Title Landmark (3081 TT) Buy, TP: NT$385
  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
More Titles
Title:U-Ming Marine Transport (2606 TT) Buy: TP: NT$38.0
Download File:2606 TT U-Ming Marine Transport note 200708--sinopac.pdf 
Summary:Buy, TP of NT$38 (1.2x 2020F P/B): 1) Iron shipment from Brazil tends to peak in the third quarter; we estimate Capsize rates will shoot above last yearˇ¦s high of US$38,000 per day, which will drive Baltic Dry Index (BDI) above last yearˇ¦s high of 2,518; 2) Two chartered very large ore carriers (VLOCs) with long-term contracts will join the companyˇ¦s fleet sequentially in 3Q20 and 4Q20; 3) Valuation: the stock trades at ~1x 2020F P/B, vs. historical range of 0.7x-1.5x.
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