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More Titles
Title:TaiDoc (4736 TT) Buy, TP: NT$222
Download File:4736 TT TaiDoc note 210107--sinopac.pdf 
 
Summary:Maintain Buy, lower TP by 25% to NT$222 (13x 2021F P/E): 1) Taidoc resolved a bottleneck in the production of its COVID-19 rapid antigen tests, paving the way for unfettered sales of the tests now that COVID-19 cases have spiked again globally. 2) Valuation: the stock is trading at 10-11x our revised 2021F EPS of NT$17.09. We believe the previous bottleneck issue was factored into the share price during the DEC decline, and the attractive dividend yield of ~6% (70% payout ratio) offer downside protection. Our TP implies an upside of 21%.
  
Date:2021/01/07
Author:TaiwanResearch.com
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