Title Hiwin (2049 TT) Buy, raise TP to NT$460
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Title:Hiwin (2049 TT) Buy, raise TP to NT$460
Download File:2049 TT Hiwin note 210202--sinopac.pdf 
Summary:Raise TP by 12% to NT$460 (40x 2021F EPS); Maintain Buy: 1) Order recovery with clear visibility; gradual workforce additions; 2) Benefit from DEC prices hikes to be felt throughout 1H21; 3) Hiwin expects order inflow from China to remain strong and for sequential recovery in European economies in 2021; 3) GM upside should come from sales growth, improving utilization, and ASP expansion; 4) Valuation: Hiwin is trading at 35x 2021F EPS vs. the 5-year average P/E range of 38-42x. We set our TP at 40x our new 2021F EPS of NT$11.40 (was NT$10.05) with the onset of the industry upcycle. Our previous TP was NT$410 (40x our old 2021F EPS).
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