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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
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  eMemory (3529 TT) D/G Neutral
  TCI (8436 TT) D/G Neutral
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  TaiDoc (4736 TT) U/G Buy, TP NT$295
 
More Titles
Title:Powertech (6239 TT) U/G Buy, TP: NT$97
Download File:6239 TT Powertech ESG note 201026--sinopac.pdf 
 
Summary: Upgrade to Buy with TP at NT$97 (1.5x 2021F P/B; 17.6% upside): 1) We assume PTIí»s operations will bottom out in 2H20 given DRAM market recovery and NAND spec upgrade in 2021; 2) PTI is shifting its focus to logic chips, which could help diversify its client base; 3) Valuation: PTI is attractively valued at ~1.3x 2021F P/B at the low end of historical P/B band.
  
Date:2020/10/26
Author:TaiwanResearch.com
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