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• | Jourdeness (4190 TT) Buy, TP: NT$122 |  |
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• | Taiwan Paiho (9938 TT, Apparel/Textiles) Buy, TP raised to NT$95 | |
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• | ITEQ (6213 TT) U/G Buy, TP: NT$168 | |
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• | Merida (9914 TT, Bicycles) Buy, TP: NT$350 | |
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• | Accton (2345 TT) Buy, TP: NT$297 | |
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• | TSMC (2330 TT) Buy, TP raised to NT$727 | |
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• | Delta (2308 TT) Buy, TP raised to NT$329 | |
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• | Sercomm (5388 TT) Buy, TP of NT$95 (16x 2021F P/E) | |
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• | Universal Vision Biotechnology (3218 TT) U/G Buy, TP: NT$330 | |
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• | Nanya Tech (2408 TT) Buy, TP raised to NT$116 | |
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| Title: | Jourdeness (4190 TT) Buy, TP: NT$122 |
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| Download File: | 4190 TT Jourdeness note 210120--sinopac.pdf  |
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| Summary: | Maintain Buy, lower TP by 6% to NT$122 (14x 2021F diluted EPS): 1) Looking past the impact poor weather has had on foot traffic at the company¡¯s Spa and aesthetic medicine clinics, we are confident the company can unlock more synergy by cross-selling to its loyal membership base across platforms (e.g., spas and clinics). 2) The company¡¯s momentum resumed in 3Q20 as the COVID-19 headwinds eased, and the low comparison base makes for easier comps this year, especially with a full year of contribution expected from its cosmetic and medical aesthetic business. We lowered our TP from NT$130 after lowering our earnings estimate by 5%. Our TP implies a 39% upside from the JAN 20 close. |
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| Date: | 2021/01/20 |
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| Author: | TaiwanResearch.com |
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Market Commentary