Title Novatek (3034 TT) Buy, TP: NT$135
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Title:Novatek (3034 TT) Buy, TP: NT$135
Download File:3034 TT Novatek note 180212--sinopac.pdf 
Summary:Raise TP to NT$135 (15x 2018F P/E); Maintain Buy: 1) We raised our 4Q17 EPS by 6.3%; earnings growth will accelerate in 2018. Touch with display driver integration (TDDI) shipment reached 10mn packages in 4Q17 and continues to grow in 1Q18. Product shipment can challenge 80mn packages in 2018, with larger than expected contribution to Novatek; 2) Large display driver ICs (LDDIs) have contributed stable earnings; 3) NovatekĄ¯s SoC business is benefiting from share gains in TV SoC markets and growth of its acquired businesses.
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