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More Titles
Title:Bioteque (4107 TT) Buy, TP: NT$142
Download File:4107 TT Bioteque long report 180727--sinopac.pdf 
Summary:Maintain Buy, TP at NT$142 (20x 2019F P/E): 1) Bioteque will enjoy modest, broad-based growth in 3Q18F and 4Q18F; 2) Hemodialysis bloodline business growth looks secure for 2019 with orders won from the top 2 global hemodialysis device brands in the Philippines and business expansion into Vietnam; 3) High-margin TPU catheter business is primed for 20-25% YoY growth in 2019 if the company follows through on its plan to boost TPU catheter capacity by 30% at yearend (vs. early-2018) and continues to enjoy stronger order flow from European and Chinese customers; 4) Valuation: Bioteque is trading at 15-16x 2019F EPS of NT$7.08, vs. historical range of 15-31 over the last 4 years.
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