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• | Hiwin (2049 TT) Buy, raise TP to NT$460 |  |
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• | UMC (2303 TT) Buy, Raise TP to NT$67 | |
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• | Mediatek (2454 TT) Buy, raise TP to NT$1,237 | |
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• | Wistron (3231 TT) Buy, raise TP to NT$38 | |
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• | BizLink (3665 TT) Buy, Raise TP to NT$369 | |
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• | Oriental Union Chemical (1710 TT) U/G Buy, TP: NT$20.9 | |
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• | Universal Microwave Technology (3491 TT) D/G Neutral | |
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• | Sunny Friend (8341 TT) Neutral | |
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• | Wiwynn (6669 TT) Buy, TP: NT$900 | |
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• | Topkey (4536 TT) Buy, TP: NT$210 | |
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| Title: | Hiwin (2049 TT) Buy, raise TP to NT$460 |
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| Download File: | 2049 TT Hiwin note 210202--sinopac.pdf  |
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| 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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| Date: | 2021/02/02 |
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| Author: | TaiwanResearch.com |
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Market Commentary