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

Masterlink Securities

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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External broker reports(aggregated public sources)

AsusTeK: Too Early to Worry About the PC Cycle Peak

Equity Bottom-Up

<p>We forecast Asustek’s FY21 and FY22EPS at NT$57.3 and NT$41.61, respectively. Based on a recent shareprice of NT$323, Asustek’s valuations of 6x FY21 PER and 8x FY22 PERare relatively cheap. The market is concerned about PC demandslowdown in 2022. However, Asustek’s current PC market share is lessthan 10%, and the company focuses on commercial, gaming and creatorPC markets. Thus, the impact of PC demand slowdown on Asustek shouldbe mild. Moreover, Asustek’s high profits this year will lead to rich dividenddistribution next year. Therefore, we reiterate BUY on Asustek, with a TP ofNT$416.</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>

We forecast Asustek’s FY21 and FY22EPS at NT$57.3 and NT$41.61, respectively. Based on a recent shareprice of NT$323, Asustek’s valuations of 6x FY21 PER and 8x FY22 PERare relatively cheap. The market is concerned about PC demandslowdown in 2022. However, Asustek’s current PC market share is lessthan 10%, and the company focuses on commercial, gaming and creatorPC markets. Thus, the impact of PC demand slowdown on Asustek shouldbe mild. Moreover, Asustek’s high profits this year will lead to rich dividenddistribution next year. Therefore, we reiterate BUY on Asustek, with a TP ofNT$416.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.

Asustek (2357 TT) Relatively Low Valuation

Asustek Computer

Asustek (2357 TT) Relatively Low Valuation