Globetronics Technology (GTB MK, BUY, TP: MYR4.79)
Light At The End of The Tunnel
Company Update
We upgrade Globetronics Technology (Globetronics) to BUY (from Neutral), as securing the qualification for light sensors within the next 1-2 months would likely pave the way for a significant volume ramp-up by mid-2017. This, coupled with the potential ramp-up of its existing gesture sensors, would likely propel earnings to a new high in 2018. Our TP rises to MYR4.79 (from MYR3.67, 21% upside) following our earnings revision and as we roll forward our valuation to 2018, based on an unchanged 15x target P/E.
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