External broker reports(aggregated public sources), Capital Securities Corp

Capital Securities

External broker reports(aggregated public sources)

Capital Securities Corp

Capital Securities provides clients with investment services covering diversified financial products. We have outstanding business performance amid intense competition in the domestic securities market. 

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Equity Bottom-Up

<p>Product price declines affect earnings but valuation appears fair; reiterate TRADING BUY . 3Q21 earnings remained relatively high compared to recent years:. As AUO’s valuation appears fair due to significant share price corrections previously, we maintain TRADING BUY.</p><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

Product price declines affect earnings but valuation appears fair; reiterate TRADING BUY . 3Q21 earnings remained relatively high compared to recent years:. As AUO’s valuation appears fair due to significant share price corrections previously, we maintain TRADING BUY.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

<p>Arrival of low season; high uncertainty over supply; maintain TRADING BUY . TV panel price started weakening in 1H of AUG21 and further declined MoM during AUG~OCT21. Additionally, monitor/NB panel prices started to fall in 2H of OCT21, sabotaging panel makers’ 4Q21 sales outlooks.. Nevertheless, considering the following: (a) panel market’s supply condition may face uncertainty over China’s reinforced policy of “dual control on energy consumption/intensity”; (b) AUO’s valuation appears fair due to significant correction of its share price previously, we maintain TRADING BUY on AUO. </p><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

Arrival of low season; high uncertainty over supply; maintain TRADING BUY . TV panel price started weakening in 1H of AUG21 and further declined MoM during AUG~OCT21. Additionally, monitor/NB panel prices started to fall in 2H of OCT21, sabotaging panel makers’ 4Q21 sales outlooks.. Nevertheless, considering the following: (a) panel market’s supply condition may face uncertainty over China’s reinforced policy of “dual control on energy consumption/intensity”; (b) AUO’s valuation appears fair due to significant correction of its share price previously, we maintain TRADING BUY on AUO. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Taiwan

AUO Corporation manufactures and markets display products. The Company produces thin film transistor liquid crystal displays, plasma display panels, and other products. AUO sells its products in Taiwan and exports worldwide.

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AUO (AUOTY US)

AUO (2409 TT, TRADING BUY, NTD20.55)

Product price declines affect earnings but valuation appears fair; reiterate TRADING BUY . 3Q21 earnings remained relatively high compared to...

Capital Securities

AUO (2409 TT, TRADING BUY, NTD19.00)

Arrival of low season; high uncertainty over supply; maintain TRADING BUY . TV panel price started weakening in 1H of AUG21 and further declined...

Capital Securities

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