Title Unimicron (3037 TT) Neutral
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Title:Unimicron (3037 TT) Neutral
Download File:3037 TT Unimicron ESG note 200409--sinopac.pdf 
Summary:Maintain Neutral: 1) 4Q19 operating profit lagged our estimate; 2) In 2020, Unimicron will lose two of its growth engines as handset demand has been contracting amid COVID-19 pandemic; 3) We think the current valuation (1.04x 2020F P/B) is fair.
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