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Title:Kinsus (3189 TT) Buy, TP: NT$109
Download File:3189 TT Kinsus note 201203--sinopac.pdf 
Summary:Raise TP to NT$109 (20x 2021F P/E); Maintain Buy: 1) We forecast 11%/672% QoQ growth of sales/earnings in 4Q20 as operations return to normal; 2) ABF supply will remain tight through 2021; 3) The fire at Unimicron¡¯s plant will cause BT substrate shortage; 4) Valuation: Considering dual earnings drivers, ABF and BT, we raise 2021F EPS to NT$5.47 and expect the company¡¯s P/E valuation to return to the 16x-20x level seen before 2016.
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