2008.09.02 Taiwan Essentials by Macquarie

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Taiwan cement sector..............................................................................................................3Divergent performance in China Corinne JianWe reiterate our pair trade of long Asia Cement (ACC) and short Taiwan Cement (TCC) given theirdivergent performance in China.Taiwan container shipping...................................................................................................... 4Worst not over yet Linda HuangYang Ming announced 1H08 net profit of NT$1,293m (NT$0.5/sh), up 10% YoY. Wan Hai reported 1H08net profit of NT$1,020m (NT$0.47/sh), down 35% YoY.TFT-LCDs.................................................................................................................................. 5Panel prices in September Nicholas TeoPanel price declines for September are starting to ease. For monitor panels, for which pricing pressureis the greatest, we estimate that prices will decline by 2–5% MoM after tumbling by 10–20% MoM in bothJuly and August.Asia Cement (Outperform) ..................................................................................................... 62Q08 profit better than expected Corinne JianAsia Cement (ACC) reported 2Q08 earnings of NT$2.3bn, or NT$0.79/share based on the currentnumber of shares outstanding, down 16% YoY but 4% higher than our expectation.Wintek (Outperform) ................................................................................................................7Touch panel sales soar Nicholas TeoWintek’s touch panel shipments for smartphones are ramping well ahead of expectations. August grossconsolidated sales came in at NT$3.2bn (+26% MoM, +17% YoY), mainly due to touch panels.Ruentex Development (Outperform) ..................................................................................... 8Non-core a wild card Ellen ChiuRuentex Development reported 2Q08 EPS of NT$0.28 which fell short of our estimate mainly due to lessinvestment income contribution.Ruentex Industries (Outperform) ...........................................................................................9Lengthier restructure Ellen ChiuRuentex Industries reported 2Q08 EPS of NT$0.33, which trailed our estimate, as the core textilebusiness’s turnaround is lengthier than we expected.Opto Tech (Outperform) ....................................................................................................... 10Some delays in outdoor displays Nicholas Teo2Q08 EPS of NT$0.30 (+86% QoQ, bonus adjusted, net income of NT$194m) was behind ourexpectations. This was mostly due to higher taxes with operating profit and  252130.pdf (1.04 MB, 需要: 1 个论坛币)

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2008.09.02 Taiwan Essentials by Macquarie
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