Title Ardentec (3264 TT) Buy, TP: NT$42
  Inventec (2356 TT, U/G Buy) TP: NT$28
  Cathay FHC (2882 TT) Buy, TP: NT$56.0
  GCS Holdings (4991 TT) Downgrade to Neutral
  LandMark Optoelectronics (3081 TT) Buy, TP: NT$492
  Merry (2439 TT) Buy, TP: NT$280
  Advantech (2395 TT) Buy, TP: NT$247
  Mediatek (2454 TT) Buy, TP: NT$400
  Yageo (2327 TT) Buy, TP: NT$257
  Win Semiconductors (3105 TT) Buy, TP: NT$283
More Titles
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.
Register online at Become Member to receive Taiwan research services. For more information, contact TaiwanResearch.com. Tel (8862) 2316-5181
©2001, 2000, 1999 SinoPac All rights reserved. Additional copyright information applies.