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: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.
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