Contents
Continue to add tech selectively 3
Drivers of returns 4
Sub-sector comparisons 6
(1) Growth, (2) Profitability, (3) Capex/sales, (4) Net debt/equity,
(5) ROE, (6) Valuation.
High-quality company screen 12
Stocks: Most/least preferred 14
PC sector 19
Handset sector 20
Consumer electronics/games sector 21
TFT-LCD sector 22
Electronic component sector 23
Foundry sector 24
Semi assembly/test sector 26
IC substrate sector 27
Semiconductor memory– DRAM/NAND 28
Semi production equipment sector 29
Appendix: Cyclical indicators 30
Appendix: Data tables 32
Team Page 55
RC