Title Tong Hsing (6271 TT) Buy: TP: NT$253
  Airtac International (1590 TT) Buy, TP; NT$1,382
  China Development FHC (2883 TT) Buy, TP: NT$12.00
  Fitipower (4961 TT) Neutral
  Lotes (3533 TT) Buy, raise TP to NT$583
  Asustek (2357 TT) Buy, TP: NT$410
  Advanced Ceramic X (3152 TT) Buy, Raise TP to NT$650
  Quang Viet Enterprise (4438 TT), UG Buy, TP of NT$136
  Eclat (1476 TT), Buy, TP of NT$487
  Marketech (6196 TT) Buy, Lower TP to NT$133
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Title:Tong Hsing (6271 TT) Buy: TP: NT$253
Download File:6271 TT Tong Hsing note 210324--sinopac.pdf 
Summary:Maintain Buy, lower TP by 2% to NT$253 (19x 2021F EPS): 1) Driven by the auto market recovery, THEILí»s ceramic component business will return to growth this year after a 4-year decline; 2) Enhanced by spec upgrades and penetration of automotive electronics, THEILí»s CIS product portfolio will improve; 3) Valuation: After lowering our 2021 EPS estimate from NT$13.62 to NT$13.31 to reflect our diminished 1Q21 assumptions, we trim our TP from NT$258 to NT$253. Our TP offers an upside of 27% from the MAR 23 close.
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