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Title:Wiwynn (6669 TT) Buy, TP raised to NT$494
Download File:6669 TT Wiwynn note 190823--sinopac.pdf 
 
Summary:Raise TP by 20% to NT$494 (13x 2020F P/E); Maintain Buy: Insatiable demand for Cloud services is fueling strong demand for servers. Wiwynn taps into this demand by targeting cloud service providers (CSPs) with high growth potential. ItĄŻs largest client, for example, plans to triple its datacenter capacity in the 2019-2023 timeframe. The company has also penetrated the supply chain of another global top 4 CSP, with shipment slated to begin around yearend. Now that Wiwynn has secured relationships with 3 of the worldĄŻs top 4 CSPs, we think it can broaden its client base by attracting new clients with its strong R&D capabilities. On a peer comparison basis, we think Wiwynn deserves a P/E of 13x. After rolling our P/E denominator to 2020F of NT$38, we reset our TP to NT$494, vs. our old TP of NT$410 (13x 2019F P/E).
  
Date:2019/08/23
Author:TaiwanResearch.com
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