Title Financials: Buy Cathay, CTBC, Mega
  Apparel: Buy Eclat, Quang Viet; D/G Kwong Lung to Neutral
  Petrochemical: FPG core sales up in MAY
  Container shipping: Buy Evergreen and Yang Ming
  Auto Components: Buy Turvo, Cayman Engley, Macauto; D/G Hota to Neutral
  IC Design: Buy Realtek, Novatek, Parade, Rafael Micro
  Apparel: Buy Eclat, Quang Viet, Toung Loon, Kwong Lung
  Petrochemical: Buy FPC, FCFC
  Marine Shipping: Buy Evergreen, Yang Ming
  Powerpoint: 3D sensing module (focus on laser light source)
More Titles
Title:Apparel: Buy Eclat, Quang Viet, Toung Loon, Kwong Lung
Download File:Apparel industry note 170512--sinopac.pdf 
Summary:1) Buy calls for their clear order visibility this year and superior growth potential:

  • Eclat (1476 TT): Buy, TP of NT$366 (23x 2017F P/E); 11% upside

  • Quang Viet (4438 TT): Buy, TP of NT$181 (20x 2017F P/E); 9% upside

  • Toung Loong Textile (4401 TT): Buy, TP of NT$92 (18x 2017F P/E); 13% upside

    2) Buy call for its attractive valuation (10x 2017F P/E) and dividend yield (~8%)

  • Kwong Lung Ent. (8916 TT): Buy, TP at NT$55 (13.5x 2017F P/E); 25% upside

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