Title Hangzhou Silan Microelectronics (600460 CH) Buy, TP: RMB 15.00
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Title:Hangzhou Silan Microelectronics (600460 CH) Buy, TP: RMB 15.00
Download File:600460 CH Hangzhou Silan note 180615--sinopac.pdf 
Summary:Buy with a TP at RMB 15 (50x 2020F P/E): Chinese power semiconductor firms have been increasing their penetration of the low-end market as 1) global IDM titans shift power semiconductor capacity toward automotive and other high-end markets, 2) domestic demand rises in China for industrial applications and for computerized home appliances, and 3) China¡¦s semiconductor industry localization efforts.
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