麦格理-台湾-股票策略-台湾策略:二月阻力提供了良好的进入点

ID:8227093

大小:1.05 MB

页数:14页

时间:2018-03-11

麦格理-台湾-股票策略-台湾策略:二月阻力提供了良好的进入点_第1页
麦格理-台湾-股票策略-台湾策略:二月阻力提供了良好的进入点_第2页
麦格理-台湾-股票策略-台湾策略:二月阻力提供了良好的进入点_第3页
麦格理-台湾-股票策略-台湾策略:二月阻力提供了良好的进入点_第4页
麦格理-台湾-股票策略-台湾策略:二月阻力提供了良好的进入点_第5页
资源描述:

《麦格理-台湾-股票策略-台湾策略:二月阻力提供了良好的进入点》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、TAIWANTaiwanStrategyTopMarchpicksBuySellFebruarypull-backofferinggoodentryTechNanyaTech(2408TT)Novatek(3034TT)NontechAIDC(2634TT)St.Shine(1565TT)Continuetoprefertech(semi/IA/servers)overnon-techFinE.Sun(2884TT)MegaFHC(2886TT)Source:MacquarieResearch,Fe

2、bruary2018TheTAIEXisdown2.3%inFebruary,alongwithotherglobalmarkets(foreignsellingofUS$3.1bnalreadyoffsettheUS$2.7bnbuyinginJanuary).TechQFIImonthlyfundflow(2017-2018YTD)underperformed(down3.4%)whilefinancials(-1.1%),andnon-tech(-1.7%)(NT$bn)outperform

3、ed(all3sectorssawforeignoutflows).NT$wasdown0.2%.100Nochangetoour2018year-endforecastforTAIEXof11,650(15xconsensus500multiple–vs8-yearaverageof16x)andTWD(NT$30/US$).Marketestimate-50for2017/18/19EPSgrowthis12%/9%/6%.Wecontinuetoexpecttechand-100financ

4、ialstooutperformin2018(non-techtounderperformagain).-150Overweighttechandfinancials,underweightnon-techn-17JaFeb-17Mar-17Apr-17May-17Jun-17Jul-17Aug-17Sep-17Oct-17Nov-17Dec-17Jan-18Feb-18Tech:Wemaintainabullishmultipleyearoutlookonthesemiconductor,ser

5、verandtheindustrialautomation(IA)markets–wheremanyofourtopbuyQFIImonthlyfundflowpicksareconcentrated.WeexpectmultipleyearsofsemiconductorgrowthtoSource:TEJ,MacquarieResearch,February2018bedrivenbyacombinationofcontentgrowthinPCandsmartphones,January/Fe

6、bruaryTaiwankeyreports:coupledwithunitgrowthinautoelectronics,IoTrelated,datacenter(pluscontentgrowth),cryptocurrencyrelated,etc.ASPEED(InitiatingcoveragewithOutperform)-ExtendingbeyondthecloudWithinsemis,welikeTSMC(solidEPSgrowthandtechnologyleadersh

7、ip),Realtek(InitiatingcoveragewithOutperform)MediaTek(marginrebound),ASE(benefitsofSPILacquisition),NanyaTech-Connectingtomulti-yearup-cycles(strong2018bitgrowthandhigherDRAMASPs),GlobalWafers(continuedChroma(DowngradetoNeutral)rawwaferASPhikes),Powert

8、ech(stronggrowthacrossall3majorproducts),KingSlideWorks(UpgradetoOutperform)Parade(high-speedcommunicationtechnology),andAspeed(servergrowth+newproducts).Forothertechnames,welikeHonHai(long-termgrowthinEVandautomation),AirTAC(continuedm

当前文档最多预览五页,下载文档查看全文

此文档下载收益归作者所有

当前文档最多预览五页,下载文档查看全文
正文描述:

《麦格理-台湾-股票策略-台湾策略:二月阻力提供了良好的进入点》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、TAIWANTaiwanStrategyTopMarchpicksBuySellFebruarypull-backofferinggoodentryTechNanyaTech(2408TT)Novatek(3034TT)NontechAIDC(2634TT)St.Shine(1565TT)Continuetoprefertech(semi/IA/servers)overnon-techFinE.Sun(2884TT)MegaFHC(2886TT)Source:MacquarieResearch,Fe

2、bruary2018TheTAIEXisdown2.3%inFebruary,alongwithotherglobalmarkets(foreignsellingofUS$3.1bnalreadyoffsettheUS$2.7bnbuyinginJanuary).TechQFIImonthlyfundflow(2017-2018YTD)underperformed(down3.4%)whilefinancials(-1.1%),andnon-tech(-1.7%)(NT$bn)outperform

3、ed(all3sectorssawforeignoutflows).NT$wasdown0.2%.100Nochangetoour2018year-endforecastforTAIEXof11,650(15xconsensus500multiple–vs8-yearaverageof16x)andTWD(NT$30/US$).Marketestimate-50for2017/18/19EPSgrowthis12%/9%/6%.Wecontinuetoexpecttechand-100financ

4、ialstooutperformin2018(non-techtounderperformagain).-150Overweighttechandfinancials,underweightnon-techn-17JaFeb-17Mar-17Apr-17May-17Jun-17Jul-17Aug-17Sep-17Oct-17Nov-17Dec-17Jan-18Feb-18Tech:Wemaintainabullishmultipleyearoutlookonthesemiconductor,ser

5、verandtheindustrialautomation(IA)markets–wheremanyofourtopbuyQFIImonthlyfundflowpicksareconcentrated.WeexpectmultipleyearsofsemiconductorgrowthtoSource:TEJ,MacquarieResearch,February2018bedrivenbyacombinationofcontentgrowthinPCandsmartphones,January/Fe

6、bruaryTaiwankeyreports:coupledwithunitgrowthinautoelectronics,IoTrelated,datacenter(pluscontentgrowth),cryptocurrencyrelated,etc.ASPEED(InitiatingcoveragewithOutperform)-ExtendingbeyondthecloudWithinsemis,welikeTSMC(solidEPSgrowthandtechnologyleadersh

7、ip),Realtek(InitiatingcoveragewithOutperform)MediaTek(marginrebound),ASE(benefitsofSPILacquisition),NanyaTech-Connectingtomulti-yearup-cycles(strong2018bitgrowthandhigherDRAMASPs),GlobalWafers(continuedChroma(DowngradetoNeutral)rawwaferASPhikes),Powert

8、ech(stronggrowthacrossall3majorproducts),KingSlideWorks(UpgradetoOutperform)Parade(high-speedcommunicationtechnology),andAspeed(servergrowth+newproducts).Forothertechnames,welikeHonHai(long-termgrowthinEVandautomation),AirTAC(continuedm

显示全部收起
温馨提示:
1. 部分包含数学公式或PPT动画的文件,查看预览时可能会显示错乱或异常,文件下载后无此问题,请放心下载。
2. 本文档由用户上传,版权归属用户,天天文库负责整理代发布。如果您对本文档版权有争议请及时联系客服。
3. 下载前请仔细阅读文档内容,确认文档内容符合您的需求后进行下载,若出现内容与标题不符可向本站投诉处理。
4. 下载文档时可能由于网络波动等原因无法下载或下载错误,付费完成后未能成功下载的用户请联系客服处理。
关闭