Title Wistron Neweb (6285 TT) U/G Buy
  Delta (2308 TT) Buy, TP: NT$175
  Fubon FHC (2881 TT) Neutral
  Macronix (2337 TT) Buy, TP: NT$38
  Bioteque (4107 TT) Buy, TP: NT$161.0
  Macauto (9951 TT) Buy, TP: NT$120
  Pou Chen (9904 TT) Buy, TP: NT$43
  China Development FHC (2883 TT) Buy, TP: NT$12.00
  Global PMX (4551 TT) Buy, TP: NT$170
  China Life (2823 TT) Buy, TP: NT$30
 
More Titles
Title:Makalot (1477 TT) Buy, TP: NT$244
Download File:1477 TT Makalot note 190828--sinopac.pdf 
 
Summary:Maintain Buy, TP of NT$244 (25x 2020F P/E): 1) Makalotí»s ASP downtrend of 2015-2017 reversed in 2018, and order inflow picked up YoY in 2019; 2) Makalotí»s capacity shuffling and outsourcing has replaced 70% of the capacity lost to fire at its Vietnamese plants, and the two plants will be renovated and automated for resumed mass production in 1H20F; 3) Orders from its top 5 clients will increase due to supply chain consolidation and apparel brandsí» increased sourcing from outside China; 4) Makalotí»s improved product mix (higher functional sportswear weighting) and tight capacity over the next 1-2 years will enhance its bargaining power.
  
Date:2019/08/28
Author:TaiwanResearch.com
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