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Title:Tong Hsing (6271 TT) Buy, TP: NT$220
Download File:6271 TT Tong Hsing note 201202--sinopac.pdf 
Summary:Maintain Buy, TP adjusted to NT$220 (19x 2021 P/E): We reiterate our Buy rating eyeing prospective revitalization of the ceramic substrate business after a 4-year decline, as well as the companyˇ¦s ongoing product mix optimization driven by spec advances of CIS, its key profit-driven business. We adjust our TP to NT$220, applying our unchanged target P/E of 19x to our new 2021F EPS of NT$11.70 based on new shares after the companyˇ¦s share capital reduction.
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