Title Tong Hsing (6271 TT): Buy, TP: NT$185
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Title:Tong Hsing (6271 TT): Buy, TP: NT$185
Download File:6271 TT Tong Hsin long equity report--180112 -- sinopac.pdf 
 
Summary:Buy, TP of NT$185 (22x 2018F P/E): THEIL is trading at ~15x 2018 P/E, vs. 4-year range of 9x-20x, which isnít stretched vs. international ceramic substrate/material peers Kyocera (6971 JP) and Maruwa (5344 JP), which have traded at 19x-31x for the past year. Given the positive growth outlook for 2018, we reiterate our Buy rating with a TP multiple of 22x.
  
Date:2018/01/12
Author:TaiwanResearch.com
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