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Himax Management Case Study

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Exclusive: Himax Management Slams Oppenheimer for Inaccurate Report

In an exclusive email to Smarter Analyst, Luke Zimmerman from MZ Group, Investor Relations for Himax Technologies leveled harsh criticism against Andrew Uerkwitz an analyst from Oppenheimer. In his report issued on July 14, 2017 and as reported on by Smarter Analyst on Monday, Uerkwitz made a number of assertions regarding technology, production and market share that Himax management outright rejects. In regard to the production, competition and shipment of new technology, Uerkwitz made the claim that “HIMX is lagging competitors winning new designs”. However company management fired back writing that they: “Begun shipping TDDI products and most importantly, WLO/DOE 3D scanning component shipping has begun in June, and will accelerate for the remainder of 2017. Both products will contribute significant upside to the top and bottom lines in 2017. They also expect to launch OLED shipment to major panel makers before end of 2017.” …show more content…

The analyst downgraded the stock from Perform to an Underperform rating while introducing a new price target of $4, which represents a 50% downside from current levels. Zimmerman dismissed the target price as “ridiculous” adding that the analyst had not even bothered “talking to Himax management on the day we announce our EC (earning call) date (which is earlier than the company 's EC date in previous years)” also mentioning that Uerkwitz’s last contact with the company was three months ago. Furthermore, considering that the company “just declared dividend where investors only have one week to buy to get dividend” making the report even more

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