Title Kinsus (3189 TT) Buy, TP: NT$109
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Title:Kinsus (3189 TT) Buy, TP: NT$109
Download File:3189 TT Kinsus note 210108--sinopac.pdf 
 
Summary:Maintain Buy, TP of NT$109 (20x 2021F P/E): 1) 1Q seasonality will be tame this year (4% QoQ sales decline for 1Q21F); 2) ABF supply will remain throughout 2021F; 3) BT substrate prices will gain traction in 2021F amid FC CSP supply shortage caused by the fire at Unimicron¡¯s plant; 4) Valuation: Given dual earnings drivers (ABF and BT), we assume Kinsus¡¯s P/E valuation will return to the 16x-20x level seen before 2016. Our TP, set at 20x, implies a share price upside of 26%.
  
Date:2021/01/08
Author:TaiwanResearch.com
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