2324 仁寶 Compal - OP margin looks sustainable « 研究報告 « Downloads
| Attribute | Value |
|---|---|
| Version | 0505-2010-RBS |
| Date posted | May 5, 2010 |
| Downloaded | 50 times |
| Categories | 研究報告, 電子 |
| Tags | , , |
Description
1Q10 results – core earnings in line with upside surprise from non-op income
Compal reported 1Q10 net profit of NT$8.5bn (about NT$2 per share), much higher than
Bloomberg consensus (NT$6.1bn) and our forecast (NT$5.3bn). While core earnings were in
line with expectations, with gross and operating margins reaching 4.2% and 2.6%,
respectively (both in line with management guidance), a one-time recognised gain of
NT$2.88bn (NT$0.66 in EPS) from TPO’s merger with CMO/Innolux in March provided
unexpected upside.
