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Introduction of new materials boosted GM
​Reiterate BUY: Chinsan’s 2Q16 earnings were in line with our forecast. Earnings improved notably given Chinsan’s active penetration into niche products and adoption of new materials to lower costs. We reiterate BUY and raise our TP to NT$61, now derived from 11x (unchanged) 2017F (vs. 2016F previously) EPS of NT$5.57, implying 20.7% upside.
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