Title Flexium Interconnect (6269 TT) Neutral
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  ESG Equity Note: Formosa Plastics (1301 TT) Buy, TP: NT$93
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  ESG Equity Notes: Delta (2308 TT) Buy, TP: NT$140
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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.
  
Date:2019/08/29
Author:TaiwanResearch.com
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