Title Macauto (9951 TT) Buy, TP; NT$111
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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.
  
Date:2020/12/23
Author:TaiwanResearch.com
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