Title Feng Tay (9910 TT) Neutral: Solid operations; lofty P/E
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Title:Feng Tay (9910 TT) Neutral: Solid operations; lofty P/E
Download File:9910 TT Feng Tay note 190716--sinopac.pdf 
Summary:Maintain Neutral: The stock is trading at 24.5x 2019F P/E, toward the upper end of historical range of 15-30x. Be patient and look to enter at 20-22x P/E (NT$187-NT$205).
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