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:Airtac International (1590 TT) Buy, TP: NT$940
Download File:1590 TT Airtac note 201208-sinopac.pdf 
 
Summary:Raise TP by 16% to NT$940 (33x 2021F P/E); Maintain Buy: 1) Seasonal decline in 4Q20 will be shallow given strong short-term demand; 2) Bright 1H21 sales outlook supported by sustained strength in pneumatic component market in China and AIRTAC¡¦s share gains; 3) AIRTAC¡¦s linear guideway sales will see clear growth in 2021 given its capacity expansion, increasingly active sales strategy, and extended scope of product specs. 4) Valuation: The stock historically traded in a range of 12x-36x. Applying our new P/E of 33x to our raised 2021 EPS estimate, we raise our TP to NT$940 from NT$810 (31x old 2021F P/E).
  
Date:2020/12/08
Author:TaiwanResearch.com
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