Title Flexium Interconnect (6269 TT) Neutral
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  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
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  ESG Equity Note: Powertech Technology (6239 TT) Buy, TP: NT$117
 
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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