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Title:Sinbon (3023 TT) Buy, TP: NT$226
Download File:3023 TT Sinbon note 201020--sinopac.pdf 
Summary:Raise TP by 12% to NT$226 (22x 2021F P/E); Maintain Buy: 1) Sales growth will accelerate in 4Q20F on strong demand for e-bike applications. We expect sales of such products to double in 2021. 2) Improved 2021 sales outlook for green energy and industrial applications prompted us to raise our 2021 earnings estimate. 3) Valuation: The stock is trading at 18x 2021F P/E, vs. the historical range of 12-20x. We set our P/E at 22x in recognition of the companyˇ¦s ESG efforts, which have contributed to the companyˇ¦s outstanding ROE of 22% in 2019 and 24% in 2020F and will attract ESG investors. Our previous TP was NT$202 (20x 2021F P/E).
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