同店营收成长增温，4Q14获利可望优於预期

̆͡ 20, 2015 ࡁտშ৭: http://research.kgi.com Powered by EFA Platform 1 જၗՀາ ࿬઴Ćέ៉! F-ᚊᖳ (4137.TW/4137 TT) Тظᒉќјܜᆧ໢Ă4Q14ᒔӀΞ୕ᐹٺ࿰ഇ ੈिࢋࢦ ԧࣇᄃგநลᆸ֍ࢬՀາᒉྻڶېĄ ෞኢ̶̈́ژ 4Q14ᒔӀΞ୕ᐹٺ࿰ഇĄٺᚊᖳ4Q14ظஐᙯ59छĂ൒؞ᒉќѐᆧ4%ၱᆧ؞28%Ҍ9.18ᆆ̮۞າ੼ĂܑனᐹٺВᙊ࿰Ҥ8.29ᆆ̮ᄃԧࣇ࿰ഇ۞8.32ᆆ̮Ă͹ЯТظᒉќјܜᆧ໢Ąԧࣇ࿰Ҥ4Q14Тظᒉќᆧܜд࣎Ҝᇴྵ࠹Ă߱̚3Q14ࠎ4%Ąԧࣇ࿰Ҥ4Q14ͨӀதࠎ81.5%Ă၆໰3Q14ͨࠎӀத82.5%ĂҭԧࣇனҤ4Q14Տ۵࠳ዶ૟྿2.50̮Ăѐᆧ8%ᆧ؞Ă13%ĂܑனΞ୕಼̂෹෸ԧࣇࣧҤ۞2.26̮Ą ቤĄيٴޘిظणგநลᆸҋҤᓁࢬظᇴ૟ٺ2015ז྿غ3,800छĂΝѐغࠎ3,413छĂѐणظᇴณྵࣧώஐᆧ5-6Ѻछ۞ϫᇾѣٙ˭໣Ă͹ߏࢋ̳Φࢍ൪يٴቤд ̆Ҍˬ৺ݱξ۞णظిޘĂҭ၆ྵҲ৺ݱξ۞јܜण୕޺ܲሄ៍Ąᚊᖳనؠ2015ѐ۞Тظᒉќᆧܜϫᇾࠎ5-7%Ăજਕࠎາயݡᇴณ۞ᆧΐᄃ࡚टर੊ቚ۞ૻ̼Ąၮ˭࿪̄થચπέ૟ٺ̫ѐൾ୎˯ྮĂبॡ̳Φ۞މᆸ૟Ξ୕Ϥϫ݈۞28-45໐ّ̃ШγᕖणĄԧࣇ၆ᚊᖳ2015ѐᒉќѐܜј10.3%۞࿰ҤᑕྍΞͽ྿јĄ ซ࢕ᗁ࡚ᅳાĄᚊᖳ̏ᄃָᗁ(4104 TT, NT$51, Ϗෞඈ)Ъྤซ࢕ශ܂̚۞઼̚ᗁ࡚ξಞĂ׎̚ᚊᖳ۵޺49%ᗁָĂ51%ĄЪྤЋຽؕܐ૟ࣄࢦᚊᖳд࡚टயຽ̚ᇃ̂۞މཏĂҭ౵௣ᚊᖳԓ୕ѩЪү९Ξͽၬฟఙޢ᜕ቲயݡ۞ሕдથ፟Ąϫָ݈ᗁд઼่̚ѣ ̆छ෧ٙĂҭԧࣇ࠻рᚊᖳϏֽΞᖣѩᕖ̂ᒉќֽ໚Ăซ҃ዮ׽д၆ثАҖΙҜ۞ᐹ๕Ą Ըྤޙᛉ ̳Φ۵ᆊ̏ҋΝѐغ֐129.5̮ͅᇅ27%дٽΣ݈Ăϫ2015ѐՏ۵࠳ዶ࿰Ҥ۞16.7ࢺĂԧࣇᄮࠎ̪׍Ըྤӛ͔˧Ă͹ߏࢋѩඈෞᆊ࠹၆઼̚ ̆ਠঐ෱ّ࣎۵̪хдπӮ22%۞ԶឰĂΩγಶߏᚊᖳ۞னܛതӀதΞ྿4.2%Ąᔵ൒णظ˧྽يٴቤĂҭԧࣇෞҤТظᒉќᆧܜ۞аᘦᄃΩᜥ၈າ۞ᒉќֽ໚૟ỉڦ̳ΦᒉྻજਕĂซ҃ଯ̿۵ᆊĄԧࣇॲፂ2015ѐՏ۵࠳ዶ࿰Ҥ۞20ࢺჯ޺ᚊᖳϫᇾᆊд197̮ĂࢦϦĶᆧΐ۵޺ķĄ Ըྤࢲᐍ णيٴظቤćᒉຽ෱ϡ˯̿Ą ᆧΐ۵޺Ć޺ჯ ќሹᆊ20 January 2015 164.5 12࣎͡ϫᇾᆊ (NT$) 197.0 ޺ჯ (%) 0.0 ˯ႚ۩ม (%) 19.8 ൏ᕇ̰ट ࠎዶ࿰Ҥ࠳Տ۵؞ௐα2.50̮Ăѐᆧ8%ᆧ؞ă13%Ă಼̂ᐹٺԧࣇࣧА࿰ഇ۞2.26̮̈́ξಞВᙊ۞2.47̮Ă͹ЯТظᒉќјܜᆧ໢Ą ܑྤफ़ٽΣ ξࣃ : (NT$bn/US$mn) 13.08 / 415.2 ߹఼дγ۵ᇴ (Ѻ༱۵ ) : 79.49 γྤ޺ѣ۵ᇴ (Ѻ༱۵) : 65.91 3M πӮјΣณ (Ѻ༱۵) : 0.40 52ฉ۵ᆊ (Ҳ \ ੼) (NT$): 129.5 –305.5 ۵ᆊܑன (%) 3M 6M 12M ඗၆ܑன 2.2 -32.6 -43.3 னܑ၆࠹ -3.7 -30.2 -49.7 Տ۵࠳ዶ NT$Q1Q2Q3Q420131.87A2.01A2.51A2.33A20142.30A2.21A2.21A2.50F20152.46F2.27F2.38F2.71F ۵ᆊဦ 