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Title:Sinbon (3023 TT) U/G Buy, TP: NT$202
Download File:3023 TT Sinbon note 200805--sinopac.pdf 
Summary:Upgrade to Buy, TP of NT$202 (20x 2021F P/E): 1) Sinbon¡¦s 2Q20 OPM beat and its 3Q20 sales are on track for QoQ growth; 2) Its enhanced e-bike product portfolio could generate sharp growth for the segment in 2021; 3) Its solar power business stands to benefit from a client¡¦s new products and the expanding market. For the industrial applications, Sinbon will get a boost from the US client¡¦s increased investment in automation equipment; 4) Valuation: Sinbon trades at 17-18x 2021F P/E, vs. historical range of 12x-20x. Its ROE on average was 20.5% for the last five years. The company will ride on the updraft of green power and IA industry going forward, and we expect its OPM and ROE will respectively sustain at 12% and 20% or more over for the next few years. Enter now for long-term investment. If the shares pull back in the short term off the recent rise, accumulate more shares on dips.
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