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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: | Sercomm (5388 TT) Buy, TP: NT$93 |
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| Download File: | 5388 TT Sercomm ESG note 201020--sinopac.pdf  |
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| Summary: | Maintain Buy, TP of NT$93 (16x 2021F P/E): 1) Ample drivers for 2021, including a full-year¡¯s contribution from the new US cable client, rapid growth in small cell sales (low YoY base and new US and India clients), and demand from the WiFi 6 uptrend; 2) Valuation: The company is trading at 13-14x 2021 P/E vs. historical P/E of 9-16x. We think 16x is achievable considering potential 5G small cell benefits in 2021 and upward trending WiFi 6 demand. |
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| Date: | 2020/10/20 |
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| Author: | TaiwanResearch.com |
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Market Commentary