Title Adimmune (4142 TT) Buy, TP: NT$92
  Marketech (6196 TT) D/G Neutral
  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
  Yageo (2327 TT) Buy, TP: NT$476
 
More Titles
Title:Chenbro Micom (8210 TT) Neutral
Download File:8210 TT Chenbro Micom note 200728--sinopac.pdf 
 
Summary:Maintain Neutral: 1) Quarterly sales have peaked for the year; 2) Chinese customers with lower margin will account for increased proportion of total sales in the short and medium terms; 3) New capacity in Taiwan is unlikely to begin trial runs before 4Q21. 4) Valuation: The current P/E of 15x 2021F P/E is unattractive vs. its historical band of 9-15x.
  
Date:2020/07/28
Author:TaiwanResearch.com
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