报告名称：Truly International(00732.HK)FY15 beats consensus but 1H16 is still under pressu
报告类型：港股研究
报告日期：2016-03-09
研究机构：招商证券（香港）
股票名称：信利国际
股票代码：00732
页数：7
简介：FY15 NP of HK$845mn (-24% YoY), in-line with our estimates but 10% above consensus, due to slightly better GPM and lower tax rate
Expect touch panel/ display module ASP pressure to remain in 1H16 until AMOLED display mass production takes off in 3Q16
Trim FY16-17E EPS by 15-17% on weak handset shipment while AMOLED/ automotive display outlook remains unclear; Maintain NEUTRAL with new TP of HK$1.98

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