报告名称：Hiwin Corporation(2049.TW)THK visit reaffirms our negative view on Hiwin reitera
报告类型：海外市场
报告日期：2016-03-11
研究机构：高盛集团有限公司
页数：7
简介：Source of opportunity
We visited THK (6481.T, Neutral, Mar 10 close: ￥2,130, covered by IsayamaYuichiro), Hiwin’s largest competitor, in Tokyo on March 10. Mgmt. commentedthat they expect overall demand for linear motion products to remainquite challenging in the next 12 months and are particularly cautiouson China (likely down yoy). We believe THK’s conservative view could bea good read across for Hiwin given c.40% of its 2015 sales were from China.With Hiwin’s share price up 23% since Feb 1 2016 (vs. TAIEX +6%), we believefundamentals do not support such a rally and reiterate our Sell rating and 12mTP of NT$100, implying 37% potential downside.
下载地址：Hiwin Corporation(2049.TW)THK visit reaffirms our negative view on Hiwin reitera
