Title Macronix (2337 TT) Neutral
  Win Semiconductor (3105 TT) Neutral
  Landmark (3081 TT) Buy, TP: NT$352
  Powertech Technology Inc. (6239 TT) Buy, raise TP to NT$115
  Parade Technologies (4966 TT) Buy, raise TP to NT$1,573
  Novatek (3034 TT, IC Design) Buy, Raise TP to NT$516
  Vanguard (5347 TT) Buy, TP: NT$132
  Realtek (2379 TT) Buy, raise TP to NT$535
  Airtac International (1590 TT) Buy, Raise TP to NT$1,382
  Hiwin (2049 TT) Buy, raise TP to NT$460
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%.
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