Recently, the LED family has risen sharply. Credit Suisse and Morgan Stanley believe that the related applications may not be as expected under the influence of competition and prosperity. Therefore, the adjustment of Yiguang (2393) and Jingdian (2448) is not as good as the market. Lower its target price. Yiguang will open at a low price on March 20, and it is still to be seen whether the NT$60 level can be held. Jingdian also faced pressure to increase in the short-term, and was still losing money in the first quarter. The stock price remained flat in the morning session.
Observing the recent trend of foreign capital, including the second-tier leading stocks of Yiguang and Jingdian, the recent ones have simultaneously appeared to buy over, and apparently the second-tier stocks have risen in short-term, and foreign investment has contributed a lot.
Credit Suisse and Morgan Stanley Securities assessed that the competition in the LED industry in 2009 will be very fierce, and the value of investment may be too expensive. The Yiguang Investment Rating was reduced to a performance that was inferior to the broader market and the underweight. Credit Suisse Securities is worried about the competitive situation of the industry. The report pointed out that in addition to several large factories, there are more than 100 small and medium-sized enterprises in the LED industry, let alone the panel manufacturers who plan to enter, which makes the already quite crowded industries and competition more competitive. To be intense. Coupled with the severe recession in the global economy, the LED industry may not have the outside world to think about it?
As the battalion recovers the temperature, Yiguang and Jingdian have rebounded more than 20% since February. It is estimated that the revenue will continue to grow in March. However, the LED rewarming in the first quarter is mainly driven by the system manufacturer's replenishment inventory, and the order visibility. Still short, there is uncertainty in the fundamentals, and the legal person suggests that investors should be profitable on rallies.
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