Title Powertech (6239 TT) Buy, TP: NT$81
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Title:Powertech (6239 TT) Buy, TP: NT$81
Download File:6239 TT powertech note 190619--sinopac.pdf 
Summary:SinoPac View: We nudge down our 2019 earnings estimate by 4% given the lengthened adjustment period for the memory market, but we leave our TP and rating unchanged in anticipation of earnings contribution from the migration toward 96-layer 3D NAND starting in 2H19.

Buy, TP of NT$81 (1.5x 2019F P/B):1) A memory clientĄ¯s shift toward 96-layer 3D NAND from 64L is a tailwind for PTI; 2) Cash dividend payout of NT$4.8 on 2018 earnings translates to ~6.3% yield; 3) Valuation: The stock is trading at 1.4x 2019F P/B vs. a range of 1x-2x in recent years.
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