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:Chlitina (4137 TT) Buy, TP: NT$235
Download File:4137 TT Chlitina note 191017--sinopac.pdf 
 
Summary:Maintain Buy, TP at NT$284 (15x 2020F P/E): 1) SEP sales reached a YTD high of NT$534mn thanks to its successful promotion strategy for main productions; 2) sales expansion is expected to sustain through 4Q19 on peak seasonality; 3) Chlitina will keep on launching new stores in 2020; 4) The company is trading at 12-13x 2020F P/E toward the low end of its historical band and offers a yield of 6.5% given an average payout ratio of ~80%.
  
Date:2019/10/17
Author:TaiwanResearch.com
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