Title Financials: Buy Cathay, Mega, CTCB, China Life
  Financials: Buy Cathay, CTBC, Mega
  Apparel: Buy Eclat, Quang Viet; D/G Kwong Lung to Neutral
  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
More Titles
Title:Financials: Buy Cathay, Mega, CTCB, China Life
Download File:Financial industry note 170616--sinopac.pdf 
Summary:Our Buy recommendations:

  • Cathay FHC (2882 TT), TP at NT$53 (1.35x 2017 P/B, 11% upside)

  • Mega FHC (2886 TT), TP at NT$27 (1.2x 2017 P/B, 9% upside)

  • CTCB FHC (2891 TT), TP at NT$22 (1.4x 2017 P/B, 13% upside)

  • China Life (2823 TT), TP at NT$35 (1.4x 2017 P/B, 20% upside)
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