Title Delta (2308 TT) Buy, TP raised to NT$329
  Sercomm (5388 TT) Buy, TP of NT$95 (16x 2021F P/E)
  Universal Vision Biotechnology (3218 TT) U/G Buy, TP: NT$330
  Nanya Tech (2408 TT) Buy, TP raised to NT$116
  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
 
More Titles
Title:Shin Zu Shing (3376 TT) Buy, TP: NT$180
Download File:3376 TT Shin Zu Shing note 201203--sinopac.pdf 
 
Summary:Maintain Buy, TP unchanged at NT$180 (16x 2021F P/E): 1) Bright outlook for US client's wireless earphone sales in 2021; SZS is the main hinge supplier for the US clientˇ¦s earphone charger hinges (wired/wireless/high-end wireless versions; 2) Improving product mix; we estimate SZSˇ¦s sales weighting of high-end charging case hinges will grow to 21.4% and 23.2% of total sales in 2020 and 2021 while total sales from its earphone business overall will surge to NT$4.56bn (+84.5% YoY) and NT$6.27bn (+34.6% YoY) in 2020F and 2021F respectively; 3) Ample projects in hand and the ability to fund capex for them thanks to recent capital increases; 4) Valuation: The stock is trading at 13x 2021F P/E. Our TP implies a 23% upside.
  
Date:2020/12/03
Author:TaiwanResearch.com
Register online at Become Member to receive Taiwan research services. For more information, contact TaiwanResearch.com. Tel (8862) 2316-5181
©2001, 2000, 1999 SinoPac All rights reserved. Additional copyright information applies.