Title ESG Equity Note: ASE (3711 TT) Buy, TP: NT$83
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Title:ESG Equity Note: ASE (3711 TT) Buy, TP: NT$83
Download File:3711 TT ASE ESG note 200504--sinopac.pdf 
Summary: Trim TP by 5.7% to NT$83 (1.6x 2020F P/B); Maintain Buy: 1) The company¡¯s investment in testing service last year has won it steady order inflow amid the pandemic this year, and the one-stop service strategy helped improve its profitability; 2) Multiple new EMS projects are likely to start contributing to sales in 2Q20-3Q20; 3) The company is attractively trading at ~1.3x P/B, vs. historical range of 1.3-1.8x.
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