Title Chlitina (4137 TT) Buy, TP: NT$235
  Largan (3008 TT) Buy, Raise TP to NT$5,475
  Makalot (1477 TT) Buy, TP: NT$216
  Mediatek (2454 TT) Buy, raise TP to NT$490
  Global PMX (4551 TT) Buy, raise TP to NT$200
  Elite Material (2383 TT) Buy, raise TP to NT$156
  Pegatron (4938 TT) U/G Buy, TP: NT$65.6
  Micro-Star International (2377 TT) Neutral
  St.Shine (1565 TT) Neutral
  Sercomm (5388 TT) Buy, TP: NT$88
 
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Title:Chlitina (4137 TT) Buy, TP: NT$235
Download File:4137 TT Chlitina note 191017--sinopac.pdf 
 
Summary:Maintain Buy, TP at NT$284 (15x 2020F P/E): 1) SEP sales reached a YTD high of NT$534mn thanks to its successful promotion strategy for main productions; 2) sales expansion is expected to sustain through 4Q19 on peak seasonality; 3) Chlitina will keep on launching new stores in 2020; 4) The company is trading at 12-13x 2020F P/E toward the low end of its historical band and offers a yield of 6.5% given an average payout ratio of ~80%.
  
Date:2019/10/17
Author:TaiwanResearch.com
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