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Title:Ginko (8406 TT) Buy, TP: NT$185
Download File:8406 TT Ginko note 201124--sinopac.pdf 
 
Summary:Maintain Buy, TP of NT$185 (15x 2021F P/E): 1) Sales beat in 3Q20 and are poised to grow further in 4Q20F on seasonality; 2) For China market, online contact lens sales continue to grow in 2020, and physical store sales are gaining traction thanks to the effective fight against COVID-19. We project above-par 11.6% YoY sales growth in 2021F as the company rides on overall growth of contact lens consumption, surging demand for colored and silicone hydrogel lens, as well as its popular brands and comprehensive distribution channel. Our TP implies a 21% upside from the NOV 23 close.
  
Date:2020/11/24
Author:TaiwanResearch.com
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