1536和大_1090225_Daiwa.pdf

Hon Hai Precision 這個報告帶動今日鴻海外資買超與上漲
Life After Smartphones;Upgrade to OW
Hon Hai is entering a two-stage growth period: we expect operating margin to recover in 2020-22 and
see EV as a major driver of revenue thereafter.
Given increasing business visibility, profit uplift, sizable EV business potential and likely valuation multiple expansion,
we upgrade Hon Hai to OW.


Hota Industrial Manufacturing (1536 TT)
Upgrading: all about EV and outsourcing trends
???? We see limited coronavirus impact on Hota as 4% of capacity is in China
???? However, we slightly lower our shipment forecasts for Tesla
???? Upgrading to Buy (1) from Outperform (2); reiterating TP of TWD140


Phison Electronics Corp | Asia Pacific
Gross margin approaching 30% thanks to China SSD module price hike; OW


ASMedia Technology Inc | Asia Pacific
4Q core business in line after 3 consecutive earnings misses; OW
The key questions from investors lie mainly on the rationale
behind the share swap with WT Micro. Despite our view of
limited potential synergy, we think the acquisition may not
necessarily be negative from a business perspective and may
provide good opportunities to accumulate the stock.


Primax 4915.TW 4915 TT
Slower audio growth from a high base 2019
Downgrade to Neutral; current valuation looks fair