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Title:Global PMX (4551 TT) Buy, raise TP to NT$200
Download File:4551 TT Global PMX note 191004--sinopac.pdf 
Summary:Raise TP from NT$170 to NT$200 (18x 2020F P/E); Maintain Buy: 1) Sixxon acquisition will help Global PMX enter Tesla¡¯s supply chain and generate synergies in product development; 2) New product shipment of high pressure pump (HPP) body using gasoline direct injection (GDI) technology beginning in 2H19 will bolster GM and fuel Global PMX¡¯s operational momentum; we raised our 2020 estimates accordingly; 3) Valuation: The stock is trading at 14x 2020F P/E, toward the low end of its historical range of 11-20x. We raise our TP from NT$170 to NT$200 (18x 2020F P/E) to reflect our new 2020 EPS estimate and expectable synergy from the acquisition of Sixxon.
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