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More Titles
Title:Universal Vision Biotechnology (3218 TT) U/G Buy, TP: NT$330
Download File:3218 TT Universal note 210113--sinopac.pdf 
Summary:Upgrade to Buy, TP of NT$330 (28x 2022F P/E): 1) 4Q20 sales came in at NT$574mn (-4.3% QoQ, +48.6% YoY) and we project a 30-60% YoY growth for 1H21, with steady growth in Taiwan and double digit % sales growth in China. 2) Universal has the resources and scale to maintain its leadership in technology and services in the rapidly evolving eyecare industry. 3) Valuation: Universal is trading at 27.2x/21.4x 2021F/2022F P/E. We upgrade the stock to Buy with a TP of NT$330 (28x 2022F P/E), implying an upside of 30.43%.
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