Deutsche Bank Upgrades Siliconware Precision (SPIL) to Buy; Sees Stronger Q3 Sales Growth
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Deutsche Bank upgrades Siliconware Precision (Nasdaq: SPIL) to Buy. Price target increased from NT$43 to NT$52
Deutsche analyst says, "IDMs' accelerated outsourcing and stronger demand lead us to raise our EPS forecasts by 5% to NT$2.14 for 2009, 39% to NT$3.38 for 2010, and 31% to NT$4.44 for 2011. Our surveys show that IDMs are speeding up outsourcing to the OSAT sector by closing more internal packaging/testing operations. In addition, Deutsche Bank's PC team recently raised global PC units growth for 2009-10, assuming stronger penetration/replacement demand led by Windows 7."
"Sales may improve 15-17% QoQ in 3Q09, above our estimate of 13% growth. Sales may stay flat or decline 5% QoQ in 4Q09. We expect 1H10 sales to decline 1% HoH (better than 2006-09 1H average of -8%) but grow 35% YoY."
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