Title Tong Yang Industry (1319 TT) Buy, TP: NT$55
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  Chlitina (4137 TT) Buy, TP: NT$235
  Chilisin (2456 TT) Buy, TP: NT$93
  Largan (3008 TT) Buy, Raise TP to NT$5,475
  Makalot (1477 TT) Buy, TP: NT$216
  Mediatek (2454 TT) Buy, raise TP to NT$490
  Global PMX (4551 TT) Buy, raise TP to NT$200
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Title:Tong Yang Industry (1319 TT) Buy, TP: NT$55
Download File:1319 TT Tong Yang note 191017--sinopac.pdf 
Summary:Buy, TP at NT$55 (14x 2020F P/E): 1) AM business momentum looks sustainable now that new product development is finished, which shall fuel GM expansion; 2) UTR of Tong Yang¡¦s OEM production lines is likely to rebound and reinvigorate overall sales and earnings growth thanks to favorable government policies in China, such as local government¡¦s relaxed rules on new license issuances; 3) Valuation: Tong Yang is trading at ~12x 2020 P/E, near the middle of its recent year P/E of 10x-15x.
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