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:Powertech Technology (6239 TT) Buy, TP: NT$98
Download File:6239 TT powertech note 191017--sinopac.pdf 
Summary:Raise TP by 8% to NT$98 (1.7x 2020F P/B); Maintain Buy: We raised our target P/B multiple from 1.6x to 1.7x and our TP from NT$91 to NT$98 and maintained our Buy rating because 1) PTI¡¦s UTR has benefitted from a client¡¦s shift toward 96-layer structure starting in 3Q19; 2) A Japanese client is expected to increase demand for 96-layer structure in 2020; 3) Memory chip clients are aggressively looking for new capacity; 4) PTI is trading at 1.5x 2020F P/B, the middle of its recent range of 1-2x.
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