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• | Wiwynn (6669 TT) Buy, raise TP to NT$900 |  |
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• | Merida (9914 TT) Buy, TP: NT$350 | |
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• | Advanced Ceramic X (3152 TT) Buy, TP: NT$510 | |
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• | Asustek (2357 TT) Buy, TP: NT$275 | |
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• | Yeong Guan Energy (1589 TT) Buy, TP: NT$108 | |
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• | ChipMOS Technologies (8150 TT) Buy, TP: NT$37 | |
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• | Accton (2345 TT) Buy, TP: NT$267 | |
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• | Zhen Ding Technology (4958 TT) Buy, TP: NT$143 | |
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• | eMemory (3529 TT) D/G Neutral | |
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• | TCI (8436 TT) D/G Neutral | |
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| Title: | Wiwynn (6669 TT) Buy, raise TP to NT$900 |
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| Download File: | 6669 TT Wiwynn note 201123--sinopac.pdf  |
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| Summary: | Raise TP to NT$900 (16x 2021F new EPS of NT$56.5); Maintain Buy: 1) Resilient GM: 3Q20 GM jumped to 8.6%, exceeding our estimate of 7.6%, as is likely to remain at a high level in 4Q20, supported by an estimated 5-10% decline of DRAM contract price. 2) Positive long-term growth: key customers Facebook and Microsoft will drive long-term growth in the datacenter industry, especially when 5G network coverage reaches its tipping point. We raise our 2021 earnings estimate by 6% for an expected YoY earnings growth of 13%. 3) Projected emergence of AWS as a 3rd sales driver will reduce client concentration risk . 4) Valuation: We raise our EPS forecasts by 8.8%/6.1% to NT$49.5/NT$56.3 for 2020/2021. By applying unchanged P/E multiple of 16x, we increase our TP to NT$900 from NT$850. |
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| Date: | 2020/11/23 |
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| Author: | TaiwanResearch.com |
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Market Commentary