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:Fusheng Precision (6670 TT) Buy, lower TP to NT$213
Download File:6670 TT Fusheng note 201214--sinopac.pdf 
 
Summary:Maintain Buy; reduce TP by 7% to NT$213 (12.5x 2021F P/E): 1) DEC sales look promising on strong pull-in; 2) We forecast a sales spike of 35-40% YoY in 2021 given ongoing follow-up orders from a brand customer (with low inventory level and positive 2021 outlook) and contribution from newly acquired Minson; 3) We estimate Minson will add ~NT$0.7-0.9 to FushengĄ¯s EPS per annum and let Fusheng grow along with clients who are widening their own product scope. MinsonĄ¯s production sites in Thailand will provide added flexibility for Fusheng. 3) We lower our TP from NT$230 to NT$213 after lowering our 2021F EPS from NT$18.47 to NT$17.06.
  
Date:2020/12/14
Author:TaiwanResearch.com
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