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
More Titles
Title:eMemory (3529 TT) D/G Neutral
Download File:3529 TT eMemory note 201113--sinopac.pdf 
Summary:Downgrade to Neutral: We believe the current P/E of 45x 2021F P/E already reflects the following positives: 1) A US client¡¯s demand for PMICs will boost revenue tied to 8¡± wafer shipment, and 12¡± project revenue will be fueled by applications in OLED DDI and ISP of a South Korean client, and rising shipment from clients migrating to 28nm process. 2) Physical Unclonable Function (PUF) has been adopted by ARM and a China telecom equipment giant in their IoT platforms, and we think more clients will adopt NeoPUF given increasing awareness of information security, underpinning our view that NeoPUF will become a new growth driver in the next 2-3 years. All else being equal, buy if the P/E pulls back to 35~40x.
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