Airtac International Group

1590: XTAI (TWN)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	TWD 675.00	Lpjsb	Flccdhcq

AirTAC: Transfer Coverage With Narrow Moat Rating; Unchanged TWD 960 Fair Value Estimate

Cheng Wang

May 10, 2024

We transfer coverage of AirTAC and keep our narrow moat rating and fair value estimate of TWD 960 per share. We think AirTAC’s moat is underpinned by intangible assets, including a reputable brand, track record, as well as an extensive sales and service network. The shares are currently trading 21% above our fair value estimate. We think the growth prospect has been fully priced in and suggest that investors wait for better entry points.

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