Title Sporton (6146 TT) Buy, TP: NT$200
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Title:Sporton (6146 TT) Buy, TP: NT$200
Download File:6146 TT Sporton note 200421--sinopac.pdf 
 
Summary:Lower TP by 8% to NT$200 (25x 2020F P/E); Maintain Buy: 1) Sportoní»s 2019 sales arrived in line at NT$2.99bn (-0.4%); its EPS were flattish at NT$7.27, as 5G related demand is still too small to offset 4G handset market maturity; 2) Sporton expects 5G handset penetration to grow from 10-20% in 2020 to 20-40% in 2021. Since ASP testing for 5G handsets is 50-100% higher than for 4G ones, handset testing GM will rise. We expect Sporton will leverage its strengths to gain market share in 5G testing. We estimate 2020/2021 sales at NT$3.27bn (+9.4% YoY)/NT$3.85bn (+17.8% YoY), and EPS at NT$7.89/NT$9.83.
  
Date:2020/04/21
Author:TaiwanResearch.com
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