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• | Kinsus (3189 TT) Buy, TP: NT$109 |  |
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• | Airtac International (1590 TT) Buy, TP: NT$1,080 | |
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• | TaiDoc (4736 TT) Buy, TP: NT$222 | |
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• | Sinbon (3023 TT) Buy, TP: NT$238 | |
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• | Vanguard (5347 TT) Buy, TP raised to NT$130 | |
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• | Microelectronics Technology (2314 TT): Neutral | |
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• | Marketech (6196 TT) U/G Buy, TP: NT$140 | |
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• | Kaori Heat Treatment (8996 TT) Buy, TP: NT$65 | |
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• | Equity Note: Lotes (3533 TT) Buy, TP: NT$538 | |
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• | Chilisin (2456 TT) U/G Buy, TP: NT$147 | |
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| Title: | Kinsus (3189 TT) Buy, TP: NT$109 |
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| Download File: | 3189 TT Kinsus note 210108--sinopac.pdf  |
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| 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%. |
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| Date: | 2021/01/08 |
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| Author: | TaiwanResearch.com |
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Market Commentary