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

Masterlink Securities

External broker reports(aggregated public sources)

Masterlink Securities Corp

MasterLink Securities provide brokerage, securities underwriting, and proprietary trading services in Taiwan. It offers brokerage services, including Taiwan stock exchange and OTC brokerage services, futures trading assistance, foreign securities trading, investment Banking services, and derivative products.

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Equity Bottom-Up

<p>Downgrade from BUY to HOLD. Our FY21 EPS forecast after revision of NT$4.66 (previous estimate: NT$5.3) would still reach a record high. However, given rising raw material costs and product price growth slowdown in 4Q21, quarterly GM would continue to slide. The best timing for spread has passed. As the recent raw material price drop due to the Chinese authority’s interference will curb the profitability of re-rolling plants, we downgrade our rating on Chung Hung from BUY to HOLD, with a TP of NT$40.</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>

Downgrade from BUY to HOLD. Our FY21 EPS forecast after revision of NT$4.66 (previous estimate: NT$5.3) would still reach a record high. However, given rising raw material costs and product price growth slowdown in 4Q21, quarterly GM would continue to slide. The best timing for spread has passed. As the recent raw material price drop due to the Chinese authority’s interference will curb the profitability of re-rolling plants, we downgrade our rating on Chung Hung from BUY to HOLD, with a TP of NT$40.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.

Chung Hung Steel (2014 TT) The Best Timing for Spread Has Passed

Taiwan

Chung Hung Steel Corp. produces and sells hot-rolled and cold-rolled steel sheets as well as steel pipes.  The Company also develops real estate.

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Chung Hung Steel (2014 TT) The Best Timing for Spread Has Passed

Downgrade from BUY to HOLD. Our FY21 EPS forecast after revision of NT$4.66 (previous estimate: NT$5.3) would still reach a record high. However,...

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