Title Chicony Power Technology (6412 TT) Buy, TP: NT$84
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Title:Chicony Power Technology (6412 TT) Buy, TP: NT$84
Download File:6412 TT Chicony Power note 2011112-sinopac.pdf 
Summary:Maintain Buy, TP of NT$84 (14x 2021F P/E): 1) NB application momentum and server shipment to a new US client will rekindle YoY sales growth in 4Q20F; 2) New graphic card and a CPU launched in 4Q20 will return Chiconyˇ¦s gaming NB applications to growth in 2021F; 3) A low base from this year will create favorable YoY comparisons for server product sales in 2021; 4) Improved product mix and cost structure will help mitigate pressure from TWD appreciation vs. USD and from increased IC cost; 5) Valuation: The stock is trading at ~11-12x 2021F P/E vs. historical range of 10-16x. Our TP implies an upside from the previous of 24.8% from the NOV 11 close.
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