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Title:Grape King (1707 TT) Buy, TP: NT$234
Download File:1707 TT Grape King note 190517--sinopac.pdf 
Summary:Adjust TP to NT$234 (15x 2019F EPS of Taiwan operations + 30x 2019F EPS of Shanghai operations); Maintain Buy: 1) Pull-ins from clients in China picked up after the government¡¦s industry crackdown ended; 2) Pro-Partner is enjoying steady growth; 3) Overseas contract manufacturing business should ramp up quickly after the new Longtan plant begins mass production in 3Q19F; demand for probiotic products from customers in China will underpin future business growth; 4) Valuation: We nudge down our TP by 3% from NT$241 to NT$234 as we now forecast a 25-30% YoY sales growth for Shanghai Grape King (vs. our old estimate of 30-40%) in the wake of China¡¦s safety campaign. Our TP implies an upside of ~10%.
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