1101602102603103603450668298114收盤相對 台灣加權指數 (右邊)11223301-1403-1405-1407-1409-1411-14成交量 百萬ྤफ़ֽ໚ĈTEJ Ꮀ߆ఄ 886 2 2181 8719 angus.chuang@kgi.com ࢋࢦҺయᓏځĂྎ֍౵௣ࢱ ͹ࢋੑચᇴፂ̈́Ҥࣃ!Dec-12A Dec-13A Dec-14FDec-15FDec-16Fᒉຽќˢ!)OU%Ѻ༱*2,4092,7013,0713,3863,825ᒉຽͨӀ!)OU%Ѻ༱*1,9922,1182,5012,7563,116ᒉຽӀৈ!)OU%Ѻ༱*7918119141,0141,159ඁޢஐӀ!)OU%Ѻ༱*590693733781885Տ۵࠳ዶ!)OU%*8.428.729.229.8311.13Տ۵۵Ӏ!)OU%*- 6.506.456.887.79Տ۵࠳ዶјܜத(93.6%)3.6%5.7%6.6%13.3%ώৈͧ!)y*19.518.917.816.714.8۵ᆊஐࣃͧ!)y*11.64.44.13.83.5FW0FCJUEB!)y*13.012.510.79.68.4ஐ࢑ๅͧதNet cashNet cashNet cashNet cashNe t cashതӀத0.0%4.0%3.9%4.2%4.7%۵ڌᝋৈಡ࿌த82.0%35.0%23.8%23.7%24.9% ྤफ़ֽ໚Ĉ̳Φྤफ़Ă౶ૄ έ៉ F-ᚊᖳ ̆͡ 20, 2015 ࡁտშ৭: http://research.kgi.com 2 Ѻ༱̮ޢ࣒Υ࣒Υ݈ म෼ (%)QoQ (%)YoY (%)ξಞВᙊᒉќ 918 83210.327. 54.3 829ͨӀ 748 67411.026. 023.4 671ᒉຽӀৈ 281 2569.931. 741.1 250ඁ݈ஐӀ 258 23311.011. 521.0 252ඁޢஐӀ19917910.713.17.4196Տ۵࠳ዶ (̮)2.502.2610.713.17.42.47ͨӀத ( %) 81.5 81. 00. 5 p p ts(1. 0)p p ts12. 6 p p ts 80.9ᒉຽӀৈத ( % ) 30.6 30. 7( 0.1) p p ts1.0 p p ts8. 0 p p ts 30.1ஐӀத (%) 21.6 21.60.1 ppts(2.8)ppts0.6 ppts 23.7 ဦ1: ௐα؞ຽᒻᄃ౶ૄ̈́ξಞ࿰Ҥͧྵ ྤफ़ֽ໚: ౶ૄፋந ဦ2ĈТຽҤࣃͧྵ ξࣃ۵ᆊܛ࡚Ѻ༱̮ ༊гఱ။20132014F2015F20132014F2015F20132014F2015F20132014F2015F20132014F2015F201320142015Fᚊᖳ4137 TT413164.58.729.22 9.8318.917.816.74.44.13.835.023.823.782.778.481.419.832.830.0௚ ̆෹2912 TT7,834238.57.738.99 9.5630.926.524.912.010.810.4353.1338.6315.330.431.632.14.74.25.1Бछ5903 TT1,404199.04.915.80 6.9940.634.328.510.29.07.925.027.929.632.035.236.42.62.12.2G.