Title Adimmune (4142 TT) Buy, TP: NT$92
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  Shin Zu Shing (3376 TT) Buy, TP: NT$180
  TXC (3042 TT) Buy, TP: NT$100
  Kinsus (3189 TT) Buy, TP: NT$90
  Fusheng (6670 TT) Buy, TP: NT$230
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Title:Adimmune (4142 TT) Buy, TP: NT$92
Download File:4142 TT Adimmune note 200918--sinopac.pdf 
 
Summary:Maintain Buy, TP of NT$92 (18x 2021F P/E): 1) SEP sales will jump conspicuously thanks to initial shipment of first batch goví»t funded influenza vaccine (IV) and protein recombination IV filled for Sanofi; 2) We project sales of non-Covid-19 vaccines to increase 25-30% YoY in 2021F on increased sales volume of own brand vaccine products, ramping shipment in overseas markets, and filling capacity gains; 3) Covid-19 vaccine development is on schedule for mass production and sales in 3Q21. We expect it to contribute NT$3.50-4.00 to 2021 EPS.
  
Date:2020/09/18
Author:TaiwanResearch.com
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