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PLX - 2017 profit guided to cool off from high 2016 base - AGM Note

We attended PLX’s well-managed AGM on April 25. Most investor concerns were related to the recent registration of treasury shares sales, 2017 business guidance and the strategic plan toward an integrated retail store model. PLX targets 2017 revenue growth of 16.3% while guiding for a 25.7% decline in PBT as the benefit from a low import tariff from South Korea peters out. Q1 2017 preliminary profit dropped roughly 13% YoY from a high Q1 2016 base.