基於別人PO的圖片
摩根史丹利的報告
雖然跟中文的新聞差不過少了一段
https://imgur.com/uCBHqTN
Stock implications - Turning conservative on Novatek and Chipbond: We raise
our Novatek earnings estimates by 13%/3% for 2021/22e, but cut 2023e EPS by
20% and lower PT to NT$414. We think the share price could derate with
deceleration of DDI ASP Y/Y. Although we still see 40% earnings upside to
2021e consensus, Novatek's earnings revisions have peaked, and EPS will
likely decline Y/ in 2022. Valuation will likely trade down to 8-9x 2022e
EPS. We reduce our Chipbond earnings estimates, given margin dilution from
lower utilization and limited price hikes from 3Q. Thus, we cut our PT to
NT$71, implying 10% 2021e P/E, which looks fair vs. its historical range of
8-15x since 2009.
BY GOOGLE 機翻
我們認為股價可能會隨著DDI ASP Y / Y減速而貶值。
儘管我們仍然認為2021e共識的盈利有40％的增長空間，
但聯詠的盈利修訂已達到頂峰，
每股收益可能會在2022年下降。
估值可能會下降至2022e每股收益的8-9倍。
原來不是本益比10倍
是他只願意給出本益比8-9倍
2022年 九倍 EPS 46 414收 讚