Title Hon Hai (2317 TT): Buy, raise TP to NT$145
  Evergreen Marine (2603 TT) Buy, raise TP to NT$52
  6761 TT AES: Initiate at Buy, TP: NT$434.00
  Chailease (5871 TT) Buy, TP: NT$200
  Tung Ho Steel (2006 TT) Buy, raise TP to NT$51.00
  Visual Photonics Epitaxy (2455 TT) Buy, Raise TP to NT$140
  Uni-President Enterprises (1216 TT, Food) Buy, TP: NT$84
  Cathay FHC (2882 TT) Buy, raise TP to NT$52.00
  Hiwin (2049 TT) Buy, TP: NT$402
  MSI (2377 TT) U/G Buy, TP: NT$200
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Title:Hon Hai (2317 TT): Buy, raise TP to NT$145
Download File:2317 TT Hon Hai note 210407--sinopac.pdf 
Summary:Raise TP to NT$145 (15x 2021F EPS of NT$9.68); Maintain Buy: 1) Stable handset business and growth momentum in server/component products are positive for the firmí»s digital transformation; 2) The MIH alliance is growing with the active participation of domestic and overseas suppliers. Hon Hai has formed strategic alliance and JVs with multiple industry leaders to aid its expansion in the EV market; 3) The positive EV industry outlook and room for GM expansion will, we reckon, sight and a clear growth outlook for the EV industry ahead, are the seeds for a re-rating.
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