Title Flexium Interconnect (6269 TT) Neutral
  ESG Equity Note: ASE (3711 TT) Buy, TP: NT$83
  Equity Note: Sunny Friend (8341 TT) Neutral
  ESG Equity Note: Mediatek (2454 TT) Buy, TP: NT$442
  ESG Equity Note: Feng Hsin Iron & Steel (2015 TT) Buy, TP: NT$60
  ESG Equity Note: Formosa Plastics (1301 TT) Buy, TP: NT$93
  ESG Note: Grape King (1707 TT) Buy, TP: NT$246
  ESG Equity Notes: Delta (2308 TT) Buy, TP: NT$140
  ESG Equity Note: Nanya Tech (2408 TT) Buy, TP: NT$77
  ESG Equity Note: Powertech Technology (6239 TT) Buy, TP: NT$117
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Title:eMemory (3529 TT) Buy, TP: NT$450
Download File:3529 TT eMemory note 190827--sinopac.pdf 
Summary:Buy, TP of NT$450 (45x 2020F P/E): As eMemoryˇ¦s NeoFuse is the most competitive solution for advanced processes, we expect NeoFuse will gradually replace eFuse as foundry process evolves. This yearˇ¦s momentum will come from 28nm process, client gains, and new applications. The stock is trading at 34.7x 2020F P/E. Buy for the long-term positive outlook.
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