Title Macronix (2337 TT) Buy, TP: NT$38
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Title:Macronix (2337 TT) Buy, TP: NT$38
Download File:2337 TT Macronix note 191101--sinopac.pdf 
Summary:Maintain Buy with TP of NT$38 (2x 2020F P/B): 1) ROM inventory has been gradually digested on higher demand from Nintendo after Nintendo widened its distribution channel. 2) 2020 operations benefitted from rebounded NAND/NOR flash prices. 3) The stock is trading at 1.8x, vs, historical range of 1.3-5.3x. We think the company¡¯s valuation can ascend to 1.5-2.4x amid rising flash prices, for a valuation similar to what we saw in 1H17 when increased demand from data centers incrementally boosted SLC NAND prices.
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