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  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
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More Titles
Title:Macauto (9951 TT) Buy, TP: NT$90
Download File:9951 TT Macauto note 200724--sinopac.pdf 
 
Summary:Buy, TP of NT$90 (13x 2021F P/E): 1) Macauto¡¯s sales will increase sequentially starting from 3Q20 as auto sales in China have gained strength and the EU and US are reopening in stages; 2) Macauto¡¯s factory in Mexico ceased production in 2Q20 due to the pandemic, but Macauto¡¯s monthly sales overall in JUN recovered to the NT$30mn level, and new projects in 2021 will fill more capacity at the plant in 2021; 3) Valuation: Macauto is trading with a P/E of 10.5x 2021F P/E, vs. 8-18x in recent years.
  
Date:2020/07/24
Author:TaiwanResearch.com
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