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:ChipMOS Technologies (8150 TT) Buy, TP: NT$37
Download File:8150 TT ChipMOS equity note 201117--sinopac.pdf 
Summary:Maintain Buy, TP of NT$37 (1.2x 2021F P/B): 1) ChipMOS is seeing rekindled demand for driver IC packaging/testing driven by debut of new handset models and sustained WFH trend; 2) Long-term trend toward higher panel resolution will lift driver IC packaging/testing volume; TDDI/OLED testing demand will also expand concomitant with rising penetration of the two products; 3) Valuation: ChipMOS is valued at ~1.1x P/B in the middle of its recent year range of 0.8x-1.4x. We set our TP at 1.2x eyeing the long-term OLED/TDDI trends.
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