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  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
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Title:Accton (2345 TT) Buy, TP: NT$267
Download File:2345TT Accton ESG note 201117--sinopac.asd.pdf 
 
Summary:Raise TP to NT$267 (23x 2021F P/E) from NT$258 (23x old 2021F P/E), maintain Buy: 1) We raise our 4Q20 sales and earnings estimates on better demand from data center and ODM customers; 2) We raise our 2021 sales estimate to factor in ramping shipment of 400G switch to a new US e-commerce company in 2Q21; 3) Unit shipment and output value of 400G switches industry-wide will double in 2021F. Accton will leverage its technology advantage to benefit from the 400G industry uptrend, and its 400G product shipment will ramp in 1H21 by our estimate. 4) Valuation: The stock is trading at ~20x 2021F P/E, vs. historical range of 14-24x.
  
Date:2020/11/17
Author:TaiwanResearch.com
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