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:Sercomm (5388 TT) Buy, TP: NT$88
Download File:5388 TT Sercomm equity note 190826--sinopac.pdf 
Summary:Buy, TP at NT$88 (16x 2020 P/E): 1) New Philippine plant will fuel 2H19 and 2020 operations; 2) Rising demand for small cell networks, with demand from Japan and the US expected to last into 2020, will elevate Sercommˇ¦s shipment of 4G small cells, and 5G small cell shipment is likely to begin in 2021; 3) Valuation: We set our TP at the high end of its historical band of 9x-16x because we expect telecom carriersˇ¦ adoption of 4G small cells will drive long-term growth for the product category.
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