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• | Realtek (2379 TT) Buy, TP: NT$500 |  |
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• | ASE Technology Holding (3711 TT) Buy, TP: NT$83 | |
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• | Mediatek (2454 TT) Buy, TP: NT$950 | |
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• | Landmark (3081 TT) Buy, TP: NT$375 | |
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• | ELAN Microelectronics (2458 TT) Neutral | |
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• | Faraday (3035 TT) Neutral | |
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• | Win Semiconductor (3105 TT) | |
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• | Macronix (2337 TT) Neutral | |
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• | Tong Hsing (6271 TT) Buy, TP: NT$168.0 | |
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• | Merida (9914 TT) Buy, TP: NT$350 | |
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| Title: | Realtek (2379 TT) Buy, TP: NT$500 |
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| Download File: | 2379 TT Realtek note 201104--sinopac.pdf  |
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| Summary: | Maintain Buy; Lower TP by 6% to NT$500 (22x 2021F P/E): Spec upgrading will continue across Realtek¡¯s product lines in 2021. Initial mass shipment of the company¡¯s high-end NB products supporting WiFi 6 is expected in 2H20, and we expect WiFi 6 to see rapid global adoption in 2021/2022. Along with persistently growing demand for Bluetooth (BT), switch, and Ethernet products, Realtek is primed for record sales in 2021. We trim our 2020/2021 earnings estimates and hence lower our TP from previous NT$530 (22x old 2021F P/E), but we maintain our Buy rating given Realtek¡¯s products will be in strong demand in the 5G era. |
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| Date: | 2020/11/04 |
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| Author: | TaiwanResearch.com |
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Market Commentary