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Title:Jourdeness (4190 TT) Buy, TP: NT$122
Download File:4190 TT Jourdeness note 210120--sinopac.pdf 
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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