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  Yeong Guan Energy (1589 TT) Buy, TP: NT$108
  ChipMOS Technologies (8150 TT) Buy, TP: NT$37
  Accton (2345 TT) Buy, TP: NT$267
  Zhen Ding Technology (4958 TT) Buy, TP: NT$143
  eMemory (3529 TT) D/G Neutral
  TCI (8436 TT) D/G Neutral
  Chicony Power Technology (6412 TT) Buy, TP: NT$84
  TaiDoc (4736 TT) U/G Buy, TP NT$295
 
More Titles
Title:Wiwynn (6669 TT) Buy, TP: NT$850
Download File:6669 TT Wiwynn note 201023--sinopac.pdf 
 
Summary:Maintain Buy, TP of NT$850 (16x 2021F P/E): 1) SEP sales rebounded to NT$16.81bn (+13.7% MoM, +49.2% YoY). We estimate 4Q20 sales will rise to NT$51.62bn (+9.4% QoQ, +4.2% YoY) on customer¡¯s year-end pull-ins. 2) Facebook and Microsoft continue to drive growth of the datacenter industry. When 5G network coverage reaches its tipping point, 5G will drive up server spending. 3) Wywinn¡¯s customer concentration risk will decrease as AWS¡¯s contribution increases. 3) Valuation: We forecast EPS at NT$45.5/NT$53.10 for 2020/2021. Wiwynn is trading at 16x 2021F P/E now. Our TP implies an upside of 12.8%.
  
Date:2020/10/23
Author:TaiwanResearch.com
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