Title 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
  Chlitina (4137 TT) Buy, TP: NT$235
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Title:Taiwan Hon Chuan (9939 TT) Buy, TP: NT$65
Download File:9939 TT Taiwan Hon Chuan note 1901025--sinopac.pdf 
Summary:Maintain Buy with TP of NT$65 (13x 2020F P/E): 1) 1Q-3Q19 sales/earnings from plants in Southeast Asia impressively beat our estimates, boosted by new capacity and new clients; earnings growth will sustain through 2020 on continuous capacity expansion. 2) Earnings from China plants beat our expectation amid enhanced UTR. 3) HON CHUAN has improved its air pollution control equipment and thus should avoid future fines. 4) The stock is trading at 11X 2020 P/E toward the low end of historical band at 11-16x 2020F P/E.
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