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• | ESG Equity Note: Powertech (6239 TT) Buy, TP: NT$117 |  |
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• | Equity Note: Kinsus (3189 TT) Buy, TP: NT$62 | |
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• | KMC (5306 TT) Buy, TP: NT$140 | |
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• | Jinan Acetate Chemical (4763 TT) Buy, TP: NT$157 | |
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• | ESG Equity Note: Taiwan Cement (1101 TT) Buy, TP: NT$48 | |
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• | Equity Note: Tong Yang (1319 TT) Buy, TP: NT$41 | |
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• | China Life (2823 TT) Buy, TP: NT$23 | |
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• | ESG Equity Note: Cathay FHC (2882 TT) Buy, TP: NT$43 | |
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• | ESG Equity Note: Hon Hai (2317 TT) Buy, TP: NT$102 | |
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• | TCI (8436 TT) Buy, TP: NT$292 | |
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| Title: | ESG Equity Note: Powertech (6239 TT) Buy, TP: NT$117 |
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| Download File: | 6239 TT Powertech ESG note 200609--sinopac.pdf  |
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| 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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| Date: | 2020/06/09 |
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| Author: | TaiwanResearch.com |
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Market Commentary