<ET Net News Agency, 9 May 2011> Citigroup initiated coverage of TPK (3673, Taiwan)
with a "sell" rating, and NT$780 target price.
While TPK's 1Q margin enhancement is laudable the research house believes that it
represents a peak margin as drivers of the margin expansion will be reversed in 2H11.
With huge uncertainty and impending oversupply, Citi suggested that investors take
profit here and wait for a better re-entry point.
Factoring in low industry yield at ramp-up and conservative utilization, the hosue still
sees a 17% oversupply on touch module in 2011.
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