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:Airtac International (1590 TT) Buy, TP: NT$1,080
Download File:1590 TT Airtac note 210108--sinopac.pdf 
Summary:Raise TP by 15% to NT$1,080 (36x 2021F P/E); Maintain Buy: 1) Stronger-than-expected pneumatic component market recovery and the company¡¯s persistent market share gains present a bright outlook for 1H21; 2) AIRTAC¡¯s below par year-end inventory leaves room for UTR to rise in 1H21, a potential OPM driver. 3) Valuation: We set our TP at 36x 2021F P/E, vs. its 3-year historical band of 12-36x, considering our increased 2020/2021 earnings assumptions. Our previous TP was NT$940 (33x 2021F P/E).
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