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:Taiwan Union Technology (6274 TT) Buy, TP: NT$200
Download File:6274 TT TUC note 200806--sinopac.pdf 
Summary:Raise TP to NT$200 (18x 2021F P/E, fully diluted); Maintain Buy: 1) 2Q20 earnings exceeded our expectation by ~7%, probably from product mix; 2) The upgrade to high-frequency and high-speed transmission will continue in the 5G era; 3) TUC has been securing client stickiness by providing customized products; 4) Valuation: We raise our 2020/2021 EPS estimates by 9%/6% to NT$9.14/NT$11.84. TUC is trading at 12.5x 2021F P/E vs. its historical band of 10-20x. We apply our 18x multiple to our new 2021 EPS estimate to get a TP of NT$200 (was NT$160).
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