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  Giant (9921 TT) Buy, TP: NT$360
  Shin Zu Shing (3376 TT) Buy, TP: NT$180
  TXC (3042 TT) Buy, TP: NT$100
  Kinsus (3189 TT) Buy, TP: NT$90
  Fusheng (6670 TT) Buy, TP: NT$230
  Advanced Ceramic X (3152 TT) Buy, TP: NT$510
  Airtac International (1590 TT) Buy, raise TP to NT$742
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More Titles
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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