Time to revisit Nien Made again. Nien Made’s share price has fallen by 13% sinceearly August, which we attribute to its weaker-than-expected 2Q17marginperformance (please see our initiation report Initiate with Buy: Let the sunshine in,7August 2017). We feel that the market is overly concerned with one quarter ofmargin weakness while overlooking the longer-term market share gain potential for thecompany. We believe its margin uptrend is still intact as supported by the favourablemix change from corded to cordless blinds and the migration of production to itsCambodia facility to lower manufacturing cost. With the stock now trading at a PE of18.5x 2018e EPS vs. average of 22.1x since its IPO, we think valuation is attractive.We reiterate our Buy rating on Nien Made as our TWD446TP implies 40.9% upside.    We also like UPE and St. Shine. Consensus seems to have agreed with our 2H17turnaround thesis for UPE’s China business; the share price has rallied 18% sinceearly May. We like management’s strategy initiative to reduce cost, optimizeresources and drive mix improvement through ‘premiumisation’ of its productofferings. We retain our Buy rating and a TP of TWD71for UPE. We also have aBuy rating for St. Shine with a TP of TWD760, as we see a new earnings upcyclekicking in in 2018, thanks to new capacity increase and new product launch for thedomestic market.

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