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: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.
  
Date:2019/10/17
Author:TaiwanResearch.com
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