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

Capital Securities

Capital Securities provides clients with investment services covering diversified financial products. We have outstanding business performance amid intense competition in the domestic securities market. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only.  Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

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. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<p>Arrival of low season; high uncertainty over supply; maintain TRADING BUY . TV panel price started weakening in 1H of AUG21 and further declined MoM during AUG~OCT21. Additionally, monitor/NB panel prices started to fall in 2H of OCT21, sabotaging panel makers’ 4Q21 sales outlooks.. Nevertheless, considering the following: (a) panel market’s supply condition may face uncertainty over China’s reinforced policy of “dual control on energy consumption/intensity”; (b) AUO’s valuation appears fair due to significant correction of its share price previously, we maintain TRADING BUY on AUO. </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>

Arrival of low season; high uncertainty over supply; maintain TRADING BUY . TV panel price started weakening in 1H of AUG21 and further declined MoM during AUG~OCT21. Additionally, monitor/NB panel prices started to fall in 2H of OCT21, sabotaging panel makers’ 4Q21 sales outlooks.. Nevertheless, considering the following: (a) panel market’s supply condition may face uncertainty over China’s reinforced policy of “dual control on energy consumption/intensity”; (b) AUO’s valuation appears fair due to significant correction of its share price previously, we maintain TRADING BUY on AUO. 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.

AU Optronics

AUO (2409 TT, TRADING BUY, NTD19.00)