Title Macauto (9951 TT) Buy, TP; NT$111
  ESG Analysis: ASE Technology Holding (3711 TT)
  ESG Analysis: Formosa Petrochemical Corp (6505 TT, FPCC)
  China General Plastics (1305 TT) U/G Buy, TP: NT$22.7
  Epistar (2448 TT) Buy, TP: NT$46
  Underwriting Report: Applied BioCode Corp (6598 TT)
  Grape King (1707 TT) Buy, TP: NT$234
  Chilisin (2456 TT) Buy, TP: NT$120
  M31 Technology (6643 TT) -- Underwriting
  Bioteque (4107 TT) Buy, TP: NT$142
More Titles
Title:Macauto (9951 TT) Buy, TP; NT$111
Download File:9951 TT Macauto long report 201223--sinopac.pdf 
Summary:Buy, TP of NT$111 (15x 2021F P/E): 1) China¡¯s auto market (52% of Macauto¡¯s 2019 sales) is poised for a sustained recovery after languishing for the previous 3 years; 2) Macauto¡¯s sales growth will be fueled mostly by the popularity of Japanese SUVs in China; 3) Sunroof penetration of cars manufactured in China is estimated to grow from 30% in 2019 to 33% in 2020; 4) Valuation: Macauto¡¯s 2021F P/E of 12x P/E is attractive on an historical basis.
Register online at Become Member to receive Taiwan research services. For more information, contact TaiwanResearch.com. Tel (8862) 2316-5181
©2001, 2000, 1999 SinoPac All rights reserved. Additional copyright information applies.