Asian Equities Analyst, Logistics & Transport, Tracking Traffic

Daniel Hellberg

Asian Equities Analyst, Logistics & Transport

Equity Bottom-Up

Since its shares peaked just before Christmas 2015, Taiwanese conductive paste maker <a href="https://www.smartkarma.com/entities/4507" target="_blank" data-smartkarma-citation="entities:4507">Gigasolar Materials Corp</a> ('GSM', 3691:TT) has endured a difficult six months.First there were concerns about the scale of Chinese solar feed-in-tariff (FIT) reductions later this year, which could potentially hurt medium-term Chinese solar demand. Next, an industrial accident at a Japanese supplier of raw materials in early January led to fears of reduced sales of silver paste for GSM. We believe both of these issues have been adequately resolved, and that slower Sales and earnings momentum in 2016 has been priced in as GSM's shares fell from NT$750 on December 21st to as low as NT$449 earlier this month.We now view GSM as an inexpensive play on the rising adoption of solar energy. Investors should seek to accumulate shares below NT$480 per share on the expectation of a bottoming of Sales growth in H2 2016e and improved earnings growth in 2017e. Our price target is NT$660, based on 15x 2017e EPS.

Since its shares peaked just before Christmas 2015, Taiwanese conductive paste maker Gigasolar Materials Corp ('GSM', 3691:TT) has endured a difficult six months.First there were concerns about the scale of Chinese solar feed-in-tariff (FIT) reductions later this year, which could potentially hurt medium-term Chinese solar demand. Next, an industrial accident at a Japanese supplier of raw materials in early January led to fears of reduced sales of silver paste for GSM. We believe both of these issues have been adequately resolved, and that slower Sales and earnings momentum in 2016 has been priced in as GSM's shares fell from NT$750 on December 21st to as low as NT$449 earlier this month.We now view GSM as an inexpensive play on the rising adoption of solar energy. Investors should seek to accumulate shares below NT$480 per share on the expectation of a bottoming of Sales growth in H2 2016e and improved earnings growth in 2017e. Our price target is NT$660, based on 15x 2017e EPS. 

Accumulate Giga Solar Materials Below NT$480; Inexpensive Play on Solar Growth

Taiwan

SDI Corporation manufactures and markets stationery and lead frames for semiconductors. The Company produces a variety of blades, stationery, hardware, office accessories and steel byproducts.

ITE Technology Inc. is a fabless IC design house.  The Company develops, manufactures, and markets various kinds of ICs (Integrated Circuits) for the use in PCs (Personal Computers), IAs (Internet Appliances), and LCDs (Liquid Crystal Displays).

Shunsin Technology Holdings Ltd was established in 2008. The company engages in the semiconductor industry. ShunSin is a dedicated high-tech enterprise for electronic communication products and semiconductor packaging and testing services.

Sunplus Technology Co., Ltd. designs, manufactures, and markets integrated circuits (IC).  The Company's products include liquid crystal display (LCD) controllers, microcontrollers, voice and music synthesizers, and multimedia applied ICs.

Episil Holdings Inc is a holding company for subsidiaries producing materials for semiconductors. The Company's subsidiaries design and produce silicon epitaxial wafers.

PixArt Imaging Inc. designs, develops, and markets image sensors.

Elite Semiconductor Memory Technology Inc. manufactures, sells, designs, and develops DRAM (Dynamic Random Access Memory) and SRAM (Static Random Access Memory).  The Company also provides related services.

Elite Semiconductor Memory Technology (3006 TT)

Wafer Works Corp. develops, manufactures and markets semiconductor related products. The Company mainly provides various sizes of prime polished silicon wafers to customers worldwide.

MACHVISION Inc. develops and manufactures machine vision applications, from components, modules to systems.

Elite Advanced Laser Corp manufactures, wholesales and retails electronic parts.

Nationz Technologies, Inc. designs integrated circuits and chips.  The Company's products include secure storage chips, trusted computing chips, mobile payment chips, communication interface chips, and radio frequency communication chips.

Koh Young Technology Inc. (Koh Young) manufactures and develops a 3D measurement and inspection equipment used for testing accuracy and reliability in various machineries.  The company also produces 3D inspection system for substrate bump in a semiconductor.

Ferrotec Corporation develops, manufactures, and sells equipment that incorporates magnetic fluid (ferrofluid) technology. The Company manufactures and processes electronics components, manufactures machine tools, and cleans parts used in semiconductor manufacturing equipment as CMS (contract manufacturing service) business in China.

FURUYA METAL CO., LTD. manufactures and sells precious metal products such as platinum and iridium for industrial use.  The Company also manufactures and sells thin film components used for LSI and MD, CD, and DVD displays.  FURUYA METAL produces temperature sensors used such as in semiconductor industry.

MIMASU SEMICONDUCTOR INDUSTRY CO., LTD. processes semiconductor materials such as silicon and gallium.  The Company also designs, manufactures, and sells semiconductor material processing machinery and sells various kinds of measuring and testing devices.

Ningbo Kangqiang Electronics Co.,Ltd. manufactures and markets semiconductor packaging materials. The company's primary products are lead frames and bonding wires.

Ningbo Kangqiang Electronics Co, Ltd. (002119 CH)

Hubei Tech Semiconductors Co., Ltd manufactures and sells high power semiconductor devices.  The Company's products include thyristors, modules, and heat sink devices.

Wonik QNC Corporation designs and produces quartz products.  The Company's products are used to protect semiconductor from impurities.  Wonik QNC also manufactures fine ceramics for liquid crystal display (LCD) and semiconductor process.

Eugene Technology Company Ltd. manufactures tools for wafer fabs.  The Company uses the wafer fabs to produce integrated circuits in volume.

SHIBAURA MECHATRONICS CORPORATION manufactures and markets manufacturing machines for semiconductors, liquid crystal displays (LCD), and sputtering systems.  The Company also makes industrial automated systems, laser processing equipment, cartesian robots, vending machines, and vacuum pumps.

Neo Solar Power Corp. researches, develops, and manufactures solar cells.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Neo Solar Power (3576 TT)

Accumulate Giga Solar Materials Below NT$480; Inexpensive Play on Solar Growth

Since its shares peaked just before Christmas 2015, Taiwanese conductive paste maker Gigasolar Materials Corp ('GSM', 3691:TT) has endured a...

Daniel Hellberg

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)