Title Flexium Interconnect (6269 TT) Neutral
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Title:M31 (6643 TT) Buy, TP: NT$411
Download File:6643 TT M31 note 190829--sinopac.pdf 
Summary:Raise TP by 5% to NT$411 (34x 2019F P/E); Maintain Buy: Given increasing demand for high speed data transmission, M31¡¯s persistent IP development in the field will fuel future operational growth. Its expanding IP library and enlarging clientele built up over the years will help attract new clients, and demands from automotive electronics, AI, high speed transmission, etc., will prop up the company¡¯s revenue successively. Peak season for license fee recognition will lift revenue quarter by quarter in 2H19. After raise our 2019F EPS estimate from NT$11.45 to NT$12.10, we raise our TP from NT$391 (14x old 2019F P/E) to NT$411 and reiterate our Buy.
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