Title TXC (3042 TT) Buy, TP raised to NT$116
  Elite Material (2383 TT) Buy, TP: NT$206
  HIM International Music (8446 TT) Buy, raise TP to NT$145
  Chlitina (4137 TT) U/G Buy, TP: NT$256
  Gold Circuit Electronics (2368 TT) Buy, TP: NT$71.00
  Momo.com (8454 TT) Buy, TP: NT$962
  Zilltek Technology (6679 TT) U/G Buy, TP: NT$321
  Delta (2308 TT) Buy, Raise TP to NT$355
  Chicony Electronics (2385 TT) Neutral
  Flexium (6269 TT, PCB) Buy, Raise TP to NT$163
 
More Titles
Title:TXC (3042 TT) Buy, TP raised to NT$116
Download File:3042 TT TXC note 210312--sinopac.pdf 
 
Summary:Raise TP to NT$116 (16x 2021F EPS); Maintain Buy: 1) We raise our 1Q21 sales and earnings estimates as the supply shortage of miniaturized and high-frequency products is positive for TXCs capacity utilization; 2) Supply of crystal components will remain tight in 2021F on rising penetration of 5G handsets and WiFi 6 products, which should support TXCs ASPs and potentially propel its earnings to a fresh high. 3) With Japanese competitors shifting to high-end automotive and industrial applications and not unveiling any capacity expansion plans, we expect a better industry structure without pricing pressure; 4) Raise TP after applying the same P/E multiple to our new 2021 net profit estimate (raised by 15%). Our TP has an upside of 16% from the MAR 12 closing price.
  
Date:2021/03/12
Author:TaiwanResearch.com
Register online at Become Member to receive Taiwan research services. For more information, contact TaiwanResearch.com. Tel (8862) 2316-5181
©2001, 2000, 1999 SinoPac All rights reserved. Additional copyright information applies.