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Title:Sinbon (3023 TT) Buy, TP: NT$238
Download File:3023 TT Sinbon note 210104--sinopac.pdf 
Summary:Raise TP by 5% to NT$238 (23x 2021F EPS); Maintain Buy: 1) We raise our 4Q20 sales estimate by 3%; 2) Earnings will rebound to NT$546mn (+9.8% QoQ, +21.9% YoY) in 1Q21; 3) We project a double-digit growth pace for both sales and earnings in 2020 and 2021; 4) Valuation: Sinbon is trading at 21x 2021F P/E vs. its historical range of 12-21x. After raising our target P/E from 22x to 23x and raising our 2021F EPS by 2.5%, we reset our TP at NT$238 (TP was NT$226, 22x old 2021F EPS) in recognition of a) the company¡¯s ESG efforts, which have contributed to the company¡¯s outstanding ROE of 22% in 2019 and 24% in 2020F and will attract ESG investors, and b) contribution from new clients, a long-term driver to fuel sturdy sales growth. Our TP implies a 10% upside vs. the year-end 2020 close price.
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