发帖
雷达卡
290798.pdf
(357.27 KB, 需要: 1 个论坛币)
Daily Commentary Feb 5, 2009News Briefing Asustek (2357 TT) announced, on 2/4, a strategic alliance with Garmin ina bid to develop co-branded smartphone with LBS function.Comment: We expect the strategic alliance to contribute little to Asustek’sFY09 earnings given its limited scope and unclear detail (i.e. resourcecontribution, allocation of earnings, integration of different standards, etc.)behind the partnership. Recommend SELL on Asustek.Company Update Chicony (2385 TT, BUY) – Company Update The company’s working capital pressure is expected to be eased onreallocation of NTD1bn CB and a syndicated loan of NTD4bn. Leveraging its large market share in low-price NB components andbundle sales model, Chicony’s 1Q09 revenue is expected to outperformpeers. We forecast 1Q09 consolidated revenue of NTD9.71bn (-21.1%QoQ) with net profit of NTD335mn or EPS of NTD0.60. We reiterate BUY with 3M TP of NTD38 (7x FY09 PER) and 9M TP ofNTD43 (8x FY09 PER), respectively.
京公网安备 11010802022788号
