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:Makalot (1477 TT) U/G Buy, TP: NT$200
Download File:1477 TT Makalot note 200728--sinopac.pdf 
Summary:Upgrade to Buy, TP at NT$200 (22x 2021F P/E): We revise up our 2020F EPS by 17% to NT$8.57 and project 2021F EPS at NT$9.09 now that 1) exports of high-GM anti-pandemic products (protective clothing and masks) have begun; 2) demand for home/casual wear and mass-market sportwear prompted existing apparel clients to begin placing follow-up orders starting in 3Q20; 3) reconstruction of the plant in northern Vietnam has been completed and worker recruitment there has been smooth. Our outlook assumes the COVID-19 pandemic will gradually ease over our forecast period.
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