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More Titles
Title:Taiwan Paiho (9938 TT) Buy, TP: NT$86
Download File:9938 TT Taiwan Paiho note 201019--sinopac.pdf 
Summary:Maintain Buy, TP at NT$86 (16x 2021F core business EPS): 1) Order flow will recover sequentially in 4Q20/2021F. Nikeˇ¦s guidance for a conspicuous sales uptick in 1H21 sales and branded clientsˇ¦ ongoing product development are two of the reasons for our optimism. 2) Loss from warp knitted jacquard fabrics segment shall narrow along with expanding sales scale; 3) Valuation: We think our TP is achievable given the positive order outlook and the companyˇ¦s ongoing product innovation.
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