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:Sercomm (5388 TT) Buy, TP of NT$95 (16x 2021F P/E)
Download File:5388 TT Sercomm note 210113--sinopac.pdf 
 
Summary:Maintain Buy, TP of NT$95 (16x 2021F P/E): 1) Sercomm is primed for powerful YoY sales/earnings growth of 39%/247% in 1Q21F; 2) We raised Sercommí»s 2021 Home Gateway sales by 10% given a larger-than-expected order allocation from a new US client; 3) Demand for 5G small cells and CPE from a Japan telecom client will be stronger than our previous projection in 2021; 4) Sercomm is trading at 13-14x 2021F P/E, vs. historical band of 9-16x. We maintain our target P/E of 16x.
  
Date:2021/01/13
Author:TaiwanResearch.com
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