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

Masterlink Securities

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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External broker reports(aggregated public sources)

Masterlink Securities Corp

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

China Airlines

CAL (2610 TT) Sales Recovery after Borders Reopen