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3Q16F earnings likely in line, with higher GM
​Reiterate BUY & lift our TP to NT$63: We expect Chinsan to post in-line 3Q16F earnings thanks to its adoption of new materials and a better product mix. 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$63 from NT$61, derived from 11x (unchanged) 2017F EPS of NT$5.74, implying 21.8% upside.
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