Title ASE Technology Holding (3711 TT) Buy, Raise TP by 7% to NT$88
  Vanguard (5347 TT) Buy, TP: NT$73
  Pegatron (4938 TT) Buy, TP: NT$65.6
  ELAN Microelectronics (2458 TT) Neutral
  Nien Made (8464 TT) U/G Buy, TP: NT$317
  Merida (9914 TT) Buy, TP: NT$200
  Flexium Interconnect (6269 TT) Buy, Raise TP to NT$136
  TCI (8436 TT) Neutral
  Win Semi (3105 TT) Buy, raise TP to NT$381
  Macronix (2337 TT) Buy, TP: NT$38
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Title:ASE Technology Holding (3711 TT) Buy, Raise TP by 7% to NT$88
Download File:3711 TT ASE Holding note 191108--sinopac.pdf 
Summary:Raise TP to NT$88 (1.7x 2020F P/B) from NT$82; Maintain Buy: Growing 5G end applications and wearable devices will prop up demand for system in package (SiP) packaging service, setting the stage for an earnings rebound in 2020. ASEH is attractively valued at 1.5x 2020F P/B, vs. its historical range of 1.4-1.8x since its listing in 2018.
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