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  Kinsus (3189 TT) Buy, TP: NT$90
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More Titles
Title:ESG Equity Note: Mediatek (2454 TT) Buy, raise TP to NT$950
Download File:2454 TT Mediatek ESG note 200803--sinopac.pdf 
Summary:Raise TP to NT$950 (28x 2021F P/E); Maintain Buy: Our previous TP was NT$920 (28x 2021F P/E). 1) Mediatek¡¯s balanced performance across 3 product lines, geographically diverse clientele, and 4G market share gains have given it resiliency in 2020 despite COVID-19¡¯s profound impact on smartphone sales; 2) We raise our 2021 5G SoC unit shipment estimate for Mediatek to 135mn. Mediatek¡¯s midrange 5G SoC launch in 2H20 will accelerate 5G handset penetration. Along with China¡¯s aggressive 5G push, we reckon 5G models will account for 40% of new handsets sold in China by end 2020 and for ~80% in 2021; 3) Mediatek¡¯s profitability will benefit from the high ASPs and margins of 5G vs. 4G products.
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