Title Largan (3008 TT) Buy, Raise TP to NT$5,475
  Makalot (1477 TT) Buy, TP: NT$216
  Mediatek (2454 TT) Buy, raise TP to NT$490
  Global PMX (4551 TT) Buy, raise TP to NT$200
  Elite Material (2383 TT) Buy, raise TP to NT$156
  Pegatron (4938 TT) U/G Buy, TP: NT$65.6
  Micro-Star International (2377 TT) Neutral
  St.Shine (1565 TT) Neutral
  Sercomm (5388 TT) Buy, TP: NT$88
  Richwave Technology (4968 TT) Buy, TP: NT$210
 
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Title:Largan (3008 TT) Buy, Raise TP to NT$5,475
Download File:3008 TT Largan note 191016--sinopac.pdf 
 
Summary:Raise TP by 2.3% to NT$5,475 (22x 2020F P/E); Maintain Buy: Our primary investment thesis is that camera lens upgrading will boost Larganí»s OPM and thus its share price over time. As large aperture and multi-element lens camera design will proliferate following introduction of VR applications into 5G handsets, we project lens count of handsets launched will grow from 6 elements to 7 elements for new handsets in 2H20. In addition, we expect demand for time of flight (ToF) cameras to increase. We have increased our 2020F EPS estimate by ~6% from NT$233.38 to NT$248.95 and our TP by ~2% from NT$5,350 to NT$5,475.
  
Date:2019/10/16
Author:TaiwanResearch.com
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