Title 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)
  LCD: U/G Innolux to Buy
  Auto component OEM: Buy Macauto, Hota, Turvo
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Title:Petrochemical: FPG core sales up in MAY
Download File:Petrochemical industry note 170608--sinopac.pdf 
Summary:Buy FPC and FCFC given the favorable supply & demand of PVC, SM this year.

  • Formosa Plastics Corp (1301 TT, FPC): Maintain Buy with TP at NT$102 (2.1x 2017F P/B, 12% upside).

  • Formosa Chemicals & Fibre Corp (1326 TT, FCFC): Maintain Buy with TP at NT$113 (2x 2017F P/B, 24% upside).

  • Formosa Petrochemical Corp (6505 TT, FPCC): Maintain Neutral.

  • Nan Ya Plastics Corporation (1303 TT, NPC): Maintain Neutral
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