Title Ardentec (3264 TT) Buy, TP: NT$42
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Title:Ardentec (3264 TT) Buy, TP: NT$42
Download File:3264 TT Ardentec note 171120--sinopac.pdf 
 
Summary:Buy with TP of NT$42 (1.8x 2018F P/B): 1) Automotive MCU sales continue to rise; 2) Nanjing plant will drive sales growth in 2018; 3) Ardentec will continue to benefit from close partnerships with IDMs; 4) We project a dividend yield of 4.4%, based on our dividend estimate of NT$1.8 and the NOV 20 close price; 5) We raised our 4Q17 and 2017 estimates.
  
Date:2017/11/20
Author:TaiwanResearch.com
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