External broker reports(aggregated public sources), Masterlink Securities Corp

Masterlink Securities

External broker reports(aggregated public sources)

Masterlink Securities Corp

MasterLink Securities provide brokerage, securities underwriting, and proprietary trading services in Taiwan. It offers brokerage services, including Taiwan stock exchange and OTC brokerage services, futures trading assistance, foreign securities trading, investment Banking services, and derivative products.

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Equity Bottom-Up

<p>Assign STRONG BUY given dual engines for sales growth in 2022 on the back of stable cargo business and recovery of the passenger business. CAL will likely reach breakeven given robust demand in 2021, while it will be a main beneficiary as borders reopen in 2022. Given robust cargo demand and tight passenger capacity after recovery in the passenger business, the company’s cargo/passenger yield could stay at a high level, and propel CAL’s sales to reach a peak in recent years. In terms of valuation, CAL’s PBR was ranging between 1.0x-2.2x in the past. Considering that the company’s post-pandemic sales will likely recover to a peak level as that in 2010, we assign BUY on the firm with a TP of NT$30 (2.2x FY22 PBR).</p><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

Assign STRONG BUY given dual engines for sales growth in 2022 on the back of stable cargo business and recovery of the passenger business. CAL will likely reach breakeven given robust demand in 2021, while it will be a main beneficiary as borders reopen in 2022. Given robust cargo demand and tight passenger capacity after recovery in the passenger business, the company’s cargo/passenger yield could stay at a high level, and propel CAL’s sales to reach a peak in recent years. In terms of valuation, CAL’s PBR was ranging between 1.0x-2.2x in the past. Considering that the company’s post-pandemic sales will likely recover to a peak level as that in 2010, we assign BUY on the firm with a TP of NT$30 (2.2x FY22 PBR).Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

CAL (2610 TT) Sales Recovery after Borders Reopen

Taiwan

China Airlines Limited provides scheduled international air transportation for passengers and cargo freight throughout cities in Europe, America, Asia, and Australia.

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China Airlines (2610 TT)

CAL (2610 TT) Sales Recovery after Borders Reopen

Assign STRONG BUY given dual engines for sales growth in 2022 on the back of stable cargo business and recovery of the passenger business. CAL will...

Masterlink Securities

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