Title Realtek (2379 TT) Buy, TP: NT$500
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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.
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