正通投資團隊 – 投資台股的專家

一般投資人對於外資或本土券商出具的研究報告，所給予的評價不外乎以下幾種：

• 由於外資或券商的客戶眾多，因此研究報告具有絕對影響力。
• 外資經常出報告喊買(或喊賣)，但私底下卻反向操作，所以他們是市場反指標！
• 外資分析師或券商研究員，充其量只是公司派或主力的打手，研究報告只是他們的工具罷了！
• 寫研究報告的分析師或研究員，如果真有這麼厲害，自己賺就好，何必寫出來讓別人一起賺？
• 研究報告的準確度，要視撰寫者而定，不可以偏蓋全，準確度高的研究報告也不在少數。

繼續閱讀全文 »

Lower TP(Target Price) to factor in 2009 earnings
Lower TP to factor in 09E earnings decline despite capex discipline

With LED oversupply concerns in 2009, we project 2009E gross margin of Epistar could retreat to 21.1% from the estimated 23.2% in 2008. Similarly we project Everlight’s 2009E gross margin could decline to
25.3% from the estimated 27% in 2008.

繼續閱讀全文 »

Strong Growth in Sept in Sight, But Limited Visibility for 4Q

Aug. NB shipments disappoint — Top-5 NB ODMs’ Aug. shipments came in lower than market’s expectations with 6% MoM decline as some shipments were pushed out to Sept and 4Q. Among the top-5, Inventec outperformed with Aug. shipments up 17% MoM, while Compal and Wistron Aug. shipments down
15% MoM. Quanta’s Aug shipments dropped by a milder 6% MoM thanks to rising shipments of Acer’s Aspire One.

繼續閱讀全文 »