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Title:Fusheng Precision (6670 TT) Buy, TP: NT$230
Download File:6670 TT Fusheng note 201022--sinopac.pdf 
Summary:Maintain Buy, TP of NT$230 (12.5x 2021F P/E): 1) We forecast a sales growth of 55-60% QoQ in 4Q20 (peak season), following 22% QoQ growth in 3Q20 (actual). 2) We estimate Minson will add ~NT$0.7-0.9 to FushengĄ¯s EPS per annum and let Fusheng grow along with clients who are widening their own product scope. MinsonĄ¯s production sites in Thailand will provide added flexibility for Fusheng . 3) Valuation: Fusheng is trading at ~10x 2021F P/E. Our TP offers an upside of 28.5%.
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