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)

Equity Bottom-Up

<p>We forecast Innolux’s FY21 EPS at NT$6.68, which bodes well for the company’s cash dividend distribution in 2022 (estimated to be above NT$2 per share). That said, the market’s current focus is on the panel price trend in 2H21 and FY22 EPS forecast. In our view, the oligopolistic market in China is leading the sale prices, which is helpful in putting a brake on price downtrend. As such, we forecast FY22 EPS at NT$4.75 and expect BVPS to reach NT$30-35 at 2022-end. Since we believe Innolux’s dividend yield and PBR both imply attractive valuation, we reiterate BUY on the company with a TP of NT$30.</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 Innolux’s FY21 EPS at NT$6.68, which bodes well for the company’s cash dividend distribution in 2022 (estimated to be above NT$2 per share). That said, the market’s current focus is on the panel price trend in 2H21 and FY22 EPS forecast. In our view, the oligopolistic market in China is leading the sale prices, which is helpful in putting a brake on price downtrend. As such, we forecast FY22 EPS at NT$4.75 and expect BVPS to reach NT$30-35 at 2022-end. Since we believe Innolux’s dividend yield and PBR both imply attractive valuation, we reiterate BUY on the company with a TP of NT$30.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.

Innolux (3481 TT) Attractive Valuation despite Product Price Downtrend

Innolux Corp

Innolux (3481 TT) Attractive Valuation despite Product Price Downtrend