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• | Advanced Ceramic X (3152 TT) Buy, TP: NT$510 |  |
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• | Asustek (2357 TT) Buy, TP: NT$275 | |
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• | Yeong Guan Energy (1589 TT) Buy, TP: NT$108 | |
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• | ChipMOS Technologies (8150 TT) Buy, TP: NT$37 | |
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• | Accton (2345 TT) Buy, TP: NT$267 | |
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• | Zhen Ding Technology (4958 TT) Buy, TP: NT$143 | |
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• | eMemory (3529 TT) D/G Neutral | |
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• | TCI (8436 TT) D/G Neutral | |
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• | Chicony Power Technology (6412 TT) Buy, TP: NT$84 | |
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• | TaiDoc (4736 TT) U/G Buy, TP NT$295 | |
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| Title: | Jourdeness (4190 TT) Buy, TP: NT$130 |
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| Download File: | 4190 TT Jourdeness note 201016--sinopac.pdf  |
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| 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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| Date: | 2020/10/16 |
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| Author: | TaiwanResearch.com |
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Market Commentary