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
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Title:Nanya Tech (2408 TT) Buy, raise TP to NT$96
Download File:2408 TT Nanya Tech ESG note 201207--sinopac.pdf 
Summary:Raise TP to NT$96 (1.8x 2021F P/B); Maintain Buy: 1) Positive downstream outlook for consumer products as the pandemic¡¯s impact on consumer sentiment wanes; 2) Better-than-expected DDR3 DRAM pricing; 3) Valuation: NTC¡¯s valuation is admittedly less attractive than it was when we upgraded the stock from Neutral to Buy with a TP of NT$73, but our revised TP still implies an upside of ~9%. We think the valuation gap favoring Micron over NTC will narrow.
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