Title ESG Equity Note: Powertech (6239 TT) Buy, TP: NT$117
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Title:ESG Equity Note: Powertech (6239 TT) Buy, TP: NT$117
Download File:6239 TT Powertech ESG note 200609--sinopac.pdf 
Summary:Maintain Buy, TP of NT$117 (1.9x 2020F P/B): 1) Sales growth will come from a) increasing demand for back-end packaging and testing amid customers¡¯ capacity expansions, b) cellphone¡¯s increased memory storage capacity, and c) increased layer count of NAND Flash products; 2) Valuation: Powertech is trading at ~1.7x P/B. Although this is in the upper part of its recent range of 1-2x, we see additional upside to 1.9x as its clients have better growth potential than the industry average.
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