Title Advanced Ceramic X (3152 TT) Buy, TP: NT$360
  Micro-Star International (2377 TT) Buy, TP: NT$97
  Makalot (1477 TT) Buy TP: NT$192
  Chlitina (4137 TT), Buy, TP: NT$284
  Fubon FHC (2881 TT), Buy, TP: NT$52
  BizLink (3665 TT), Buy, TP: NT$270
  Ennoconn (6414 TT) Buy, TP: NT$260
  Chailease Holding (5871 TT), Neutral
  Grape King (1707 TT), Buy, TP: NT$219
  Catcher (2474 TT) Neutral
 
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Title:Mediatek (2454 TT) Buy, raise TP to NT$490
Download File:2454 TT Mediatek note 191007--sinopac.pdf 
 
Summary:Maintain Buy, raise TP to NT$490 (25x 2020 P/E): Sales were evenly distributed amid the company・s 3 major product lines, and all three segments・ ASPs and GMs expanded. Better product mix (higher weighting of growth stage products) will benefit the company・s operating profitability. Mediatek・s 5G SoC development is on schedule and should pave the way for its smooth transition into the 5G era in 2020 and let it capture demand tied to the coming 5G-driven handset replacement cycle. Chinese vendors・ :de-Americanization; of their supply chains will also help handset SoC shipment and stabilize its market share. We raised our target P/E multiple from 22x to 25x and our TP from NT$366 (22x 2020 P/E) to NT$490 (25x 2020 P/E) as we believe Mediatek・s smooth transition into the 5G era will spark a re-rating.
  
Date:2019/10/07
Author:TaiwanResearch.com
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