Title Taiwan Union Technology (6274 TT) Buy, TP: NT$200
  Sinbon (3023 TT) U/G Buy, TP: NT$202
  Parade Technologies (4966 TT): Raise TP to NT$1,473; Maintain Buy
  ESG Note: TXC (3042 TT) Buy: TP: NT$100
  ESG Equity Note: Mediatek (2454 TT) Buy, raise TP to NT$950
  Chenbro Micom (8210 TT) Neutral
  Makalot (1477 TT) U/G Buy, TP: NT$200
  ESG Equity Note: Mediatek (2454 TT) Raise TP to NT$920; Maintain Buy
  Macauto (9951 TT) Buy, TP: NT$90
  ESG Note: Powertech (6239 TT): Downgrade to Neutral
More Titles
Title:Macronix (2337 TT) Neutral
Download File:2337 TT Macronix note 200617--sinopac.pdf 
Summary:Downgrade to Neutral: 1) Sales growth of ROM products will slow down in 2H20 amid more intense competition in the gaming market after Microsoft and Sony release their new game consoles. 2) Shipment of high density NOR flash products will probably be blocked as the US will implement a new ban on Macronix¡¯s major 5G base station client. 3) We lower our 2020 sales, operating profit and net profit estimates by 10%, 22.4%, and 21.4% respectively. We lower our 2020 EPS estimate from NT$3.57 to NT$2.81.
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