Title Realtek (2379 TT) Buy, TP: NT$500
  ASE Technology Holding (3711 TT) Buy, TP: NT$83
  Mediatek (2454 TT) Buy, TP: NT$950
  Landmark (3081 TT) Buy, TP: NT$375
  ELAN Microelectronics (2458 TT) Neutral
  Faraday (3035 TT) Neutral
  Win Semiconductor (3105 TT)
  Macronix (2337 TT) Neutral
  Tong Hsing (6271 TT) Buy, TP: NT$168.0
  Merida (9914 TT) Buy, TP: NT$350
 
More Titles
Title:Realtek (2379 TT) Buy, TP: NT$500
Download File:2379 TT Realtek note 201104--sinopac.pdf 
 
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.
  
Date:2020/11/04
Author:TaiwanResearch.com
Register online at Become Member to receive Taiwan research services. For more information, contact TaiwanResearch.com. Tel (8862) 2316-5181
©2001, 2000, 1999 SinoPac All rights reserved. Additional copyright information applies.