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Equity Bottom-Up

Hon Hai Precision Industry / Equity Bottom-Up

<p>Hon Hai’s profitability was better than expected in 2Q21, whereas 3Q21 sales may remain flattish QoQ given a high base period. We estimate FY21 EPS at NT$9.66 and FY22 EPS at NT$11.17. Based on a current share price of NT$107.5, Hon Hai’s PER in 2021 and 2022 are 10x and 9x, respectively, with BVPS of NT$100 at the end of 2021. Hon Hai’s deployment for its EV business will gradually be complete, and we expect its business focus to switch from ICT to EVs in the future. In Oct21, the company plans to introduce reference designs for prototype vehicles at the Technology Day. As such, we are optimistic towards opportunities from the new business model, and reiterate BUY on the firm with a target price of NT$156.</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>

Hon Hai’s profitability was better than expected in 2Q21, whereas 3Q21 sales may remain flattish QoQ given a high base period. We estimate FY21 EPS at NT$9.66 and FY22 EPS at NT$11.17. Based on a current share price of NT$107.5, Hon Hai’s PER in 2021 and 2022 are 10x and 9x, respectively, with BVPS of NT$100 at the end of 2021. Hon Hai’s deployment for its EV business will gradually be complete, and we expect its business focus to switch from ICT to EVs in the future. In Oct21, the company plans to introduce reference designs for prototype vehicles at the Technology Day. As such, we are optimistic towards opportunities from the new business model, and reiterate BUY on the firm with a target price of NT$156.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.

Hon Hai (2317 TT) Valuation still Attractive

Taiwan

Hon Hai Precision Industry Co., Ltd. provides electronic manufacturing services for computers, communications, and consumer electronic products.  The Company's business operations include desktop and notebook PC assembly, connector production, cable assembly, PCB assembly, handset manufacturing, networking equipment, and other consumer electronic devices manufacturing.

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Hon Hai Precision Industry (2317 TT)

Hon Hai (2317 TT) Valuation still Attractive

Hon Hai’s profitability was better than expected in 2Q21, whereas 3Q21 sales may remain flattish QoQ given a high base period. We estimate FY21 EPS...

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