Title Gold Circuit Electronics (2368 TT) Buy, TP: NT$71.00
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Title:Gold Circuit Electronics (2368 TT) Buy, TP: NT$71.00
Download File:2368 TT Gold Circuit Electronics note 210308--sinopac.pdf 
Summary:Raise TP by 11% to NT$71 (14x 2021F EPS) from NT$64; Maintain Buy: 1) 1H21 operations will likely beat our previous estimate as server demand revives and NB demand remains aloft; 2) Product mix should improve in 2H21 on Whitley and 400G switch new products; 3) Spec upgrade in Eagle Stream will likely boost earnings; 4) We raise our 2021 EPS estimate by 3% from NT$4.92 to NT$5.07 and our TP from NT$64 (13x 2021F EPS) given the positive earnings outlook for this year.
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