Title Novatek (3034 TT) Buy, TP: NT$203
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Title:Novatek (3034 TT) Buy, TP: NT$203
Download File:3034 TT Novatek note 190816--sinopac.pdf 
 
Summary:Cut TP to NT$203 (13x 2020F P/E); Maintain Buy: For 2019, the company¡¯s core LDDI and SoC business will grow steadily. Its TDDI shipment growth should remain north of 50% given the component¡¯s rising penetration in handsets and Novatek¡¯s 40% share of the market. OLED DDI shipment might miss our expectation this year but could benefit from strong demand from Chinese handset makers in 1H20. We cut our TP from NT$294 because the opaque short-term outlook could affect the share price in the short term, but the stock is attractively valued at ~12x 2019F P/E for the long term given the growth opportunities in 1H20.
  
Date:2019/08/16
Author:TaiwanResearch.com
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