Title TCI (8436 TT) Buy, TP: NT$335
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Title:TCI (8436 TT) Buy, TP: NT$335
Download File:8436 TT TCI note 200619--sinopac.pdf 
Summary:Raise TP to NT$335 (18x 2021 P/E); Maintain Buy: 1) Order flows from China and Europe are improving; 2) Sales in 3Q20F will outperform TCI¡¯s previous sales guidance; 3) Sales in 2021F will increase by 20% YoY thanks to long-term orders from overseas international brand clients, and stabilizing sales in the China market; 4) Valuation: After advancing our P/E basis forward to 2021 to capture the positive operational outlook for next year, we raise our TP from NT$292 (18x 2020F P/E).
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