Title Chinas Auto industry - Rosy start to 2021
  Panel Industry
  Bicycle Industry: riding on inventory replenishment, e-bike penetration
  2021 Server Industry Outlook: Revival starting in 2Q21F
  Panel Industry: DEC panel prices rise on brisk TV sales
  PC downstream: Chromebook strength will prevent low 1Q seasonality
  Connector industry: Buoyant NB application demand
  Formosa Plastics Group (FPG) NOV sales
  Container Shipping Update
  Semiconductor Inventory Analysis
More Titles
Title:Semiconductor Inventory Analysis
Download File:Semiconductor industry note_201125--sinopac.pdf 
Summary:Our top Buys: - TSMC (2330 TT), raise TP by 17% to NT$607 (24x 2022F P/E) from NT$520 (25x 2021F P/E) V 25% upside to TP - UMC (2303 TT), raise TP by 19% to NT$43 (1.9x 2022F P/B) from NT$36 (1.8x 2021F P/B) V 12% upside - Vanguard (5347 TT), TP: NT$111 (5.5x 2021F P/B) V 4% upside - Nanya Tech (2408 TT), TP: NT$73 (1.4x 2021F P/B) V 5% upside - ASE Technology Holding (3711 TT), TP: NT$83 (1.6x 2021F P/B) V 14% upside - Powertech (6239 TT), TP: NT$97 (1.5x 2021F P/B) V 8% upside
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