We cut Globe�s 2016E EPS by 23% on less than expected benefit from the recent major smartphone launch.

Top Calls

Company Update � Globetronics (HOLD, maintain) - Still awaiting catalysts We cut Globe�s 2016E EPS by 23% on less than expected benefit from the recent major smartphone launch. Proximity sensor volume has remained low suggesting that current production is for the existing phones rather than the new model. On a brighter note, a gesture sensor, found in a new wireless device, has kicked off. But, volumes remain low although bundling it with the phone would be a major catalyst. However, any upside will be in 2017E at the earliest. Meanwhile, any further delays in the ramp up of the new sensors in 2017E could pose downside risk to its earnings. Maintain HOLD.

Other Calls

Economy � IPI - Industrial production slowed to 4.1% yoy in July

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