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Title: Jourdeness (4190 TT) Buy, TP: NT$130
Download File:4190 TT Jourdeness note 201016--sinopac.pdf 
Summary:Maintain Buy, TP of NT$130 (14x 2021F diluted EPS): 1) Lofty SEP sales met our expectation as the number of beauty spa visits rebounded to the pre-pandemic level and new products were well received by customers; 2) Arrival of peak season and contribution from the new aesthetic medicine business in Taiwan shall help revive YoY sales/earnings, likely propelling them to record levels; 3) Reenergized growth in cosmetic dermatology business and full-year contribution by aesthetic medicine business in Taiwan and China will spur a sales/earnings jump in 2021F; 4) The stock is attractively valued at ~8x-9x P/E.
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