Title Johnson Health Tech (1736 TT) Buy, TP: NT$115
  Accton Technology (2345 TT) Neutral
  Landmark (3081 TT) Buy: NT$303
  Novatek (3034 TT) Buy, TP: NT$203
  Flexium Interconnect (6269 TT) U/G Buy, TP: NT$107
  Delta (2308 TT) Buy, TP: NT$175
  Realtek (2379 TT) Buy, TP: NT$270
  Richwave Technology (4968 TT) Buy, TP: NT$200
  Mediatek (2454 TT): Buy, TP: NT$366
  ASE (3711 TT) U/G Buy, TP: NT$82
More Titles
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.
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.