Title TXC (3042 TT) Buy, TP raised to NT$116
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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.
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