Title Largan (3008 TT) Neutral
  BenQ Materials (8215 TT) U/G Buy, TP: NT$33
  Kinsus (3189 TT) Buy, TP: NT$109
  Airtac International (1590 TT) Buy, TP: NT$1,080
  TaiDoc (4736 TT) Buy, TP: NT$222
  Sinbon (3023 TT) Buy, TP: NT$238
  Vanguard (5347 TT) Buy, TP raised to NT$130
  Microelectronics Technology (2314 TT): Neutral
  Marketech (6196 TT) U/G Buy, TP: NT$140
  Kaori Heat Treatment (8996 TT) Buy, TP: NT$65
 
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Title:TaiDoc (4736 TT) U/G Buy, TP NT$295
Download File:4736 TT TaiDoc note 201112--sinopac.pdf 
 
Summary:Upgrade to Buy, TP of NT$295 (13x 2021F P/E): 1) Overseas shipment of rapid antigen test will usher in a growth cycle starting from DEC; momentum will sustain even when a COVID-19 vaccine is released, as border re-openings will take place before the vaccine becomes widely available; 2) Assuming ASP of US$6-10 per test kit, a monthly sales volume of 1mn test kits will bring in sales of around NT$200mn a month, which will represent 35-45% of its current monthly sales, implying a significant contribution. 3) Valuation: the stock is attractively trading at 9x our new 2021F EPS of NT$22.91.
  
Date:2020/11/12
Author:TaiwanResearch.com
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