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• | Richwave Technology (4968 TT) Buy, TP: NT$210 |  |
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• | Wistron Neweb (6285 TT) U/G Buy | |
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• | Delta (2308 TT) Buy, TP: NT$175 | |
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• | Fubon FHC (2881 TT) Neutral | |
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• | Macronix (2337 TT) Buy, TP: NT$38 | |
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• | Bioteque (4107 TT) Buy, TP: NT$161.0 | |
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• | Macauto (9951 TT) Buy, TP: NT$120 | |
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• | Pou Chen (9904 TT) Buy, TP: NT$43 | |
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• | China Development FHC (2883 TT) Buy, TP: NT$12.00 | |
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• | Global PMX (4551 TT) Buy, TP: NT$170 | |
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| Title: | Richwave Technology (4968 TT) Buy, TP: NT$210 |
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| Download File: | 4968 TT Richwave note 190925--sinopac.pdf  |
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| Summary: | Raise TP to NT$210 (24x 2020 P/E); maintain Buy: Shipment of FEMs for networking equipment has been ramping up in 2H19 as Chinese vendors continue to transfer orders away from US companies to Richwave, lacking any comparable options in China. We project EPS will rise to NT$8.73 in 2020 from NT$4.00 in 2019F, fueled by sustained growth in networking products for European/US customers, full-year contribution from newly gained Chinese clients, potential penetration of Huaweiˇ¦s WiFi FEM supply chains, and possible contribution from FM module in Chinaˇ¦s handset market. We expect potential re-rating driven by clear order visibility in its networking business and prospective contribution from the long-anticipated handset-related business starting in 2020F. |
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| Date: | 2019/09/25 |
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| Author: | TaiwanResearch.com |
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Market Commentary