Title TTY Biopharm (4105 TT) U/G Buy, TP: NT$76
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Title:TTY Biopharm (4105 TT) U/G Buy, TP: NT$76
Download File:4105 TT TTY Biopharm note 200930--sinopac.pdf 
Summary:Upgrade to Buy, TP of NT$76 (17x 2021F P/E): 1) We assume sales growth will resume in 4Q20F from shipment of vaccine products distributed for a global partner and from recognition of licensing fees 2) We project a double-digit sales growth for 2021 driven by the robust market share and constant new product launches of its oncology business (TTY oncology business unit, TOT); 3) Valuation: the stock is trading attractively at <15x 2021F P/E and has an implied cash dividend yield of 5.4%, based on the typical payout ratio of 80% and our EPS estimate of NT$4.46 for 2021.
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