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• | Largan (3008 TT) Buy, Raise TP to NT$5,475 |  |
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• | Makalot (1477 TT) Buy, TP: NT$216 | |
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• | Mediatek (2454 TT) Buy, raise TP to NT$490 | |
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• | Global PMX (4551 TT) Buy, raise TP to NT$200 | |
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• | Elite Material (2383 TT) Buy, raise TP to NT$156 | |
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• | Pegatron (4938 TT) U/G Buy, TP: NT$65.6 | |
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• | Micro-Star International (2377 TT) Neutral | |
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• | St.Shine (1565 TT) Neutral | |
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• | Sercomm (5388 TT) Buy, TP: NT$88 | |
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• | Richwave Technology (4968 TT) Buy, TP: NT$210 | |
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| Title: | Largan (3008 TT) Buy, Raise TP to NT$5,475 |
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| Download File: | 3008 TT Largan note 191016--sinopac.pdf  |
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| 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 Largan¡¯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. |
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| Date: | 2019/10/16 |
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| Author: | TaiwanResearch.com |
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Market Commentary