Title Macronix (2337 TT) Buy, TP: NT$38
  Taiwan Hon Chuan (9939 TT) Buy, TP: NT$65
  Cleanaway (8422 TT) U/G Buy, TP: NT$180
  Taiwan Paiho (9938 TT) Buy, TP: NT$100
  China Development FHC (TT) Buy, TP: NT$12
  Delta (2308 TT) Buy, TP: NT$162
  TSMC (2330 TT) Buy, raise TP to NT$320
  Chilisin (2456 TT) Buy, TP: NT$93
  Tong Yang Industry (1319 TT) Buy, TP: NT$55
  Powertech Technology (6239 TT) Buy, TP: NT$98
 
More Titles
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.
  
Date:2019/11/01
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.