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
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.
Register online at Become Member to receive Taiwan research services. For more information, contact TaiwanResearch.com. Tel (8862) 2316-5181
©2001, 2000, 1999 SinoPac All rights reserved. Additional copyright information applies.