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

Visual Photonics Epitaxy Co / Equity Bottom-Up

<p>Given the double-digit YoY growth of handset sales in 2021, we expect that handset shipment volume will only show a high single-digit YoY growth in 2022. Although PA demand is driven up by specs upgrade of 5G applications and WiFi products, contributions from the long-term growth story of optoelectronics products (LiDAR, third generation semiconductor material of GaN) need time to materialize. Therefore, we forecast VPEC’s FY21 and FY22 EPS at NT$5.1 and NT$6.37, respectively, and assign a TP of NT$115 (18x FY22 EPS). </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>

Given the double-digit YoY growth of handset sales in 2021, we expect that handset shipment volume will only show a high single-digit YoY growth in 2022. Although PA demand is driven up by specs upgrade of 5G applications and WiFi products, contributions from the long-term growth story of optoelectronics products (LiDAR, third generation semiconductor material of GaN) need time to materialize. Therefore, we forecast VPEC’s FY21 and FY22 EPS at NT$5.1 and NT$6.37, respectively, and assign a TP of NT$115 (18x FY22 EPS). 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.

VPEC (2455 TT) Profit Growth Already Reaching the Peak 