汇丰银行-台湾行业研究-taiwan contact lens june sales in line；lukewarm outlook for 2h17-20170708-hsbc

《汇丰银行-台湾行业研究-taiwan contact lens june sales in line；lukewarm outlook for 2h17-20170708-hsbc》由会员上传分享，免费在线阅读，更多相关内容在行业资料-天天文库。

1、Flashnote8July2017TaiwanContactLensEQUITIESHEALTHCAREEQUIPMENTJunesalesinline;lukewarmoutlookfor2H17TaiwanSt.Shine’s2Q17revenuemetexpectation;2H17outlookJeremyChen*mutedNon-techAnalystHSBCSecurities(Taiwan)CorporationLimitedjeremy.cm.chen@hsbc.com.twGinko’sJunerevenuerecoveredseque

2、ntiallybutstillunclear+886266312866ifplantsuspensionimpactisover*Employedbyanon-USaffiliateofHSBCSecurities(USA)Inc,andisnotregistered/qualifiedpursuanttoFINRAregulationsRetainReduceratingsonbothstocksSt.ShineOpticalSt.ShinereporteditsJunerevenueofTWD544m,down2.4%y-o-ybutup7.8%m-o-m,inl

3、inewithourexpectations.2Q17revenueofTWD1,550m,flatonay-o-ybasisandup6.7%q-o-q,reached102%and95%ofHSBCeandBloombergconsensus,respectively.1H17revenueofTWD3,003mwasdown1.9%y-o-y,trackinginlinewithourforecastofa2.2%declineforthefullyear.Salesoutlookfor2H17remainsuninspiringasweseelimitedups

4、idegiventhatthecompanyisrunningatfullutilizationratewith58productionlines.InMarch,St.ShineannouncedcapexofTWD518mtoinstall12newproductionlines,whichweexpecttocomeonstreamattheendof2017.GinkoGinkoposteditsJunesalesofTWD475m,down6.4%y-o-y,butup16.6%m-o-mfromthesteepMaysalesslump(TWD407m,do

5、wn31.4%y-o-y).Moreencouragingly,Junesalesactuallyinchedup3.3%y-o-yinRMBterms.Whilewethinkitisstillprematuretoconcludethattheimpactoftheplantsuspensioniscomingtoanend,theJunenumbersdoprovidesomesignsthatthesituationmaybe✔VoteinAsiamoneyBrokersPoll2017stabilizing.Summingup,2Q17revenuetotal

6、ledTWD1,298m,down20.3%y-o-yandVotingstarts6thJuly17.6%q-o-q,meetingonly82%and83%ofHSBCeandBloombergconsensusIfyouvalueourserviceandinsight,voteforHSBCestimates,respectively.ClickheretovoteStockrecommendationsWeretainourReduceratingonSt.Shinegivenourconcernsoveralackofnear-termcatalystsan

7、dmomentum.WemaintainourTPatTWD500,15x12-monthforwardMiFIDII–Researchearnings.WealsoretainourReduceratingonGinkogivenourconcernsovertheIsyouraccessagreed?company’sexecutionand2Q17earningsrisk.OurTPisTWD220,basedon14xCONTACTustoday(1stdbelowthefive-yeartradingaverage)our12-