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:Zhen Ding Technology (4958 TT) Buy, TP: NT$143
Download File:4958 TT Zhen Ding Technology note 201116--sinopac.pdf 
Summary:Maintain Buy, TP adjusted to NT$143 (14x 2021F P/E): 1) 4Q20 sales are on track to set new highs amid handset stocking peak seasonality; 2) Handset volume shipment globally has returned to growth in 2H20; 3) ZDT is diversifying in rigid PCB business to tap into the automotive radar market and to explore 5G business opportunities in markets such as base station, server, and IC substrates; 4) We adjust our TP from NT$156 (14x old 2021F P/E) to NT$143 (14x new 2021F P/E) to reflect the EPS revision.
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