Title Adimmune (4142 TT) Buy, TP: NT$92
  Marketech (6196 TT) D/G Neutral
  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
  Yageo (2327 TT) Buy, TP: NT$476
More Titles
Title:Largan (3008 TT) Buy, Raise TP to NT$5,475
Download File:3008 TT Largan note 191016--sinopac.pdf 
Summary:Raise TP by 2.3% to NT$5,475 (22x 2020F P/E); Maintain Buy: Our primary investment thesis is that camera lens upgrading will boost Larganí»s OPM and thus its share price over time. As large aperture and multi-element lens camera design will proliferate following introduction of VR applications into 5G handsets, we project lens count of handsets launched will grow from 6 elements to 7 elements for new handsets in 2H20. In addition, we expect demand for time of flight (ToF) cameras to increase. We have increased our 2020F EPS estimate by ~6% from NT$233.38 to NT$248.95 and our TP by ~2% from NT$5,350 to NT$5,475.
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