Title Landmark (3081 TT) Buy, TP: NT$385
  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:Merida (9914 TT) Buy, TP: NT$223
Download File:9914 TT Merida note 200701--sinopac.pdf 
Summary:Raise TP to NT$223 (23x 2021F P/E): 1) China¡¯s weighting in Merida Group¡¯s sales has increased due to its largely successful efforts to contain COVID-19 in China; 2) Merida is also seeing solid sales in Europe and the US; rush pull-ins and follow-up/restocking orders in the post lock-down period will drive Merida¡¯s sales growth into 2021; 3) SBC¡¯s earnings contribution to Merida has been persistently rising helped by impressive sales in the end-market; 4) Merida is trading at 19x 2020F P/E. We raise our TP from NT$206 to reflect our upward EPS revision from NT$8.81 to NT$9.66 and the positive global bicycle sales outlook.
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