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:Evergreen Marine (2603 TT) Buy, TP: NT$18.5
Download File:2603 TT EMC equity report 190904--sinopac.pdf 
 
Summary:Maintain Buy, TP of NT$18.5 (1.2x 2019F P/B): Key positives include 1) partial deferment of US tariffs on Chinese goods to DEC; 2) the bunker fuel price pull-back in AUG and the widening spread between low- and high-sulfur fuels; and 3) its attractive valuation (0.8x vs. 5-year P/B of 0.7x-1.5x). We expect a heady earnings gain in 2020. On the negative side, EMCˇ¦s interest expenses will rise due to IFRS 16 in 2019.
  
Date:2019/09/04
Author:TaiwanResearch.com
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