Title Johnson Health Tech (1736 TT) Buy, TP: NT$115
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Title:Johnson Health Tech (1736 TT) Buy, TP: NT$115
Download File:1736 TT Johnson Health note 190822--sinopac.pdf 
 
Summary:Buy, TP of NT$115 (20x 2020F P/E): 1) JHT has a defensive moat from its brand and channel development and from higher entry barriers for commercial equipment vs. home-use equipment; 2) JHT benefits from PLNTˇ¦s rapid expansion and from the general growth of the global fitness industry; 3) JHTˇ¦s 2Q19 EPS of NT$0.73 beat our estimate by 46%; we project 3Q19 EPS at NT$1.14 on normal seasonality. 3) Attractive valuation: 15.3x 2020 P/E vs. 20-28x for its international peers TechnoGym (TGYM) and Amer Sports (parent company of Precor) in recent years. Given these positives, we raise our earnings estimates for 2019/2020.
  
Date:2019/08/22
Author:TaiwanResearch.com
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