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<p>TST’s impressive 2Q21 GM jumped by 8ppts QoQ, and the company would complete raising product prices for the remaining clients in 3Q21-4Q21. With that, we expect TST’s gross margin to trend up in 2H21. Additionally, the company’s long-term growth drives would come from automotive market recovery in Europe and the U.S., as well the migration from WiFi 5 to WiFi 6. Moreover, Sawnics has turned profitable in 2Q21, while Cirocomm’s monthly sales are expected to reach breakeven in 2H21 and begin generate profits in 1H22. Therefore, we forecast FY21 and FY22 EPS at NT$2.01 and NT$2.94, respectively, and assign a TP of NT$45 for the company (15x FY22 PER).</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>

TST’s impressive 2Q21 GM jumped by 8ppts QoQ, and the company would complete raising product prices for the remaining clients in 3Q21-4Q21. With that, we expect TST’s gross margin to trend up in 2H21. Additionally, the company’s long-term growth drives would come from automotive market recovery in Europe and the U.S., as well the migration from WiFi 5 to WiFi 6. Moreover, Sawnics has turned profitable in 2Q21, while Cirocomm’s monthly sales are expected to reach breakeven in 2H21 and begin generate profits in 1H22. Therefore, we forecast FY21 and FY22 EPS at NT$2.01 and NT$2.94, respectively, and assign a TP of NT$45 for the company (15x FY22 PER).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.

Tai-Saw Technology (3221 TT) 2H21 GM Uptrend Automotive to Carve Up 25% Sales

Taiwan

Tai-Saw Technology Co., Ltd. develops, manufactures, and markets SAW (Surface Acoustic Wave) filters and oscillators.

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Tai Saw Technology (3221 TT)

Tai-Saw Technology (3221 TT) 2H21 GM Uptrend Automotive to Carve Up 25% Sales

TST’s impressive 2Q21 GM jumped by 8ppts QoQ, and the company would complete raising product prices for the remaining clients in 3Q21-4Q21. With...

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