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: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%.
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