࡚ࢴ2723 TT758170.04.073.45 7.3341.849.323.23.93.42.99.37.413.755.255.556.012.39.76.2ݡͳ2727 TT703289.013.2411.78 13.8921.824.520.85.64.44.424.820.722.352.552.352.311.511.511.5Ϟݱ঍௚2729 TT179243.510.5013.07 15.3123.218.6N.A.3.43.43.414.316.419.752.852.752.711.411.411.4G.ܛΞ8406 TT898306.515.6717.27 20.5919.617.814.93.22.52.520.318.620.361.365.565.532.732.732.7λ̂9921 TT3,253274.59.3410.74 11.9329.425.623.05.74.64.621.522.123.121.5N.A.N.A.7.37.37.3Ӏ྿࡚9914 TT2,050217.09.7210.14 11.3122.321.419.26.45.54.731.227.526.216.318.017.77.19.110.5έ៉ТຽπӮ27.626.221.46.15.35.059.455.954.945.048.749.312.213.413.0ለ඿ฮOR FP95,126146.84.955.315.9829.627.624.53.93.53.513.614.515.471.371.071.016.917.317.6൳ރٽྮMC FP78,857134.26.876.817.6119.519.717.62.52.12.113.412.113.465.565.265.220.719.419.9੼ᜨሒCL US63,04169.22.412.933.0828.723.622.544.439.539.599.7125.9150.658.658.558.520.424.225.0ฮྐᜋᕊEL US28,17574.23.123.052.8523.824.326.07.56.66.633.933.728.680.179.579.515.016.415.2к჊޵BEI GR21,93075.22.352.512.7232.030.027.65.33.73.716.415.515.363.363.763.713.713.213.9ͳ܅4452 JP21,3165011.0126.03153.50179.3739.832.627.94.13.53.511.111.913.956.5N.A.N.A.9.59.610.2ޮщ઼ᅫ1044 HK13,03782.63.023.073.7027.326.922.36.14.74.724.322.124.145.144.444.422.320.421.0Unicharm8113 JP16,0973072.064.1054.5982.2347.956.337.44.74.04.017.19.012.245.8N.A.N.A.12.010.611.5Amorepacific090430 KS13,1362,450,000 38,842 66,502 82,19363.136.829.85.14.14.19.314.816.270.6N.A.N.A.11.914.915.5ྤϠૅ4911 JP5,8591735.565.6560.