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• | Advanced Ceramic X (3152 TT) Buy, TP: NT$360 |  |
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• | Makalot (1477 TT) Buy TP: NT$192 | |
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• | Chlitina (4137 TT), Buy, TP: NT$284 | |
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• | Fubon FHC (2881 TT), Buy, TP: NT$52 | |
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• | BizLink (3665 TT), Buy, TP: NT$270 | |
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• | Ennoconn (6414 TT) Buy, TP: NT$260 | |
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• | Chailease Holding (5871 TT), Neutral | |
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• | Grape King (1707 TT), Buy, TP: NT$219 | |
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• | Catcher (2474 TT) Neutral | |
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• | CTBC FHC (2891 TT) Buy, raise TP to NT$25 | |
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| Title: | Advanced Ceramic X (3152 TT) Buy, TP: NT$360 |
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| Download File: | 3152 TT Advanced Ceramic X note 191210--sinopac.pdf  |
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| Summary: | Maintain Buy, TP of NT$360 (30x 2020F P/E): 1) 1Q19-3Q19 was the operational trough; ACX¡¦s earnings will return to YoY growth in 1Q20F amid pull-ins for 5G handsets and increasing networking tenders from China; 2) ACX¡¦s lead in supplying wireless networking solutions for 5GHz that can be further arranged to 5.2GHz and 5.6GHz should fuel sales momentum of its wireless business in 2H20; 3) Valuation of 28x 2020F P/E is attractive. ACX¡¦s P/E peaked at 36x in 2017 before settling into a range of 16-32x due to the operational slowdown in 2018-2019. We believe our 30x P/E will be attained when the company¡¦s growth resumes. |
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| Date: | 2019/12/10 |
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| Author: | TaiwanResearch.com |
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Market Commentary