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雷达卡
Table of Contents
DB’s Asian tech team ........................................................................ 6
Asia Tech snapshot ........................................................................... 8
Tracking the sector through tables............................................................................................8
Executive summary ......................................................................... 11
Sector outlook: key points ......................................................................................................11
Valuation ................................................................................................................................12
Risks ......................................................................................................................................12
Tech strategy in context – enthusiasm from our regional economic and strategy teams also
muted.....................................................................................................................................13
Focus: Four major handset trends ................................................. 14
Handset competition in five years – the known and the unknown .........................................14
Trend #1: China’s white-box industry......................................................................................14
Trend #2: ZTE and Huawei – the private label threat going branded?.....................................16
Trend #3: Operator handset initiatives ....................................................................................19
Trend #4: Internet players – Google........................................................................................22
Looking forward .............................................................................. 24
PCs – KC Kao/Ivan Pan............................................................................................................24
Handsets – KC Kao/Ivan Pan ...................................................................................................28
LCD – Matt Cleary/SC Bae ......................................................................................................32
DRAM – SC Bae/Matt Cleary ..................................................................................................35
Foundries - Michael Chou .......................................................................................................37
OSAT– Michael Chou ..............................................................................................................40
Fabless – Michael Chou ..........................................................................................................41
Software and outsourcing – Aniruddha Bhosale .....................................................................43
Internet & Online Gaming – Alan Hellawell .............................................................................45
Diversified consumer electronics – Steve Oh/SC Bae.............................................................51
General Components – Steve Oh/SC Bae...............................................................................53
Equipment – Alan Hellawell ....................................................................................................54
LED – Ivan Pan........................................................................................................................55
Solar – Ivan Pan.......................................................................................................................58
Balance sheet health check ............................................................ 59
Should times get tough again, many of Asia’s tech companies are well-girded.....................59
Trends in rating & earnings changes ............................................. 62
Lower visibility; higher volatility ..............................................................................................62
Valuation and stock performance.................................................. 64
Share price performance – a tale of extremes ........................................................................64
Screens ..................................................................................................................................66
Appendix A: Historical trends – Where are we now?................... 73
PCs.........................................................................................................................................73
Handsets................................................................................................................................75
Company section ............................................................................. 78
Acer Inc............................................................................................. 79
Alibaba.com Limited ....................................................................... 81
ASE ................................................................................................... 83
Table of Contents (Cont'd)
ASM Pacific Technology ................................................................. 85
Asustek............................................................................................. 87
AU Optronics ................................................................................... 89
Baidu................................................................................................. 91
BYD ................................................................................................... 93
Catcher Technology......................................................................... 95
China Comservice............................................................................ 97
CMO.................................................................................................. 99
Compal Electronics........................................................................ 101
Ctrip.com International Ltd .......................................................... 103
Delta Electronics (Thailand) PCL .................................................. 105
Delta Electronics............................................................................ 107
Epistar............................................................................................. 109
Everlight ......................................................................................... 111
Faraday ........................................................................................... 113
Foxconn Int'l Holdings .................................................................. 115
Foxconn Technology ..................................................................... 117
HANA Microelectronics................................................................. 119
HCL Tech ........................................................................................ 121
Hon Hai Precision .......................................................................... 123
HTC ................................................................................................. 125
Hynix............................................................................................... 127
Infosys Technologies..................................................................... 129
Innolux............................................................................................ 131
Inotera Memories .......................................................................... 133
KH Vatec Co Ltd............................................................................. 135
LARGAN Precision......................................................................... 137
Lenovo Group Ltd.......................................................................... 139
LG Corp........................................................................................... 141
LG Display ...................................................................................... 143
LG Electronics ................................................................................ 145
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