台化 Formosa Chem & Fibre 1326 « 研究報告 « Downloads
| Attribute | Value |
|---|---|
| Version | Feb 22-2010-Nomura |
| Date posted | February 23, 2010 |
| Downloaded | 91 times |
| Categories | 研究報告, 傳產 |
| Tags | , |
Description
We raise our PT to NT$80 (from NT$73) as we raise our FY09F-11F NPAT
estimates by 7-32%. Product margins for FCFC have continued to strengthen in
recent weeks, with margins of phenol being particularly strong. FCFC is our top
pick in the Formosa group for its attractive dividend yield of 7% (FY10F) and good
growth prospects (FY09-11F earnings CAGR of 13%). BUY.
