Crystal foreign capital holdings of 25% of the market value of the heyday of the time of 32%

According to Taiwan media news LED industry boom this year as expected, the price decline to offset the general lighting volume growth, leading to the market research agency estimated this year the output value of only low single digit growth, foreign capital continued to withdraw LED shares, leading to the wafer crystal as an example, the ratio of foreign investment fell to 25.01%, a record low level in recent years.

Foreign capital estimates, EPISTAR fourth quarter operating may decline of 5~10%, but in 2016 the foreign legal person is quite optimistic, EPISTAR is expected to benefit from the LED lighting penetration increase, flip chip technology used in backlight products, and more powerful RGB display order. However, the short term boom, foreign investors lowered the price of crystal electricity to 40 yuan (to times the calculation of the PE), and down the crystal electricity 2015~2017 profit forecast value of up to now, the next two years is difficult to have a substantial profit.

While foreign cut profit target for the main, crystal electric on the quarter revenue was lower than expected, mainly due to weak demand, general lighting backlight orders rebounded slower than expected due to foreign investment and expected crystal electric second half of the year will show a loss, resulting in a full year operating only posted a small profit margin.

Because the LED industry has been, LED supply chain impact condition is quite obvious, the mainland capacity continues to open, the impact of foreign capital on crystal Electric Holdings will, the crystal electric net value per share reached 52.5 yuan, with 16 day closing price of 28 yuan, crystal electricity price to book ratio is only 0.53 times, foreign investment funds have continued to withdraw.

As of this month 16 day, foreign holdings of crystal electric level fell to 25.01%, a record low since at least the last 5 years, the wave of business cycle low, generally hold the 30% level, this wave of business cycle low, foreign capital has been oversold holdings, this year accumulated to buy over 236 thousand and 300, holding water level dropped from 45% to 25.01% I have accumulated; selling over 33 thousand and 200, three persons this year sold over crystal electric 270 thousand and 100, holding water level close to the cut.

At present, the market value of the electricity market rebounded slightly to 30 billion 842 million yuan, only the heyday of the market value of the shares, the stock price is still waiting to pick up the fundamentals of incentives.

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