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Title:Chilisin (2456 TT) U/G Buy, TP: NT$147
Download File:2456 TT Chilisin note 201223--sinopac.pdf 
Summary:Upgrade to Buy, TP at NT$147 (17x 2021F diluted EPS): 1) Capacity of molding chokes (applied in autotronics, consumer electronics, etc., 1/3 of Chilisinˇ¦s overall sales) is fully loaded with capacity expansion slated for 2021. Order visibility for the product lines stands at 4 months; 2) R-chip order visibility is through 1Q21 with inventory at just 35 days and a long lead time; 3) Chilisin has vaulted to become the worldˇ¦s No. 3 inductor maker after its vertical and horizontal integration efforts in recent years. We expect increasing usage of inductors amid the migration to 5G and WiFi 6 technologies, but little volatility in inductor prices. The company is trading at 13x P/E vs. historical range of 8x-20x. We revise our earnings estimate and upgrade the company to Buy eyeing its robust order outlook.
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