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:Yeong Guan Energy (1589 TT) Buy, TP: NT$108
Download File:1589 TT YGG note 201118--sinopac.pdf 
 
Summary:Raise TP to NT$108 (1.6x 2021F fully diluted BVPS of NT$66.9) from NT$92 (1.2x undiluted old 2020F BVPS of NT$76.5): 1) In 2020, YGG¡¦s operations have rekindled sequentially starting from 2Q20 with GM climbing to the peak of recent years in 3Q20; 2) In 2021, order inflow for wind energy production facilities will remain buoyant, especially from Chinese clients; we project its wind energy business sales will represent 70% of total sales; 3) The company has speeded up plant constructions in Taichung Port, Taiwan and in Thailand, eyeing the enormous potential of offshore wind energy market. We raise our TP considering the company¡¦s rebounding operations, capability to stay competitive in offshore wind energy market in the long term, and prospective sales contributions from the Taichung Port and Thailand plants once completed.
  
Date:2020/11/18
Author:TaiwanResearch.com
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