Uniquest(077500): Attractive business model and dividend
- Initiate coverage with BUY recommendation and TP of KRW10,000
> Technically supported wholesale business leads to steady earnings.
> New market entrants will have difficulty competing against Uniquest’s know-how and firm relations with client companies.
> Uniquest’s non-memory business will benefit from the growing digital home appliance and telecommunication segments(HSDPA, WiBro).
> Dividend yield ratio of about 5% is expected.
> The company maintains dividend policy which is more favorable to minority shareholders.
> Initiate with BUY recommendation and TP of KRW10,000. |
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