明年Q1迎轉機 外資上修欣興目標價至128元 - 股票
By Daph Bay
at 2020-11-26T18:52
at 2020-11-26T18:52
Table of Contents
1.原文連結：
https://money.udn.com/money/story/5607/5042103
2.原文內容：
明年Q1迎轉機 外資上修欣興目標價至128元
PCB大廠欣興（3037）在野村證券日前預測火災衝擊可控，摩根大通最新報告，也看好欣
興BT載板產能明年第1季恢復，加上ABF載板有更大調漲行情，將欣興目標價從122元上調
到128元，重申「加碼」評級。
摩根大通表示，因應火災衝擊，欣興多數客戶應已同意將高階和中低階訂單移轉到其他大
陸及亞洲廠，雖然不確定移轉時程，但明年第1季底應會看到移轉貢獻，第2季所有替代工
廠都會正式啟用，代表欣興BT載板業務最快有望在明年第1季浮現轉機。
摩根大通指出，不少客戶希望縮短重新認證時間，但由於載板製程複雜，並不預期欣興復
工時程大幅縮短，惟可留意欣興BT載板產能短暫流失，近期BT載板廠議價能力提升，屆時
欣興替代工廠啟用，可望同步受惠有好的價格。
摩根大通認為，即使考量欣興庫存損失或復工面臨延宕，第4季毛利率仍可持穩第3季，明
年獲利大幅成長的趨勢也不變。主因欣興BT載板損失獲得控制外，ABF載板有更廣泛的調
漲行情，第4季漲幅上看10-15%。
經火災最新進度更新，摩根大通將欣興明、後年毛利率上調，2020-2022年每股純益（EPS
）調整為3元、5.4元及7.3元。市場平均預測則為3元、4.3元、6.2元。
3.心得/評論：
這是昨天盤中的新聞
不過倒是很誠實 今天大小摩又爆買了2萬張
https://tinyurl.com/yxt8qn3v
但也不過一個月前的報告 外資目標價從64吹到128 翻了2倍
--
https://money.udn.com/money/story/5607/5042103
2.原文內容：
明年Q1迎轉機 外資上修欣興目標價至128元
PCB大廠欣興（3037）在野村證券日前預測火災衝擊可控，摩根大通最新報告，也看好欣
興BT載板產能明年第1季恢復，加上ABF載板有更大調漲行情，將欣興目標價從122元上調
到128元，重申「加碼」評級。
摩根大通表示，因應火災衝擊，欣興多數客戶應已同意將高階和中低階訂單移轉到其他大
陸及亞洲廠，雖然不確定移轉時程，但明年第1季底應會看到移轉貢獻，第2季所有替代工
廠都會正式啟用，代表欣興BT載板業務最快有望在明年第1季浮現轉機。
摩根大通指出，不少客戶希望縮短重新認證時間，但由於載板製程複雜，並不預期欣興復
工時程大幅縮短，惟可留意欣興BT載板產能短暫流失，近期BT載板廠議價能力提升，屆時
欣興替代工廠啟用，可望同步受惠有好的價格。
摩根大通認為，即使考量欣興庫存損失或復工面臨延宕，第4季毛利率仍可持穩第3季，明
年獲利大幅成長的趨勢也不變。主因欣興BT載板損失獲得控制外，ABF載板有更廣泛的調
漲行情，第4季漲幅上看10-15%。
經火災最新進度更新，摩根大通將欣興明、後年毛利率上調，2020-2022年每股純益（EPS
）調整為3元、5.4元及7.3元。市場平均預測則為3元、4.3元、6.2元。
3.心得/評論：
這是昨天盤中的新聞
不過倒是很誠實 今天大小摩又爆買了2萬張
https://tinyurl.com/yxt8qn3v
但也不過一個月前的報告 外資目標價從64吹到128 翻了2倍
--
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