Title Apple¡¯s fall event & 5G handset projections
  China Communication Industry
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  Networking: China grants 5G licenses, network buildout will accelerate
  5G Industry: Carriers spending; device makers to reach operational tipping point
  Health Foods: Buy TCI (8436 TT) and Grape King (1707 TT)
  Auto Component OEM: Weak Golden September in China; waiting for policy stimulus
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  Passive Component: Yageo is our only passive component Buy call
  Footwear: Nike¡¦s 4Q18 beat, FY2019 sales guidance raised¡XBuy Feng Tay
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Title:Footwear: Nike¡¦s 4Q18 beat, FY2019 sales guidance raised¡XBuy Feng Tay
Download File:Footwear Industry note 180703--sinopac.pdf 
Summary:Feng Tay (9910 TT) Buy, TP at NT$160 (22x 2018 P/E): Nike¡¦s FY4Q18 (ended May 31, 2018) sales and earnings exceeded market expectation, driven by broad-based 25% YoY growth in Greater China, and resumed growth in North America. Looking at FY2018 overall, NIKE basketball shoes had the strongest growth, followed by Sportswear. The company looks to rekindle strength of the Jordan Brand in FY2019. Jordan Brand¡¦s recovery will boost Feng Tay¡¦s order flow will increase quarter by quarter, and Feng Tay will also benefit from TWD depreciation. Maintain Buy.
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