Title Vanguard International (5347 TT) Buy, TP: NT$73
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Title:Vanguard International (5347 TT) Buy, TP: NT$73
Download File:5347 TT Vanguard long report 180516--sinopac.pdf 
Summary:Maintain Buy with TP at NT$73 (4x 2018F P/B): 1) 8-inch foundry capacity will remain tight; 2) new 12-inch fab will drive growth from 2020 onwards; 3) sales weighting of automotive and automation products will continue to climb; 4) Valuation upside: VIS is trading at 3.7x/3.5x 2018F/2019F P/B). Our TP implies 16% upside.
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