汇丰银行-台湾行业研究-taiwan contact lens june sales in line；lukewarm outlook for 2h17-20170708-hsbc.pdfVIP

Flashnote 8 July 2017   Taiwan Contact Lens EQUITIES HEALTH CARE EQUIPMENT June sales in line; lukewarm outlook for 2H17 Taiwan St. Shine’s 2Q17 revenue met expectation; 2H17 outlook Jeremy Chen* muted Non-tech Analyst HSBC Securities (Taiwan) Corporation Limited jeremy.cm.chen@.tw Ginko’s June revenue recovered sequentially but still unclear +8862 6631 2866 if plant suspension impact is over * Employed by a non-US affiliate of HSBC Securities (USA) Inc, and is  Retain Reduce ratings on both stocks not registered/ qualified pursuant to FINRA regulations St. Shine Optical St. Shine reported its June revenue of TWD544m, down 2.4% y-o-y but up 7.8% m-o-m, in line with our expectations. 2Q17 revenue of TWD1,550m, flat on a y-o-y basis and up 6.7% q-o-q, reached 102% and 95% of HSBCe and Bloomberg consensus, respectively. 1H17 revenue of TWD3,003m was down 1.9% y-o-y, tracking in line with our forecast of a 2.2% decline for the full year. Sales outlook for 2H17 remains uninspiring as we see limited upside given that the company is