外資報告-TPK,華碩

oyaoya

TPK Holding (3673)

Integrated touch panel adoption may arrive mid-2012, earlier
than our previous forecast of late 2012 or early 2013
We see increasing risk of value erosion in TPK’s business,
as integrated touch reduces entry barriers to lamination
Reiterate UW(V); target price cut to TWD438 (from TWD708)
on a PE of 11x (previously 13x) and 27% EPS cut

Asustek ComputerL-T story on OPM hike remains solidEventWe reiterate our positive view on Asustek and believe the sharp share pricecorrection in the past trading days, amid concerns about its lower 3Q11 OPMand the impact of Amazon’s Kindle Fire, is overdone. We believe 3Q11consolidated revenue growth will likely beat consensus expectations (+20%QoQ) to reach +32% QoQ, and expect its operating income to come in atNT$4.8bn, or ~5% higher than our original and the market’s estimate.Maintain Outperform rating. Asustek is one of our MarQuee Buy ideas.