Title Tong Hsing (6271 TT) Buy, TP raised to NT$258
  Macronix (2337 TT) Neutral
  Win Semiconductor (3105 TT) Neutral
  Landmark (3081 TT) Buy, TP: NT$352
  Powertech Technology Inc. (6239 TT) Buy, raise TP to NT$115
  Parade Technologies (4966 TT) Buy, raise TP to NT$1,573
  Novatek (3034 TT, IC Design) Buy, Raise TP to NT$516
  Vanguard (5347 TT) Buy, TP: NT$132
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Title:Tong Hsing (6271 TT) Buy, TP raised to NT$258
Download File:6271 TT Tong Hsing note 210223--sinopac.pdf 
Summary:Raise TP by 17% to NT$258 (19x 2021F EPS); Maintain Buy: We raise our 2021 EPS estimate by 16% from NT$11.70 to NT$13.62 and our TP by 17% given the better-than-expected RW ASP in 4Q20, resumed ceramic component business growth from a 4-year decline, and persistent CIS product portfolio enhancement thanks to spec upgrades. Our TP implies an 11% upside vs. the FEB 22 close.
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