 sales at NT$14.8bn (up 25% YoY), GM at 22%, and net profit at NT$1.3bn (up 12% YoY). Meanwhile, we raise FY21 and FY22 EPS forecasts to NT$7.08 and NT$9.95, respectively, and reiterate BUY on Apex with TP lifted to NT$115 (11x 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 long-term profitability and cash dividend in the coming years. Apex has benefited from rising production in Southeast Asia fueled by capacity expansion. Product mix tilting toward high-end PCB applied to automobiles and high-end home appliances could further beef up profitability. With additional capacity coming on stream in 2H21-1H22, Apex’s sales should significantly increase. Accordingly, we forecast FY21 sales at NT$14.8bn (up 25% YoY), GM at 22%, and net profit at NT$1.3bn (up 12% YoY). Meanwhile, we raise FY21 and FY22 EPS forecasts to NT$7.08 and NT$9.95, respectively, and reiterate BUY on Apex with TP lifted to NT$115 (11x 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.

Apex International (4927 TT) Impressive 3Q21 GM Robust Demand in 2022 