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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: | Fusheng Precision (6670 TT) Buy, TP: NT$230 |
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| Download File: | 6670 TT Fusheng note 201022--sinopac.pdf  |
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| 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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| Date: | 2020/10/22 |
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| Author: | TaiwanResearch.com |
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Market Commentary