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:Wistron NeWeb (6285 TT) Buy, TP: NT$86
Download File:6285 TT Wistron NeWeb ESG note 201218--sinopac.pdf 
 
Summary:Maintain Buy, TP at NT$86 (15x 2021F P/E): 1) 1Q21 low seasonality will be softened by additional orders for WiFi 6/auto products; 2) 2021 sales weighting of 5G mmWave products, (including CPE, small cell applications, and private network applications) will probably rise above 10% thanks to new products debuted by a US client and rising 5G adoption in the US, EU, and Japan markets; 3) Sales from WiFi 6 products (carrying above-par ASP/GM) will sequentially ramp-up in 2021; 4) Momentum for auto business will comes from reviving demand for traditional gasoline vehicles and ramping shipment of EV applications; 5) Strong sales from WiFi 6, auto, and 5G mmWave products will offset the impact of TWD appreciation vs. the USD; 6) Valuation: The stock is trading at 13-14x 2021F P/E, vs. its historical range of 11-16x.
  
Date:2020/12/18
Author:TaiwanResearch.com
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