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Title:2020 IPC Industry Outlook
Download File:IPC industry 200120 -- sinopac.pdf 
Summary: SinoPac View: The US-China trade war continues to cast a shadow on the global manufacturing outlook for 2020, but we still see compelling investment opportunities. We like Ennoconn (6414 TT), Advantech (2395 TT), and Adlink (6166 TT), which can leverage their capabilities in software-hardware integration to profit from Industrial Internet of Things (IIoT) applications under the Industry 4.0 trend. Companies like Lanner Electronics (6245 TT), Caswell (6416 TT), Aewin (3564 TT), and Nexcom (8234 TT) will see new demand for products with applications in communication and network security (CNS) amid the smart manufacturing trend.

Our stock picks

• Buy Advantech (2395 TT), TP of NT$360 (29x 2020F P/E)
• Buy Ennoconn (6414 TT), TP of NT$260 (18x 2020F P/E)
• Buy Adlink (6166 TT), TP of NT$55 (23x 2020F P/E)
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