Title 2018 Semiconductor: Buy CHPT, Foxsemicon, Scientech
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Title:2018 Semiconductor: Buy CHPT, Foxsemicon, Scientech
Download File:2018 Semiconductor industry outlook note 180109--sinopac.pdf 
Summary:Chunghwa Precision Test Tech (6510 TT, CHPT) supplies probe cards for advanced process supply chains and will partner with tier-1 fabless semiconductor names to develop new high-end load boards. The stock is a Buy.

Foxsemicon Integrated Technology (3413 TT) and Feedback Technology (8091 TT) are burrowing into AMATís supply chain and will benefit from foundries?capacity expansion. Foxsemicon is a Buy, but we give Feedback Technology a Neutral rating because its valuation leaves little room for upside, in our view.

Scientech (3583 TT) makes semiconductor testing/manufacturing equipment as well as reclaim wafers. The company will thrive as process migration among clients elevates demand for test wafers. The stock is a Buy.

  • Buy CHPT (6510 TT), TP of NT$1,350 (45x 2018F P/E), 26% upside

  • Buy Foxsemicon (3413 TT), TP of NT$240 (15x 2018F P/E), 5% upside

  • Buy Scientech (3583 TT), TP of NT$107 (15x 2018F P/E), 24% upside

  • Neutral on Feedback Technology (8091 TT)
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