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DQC [UNDERPERFORM -12.0%] - Muted earnings outlook due to margin contraction - Update

Company Research

01 Mar 2018

We update DQC with a UNDERPERFORM rating and -12% total stock return. Domestic sales fell 1% YoY in 2017 on fierce price competition triggered by low-quality players. Operating profit nosedived 37% YoY in 2017 as DQC trimmed selling prices while shoring up discounts to distributors and sales commissions for LED products. NPAT plummeted 46% YoY in 2017 mostly due to lower non-recurring financial income.
Tags: DQC

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