Title Yeong Guan Energy Tech (1589 TT) Buy, TP: NT$64
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Title:Yeong Guan Energy Tech (1589 TT) Buy, TP: NT$64
Download File:1589 TT YGG note190910 --sinopac.pdf 
Summary:Buy with TP of NT$64 (0.84x 2020 P/B): 1) Fueled by reinvigorated wind energy orders, YGG¡¯s unit shipment of wind energy products will continue to escalate in 2019F/2020F with momentum from China and global offshore wind energy markets; 2) Despite softer demand for plastic injection molding machines and industrial machinery, negative sentiment in the sector has found bottom, and Japan¡¯s machinery sector still places orders; 3) We anticipate GM/OPM upside from effective cost/expense controls. We rate the stock a Buy considering YGG¡¯s turn to profit in 2Q19 and its long-term competitiveness in the offshore wind energy market.
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