基于别人PO的图片
摩根史丹利的报告
虽然跟中文的新闻差不过少了一段
https://imgur.com/uCBHqTN
Stock implications - Turning conservative on Novatek and Chipbond: We raise
our Novatek earnings estimates by 13%/3% for 2021/22e, but cut 2023e EPS by
20% and lower PT to NT$414. We think the share price could derate with
deceleration of DDI ASP Y/Y. Although we still see 40% earnings upside to
2021e consensus, Novatek's earnings revisions have peaked, and EPS will
likely decline Y/ in 2022. Valuation will likely trade down to 8-9x 2022e
EPS. We reduce our Chipbond earnings estimates, given margin dilution from
lower utilization and limited price hikes from 3Q. Thus, we cut our PT to
NT$71, implying 10% 2021e P/E, which looks fair vs. its historical range of
8-15x since 2009.
BY GOOGLE 机翻
我们认为股价可能会随着DDI ASP Y / Y减速而贬值。
尽管我们仍然认为2021e共识的盈利有40％的增长空间，
但联咏的盈利修订已达到顶峰，
每股收益可能会在2022年下降。
估值可能会下降至2022e每股收益的8-9倍。
原来不是本益比10倍
是他只愿意给出本益比8-9倍
2022年 九倍 EPS 46 414收 赞