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• | Largan (3008 TT) Neutral |  |
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• | BenQ Materials (8215 TT) U/G Buy, TP: NT$33 | |
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• | Kinsus (3189 TT) Buy, TP: NT$109 | |
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• | Airtac International (1590 TT) Buy, TP: NT$1,080 | |
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• | TaiDoc (4736 TT) Buy, TP: NT$222 | |
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• | Sinbon (3023 TT) Buy, TP: NT$238 | |
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• | Vanguard (5347 TT) Buy, TP raised to NT$130 | |
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• | Microelectronics Technology (2314 TT): Neutral | |
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• | Marketech (6196 TT) U/G Buy, TP: NT$140 | |
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• | Kaori Heat Treatment (8996 TT) Buy, TP: NT$65 | |
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| Title: | Chicony Power Technology (6412 TT) Buy, TP: NT$84 |
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| Download File: | 6412 TT Chicony Power note 2011112-sinopac.pdf  |
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| Summary: | Maintain Buy, TP of NT$84 (14x 2021F P/E): 1) NB application momentum and server shipment to a new US client will rekindle YoY sales growth in 4Q20F; 2) New graphic card and a CPU launched in 4Q20 will return Chiconyˇ¦s gaming NB applications to growth in 2021F; 3) A low base from this year will create favorable YoY comparisons for server product sales in 2021; 4) Improved product mix and cost structure will help mitigate pressure from TWD appreciation vs. USD and from increased IC cost; 5) Valuation: The stock is trading at ~11-12x 2021F P/E vs. historical range of 10-16x.
Our TP implies an upside from the previous of 24.8% from the NOV 11 close. |
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| Date: | 2020/11/12 |
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| Author: | TaiwanResearch.com |
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Market Commentary