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• | Chlitina (4137 TT) Buy, TP: NT$235 |  |
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• | Largan (3008 TT) Buy, Raise TP to NT$5,475 | |
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• | Makalot (1477 TT) Buy, TP: NT$216 | |
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• | Mediatek (2454 TT) Buy, raise TP to NT$490 | |
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• | Global PMX (4551 TT) Buy, raise TP to NT$200 | |
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• | Elite Material (2383 TT) Buy, raise TP to NT$156 | |
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• | Pegatron (4938 TT) U/G Buy, TP: NT$65.6 | |
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• | Micro-Star International (2377 TT) Neutral | |
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• | St.Shine (1565 TT) Neutral | |
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• | Sercomm (5388 TT) Buy, TP: NT$88 | |
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| Title: | Chlitina (4137 TT) Buy, TP: NT$235 |
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| Download File: | 4137 TT Chlitina note 191017--sinopac.pdf  |
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| 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%. |
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| Date: | 2019/10/17 |
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| Author: | TaiwanResearch.com |
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Market Commentary