|Summary:||SinoPac View: NB application shipment is better than expected, and momentum looks sustainable for the short term, based on our recent supply chain check. With Chromebooks spearheading the growth, shipment volume of Type C connectors, NB board-to-board connectors, and NB flexible printed circuit (FPC) connectors will remain strong. Meanwhile, Sinbon has received follow-up orders from green energy and automotive clients.
Sinbon (3023 TT), Buy, TP unchanged at NT$226 (22x 2021F P/E) ¨C 14% upside
Lotes (3533 TT), Buy, TP unchanged at NT$540 (17x 2021F P/E) ¨C 16% upside