DMS A. 29% (MB ) B. 18% (LCD ) C. 16% (Wireless WiMAX Wi-Fi) D. 10% E. 27% 2006 (1.81 YoY+102%) (18%) 07 07 EPS 2.34 YoY+30% 1976 DMS 4C (1) (2) (3) (1) (2) (3) (4) WiMAX LED 2007/09 39 (95) 055 86 5 (02)2361-8606
2006 2006 Q1 Q2(F) Q3(F) Q4(F) 2007(F) 53,212 14,951 15,549 17,104 18,301 65,905 5,902 1,727 1,807 2,010 2,145 7,688 11.09% 11.55% 11.62% 11.75% 11.72% 11.67% 1,830 607 647 760 825 2,838 3.44% 4.06% 4.16% 4.44% 4.51% 4.31% 1,589 587 607 710 785 2,688 1,377 481 498 582 644 2,204 EPS 1.81 0.51 0.53 0.62 0.68 2.34 (Computers & Peripherals) (Visual Products) (Communications) (Storage & Serve (Industrial & Automotive) 2007/09 40 (95) 055 86 5 (02)2361-8606
Computer & Peripherals 29% MB DT MB NB MB Lenovo 2007/09 41 (95) 055 86 5 (02)2361-8606 Dell UMPC ( PC) Vulcan Rugged NB ( NB) 2409 Visual Products 18% 3009 Communication 16% Storage & Server 10% Sever Storage Wi-Fi WiMAX Wi-Fi ADSL UWB (ultra wide band) Skype Phone Intel Agere Systems CSR Symbol Technologies IBM DELL 4906 IBM Toshiba EMC BUFFALD
EMS/DMS Symbol 20% POS Technologies VAD 2227 Industrial & TPMS Valeo 27% Automotive Danfoss 7% LED Visteon Remy Audi BMW PC 40% 2007/09 42 (95) 055 86 5 (02)2361-8606
Industrial & Automotive Communication Visual Products Storage & Server Computer & Peripherals 1998~2006 (%) 2007/09 43 (95) 055 86 5 (02)2361-8606
MB 07 YoY 18% LCD TV Monitor 07 YoY 28.5% WiMAX Wireless 802.11 a/b/g 802.11n Skype 07 YoY 40% (NAS) 07 YoY 20% POS VAD TPMS LED 07 YoY 30% 2007/09 44 (95) 055 86 5 (02)2361-8606
Agere Systems 2429 3046 3054 5386 3090 5414 5318 6161 465 5467 6127 6174 191 227 8210 9914 2399 2425 DELL IBM Intel Lucent EMC Toshiba Nissan MoenyDJ Symbol Technologies, Inc Agere Systems 2409 3009 3481 4906 6116 BUFFALD Remy Sanmina Valeo Veisteon 4907 3314 Huntington Holding International Co. 2311 6174 HHI 3C 3% 2007/09 45 (95) 055 86 5 (02)2361-8606
: ( ; ) HHI Co. 6,368,092 192,657 100% 9,578,742 662,000 () 43,600 100% 393,746 50,000 ( ) 5,000 100% 38,863 4907 N/A 1,737 2% 14,139 N/A 6,200 5% 72,000 N/A 2,400 1% 48,144 N/A 3,500 3% 21,875 N/A 1,319 2% 12,769 N/A 0 0% 1,700 N/A 0 0% 1 N/A 733 2% 0 20% 4 ( ) 2 ( 9 3 ) 4% 1 1 2006 1 164,616,615 17.411 2 42,196,516 4.463 3 HSBC 26,198,813 2.771 4 ) ( 18,629,598 1.970 5 HSBC 17,734,579 1.876 6 14,848,981 1.571 7 13,435,287 1.421 8 12,855,431 1.360 9 HSBC OZ 8,061,173 0.853 10 7,624,226 0.806 Total 326,201,219 34.502 2007/09 46 (95) 055 86 5 (02)2361-8606
2006 2007 18% H1 H2 H1 H2 47 53 60 50 40 30 20 10 2005~2007 ( ) 0 200501 200504 200507 200510 200601 200604 200607 200610 200701 200704 200707 PE PB band PE ratio 13x~15x 17x~19x 20x PE band 2003~2007 PE band 6x~15x 10x~15x 2007/09 47 (95) 055 86 5 (02)2361-8606
PB band 2003~2007 PB band 0.5x~1.8x 2.0x PB ratio PE band (NT $) PE band 40 35 30 25 20 15 10 5 0 2002/1/1 2003/1/1 2004/1/1 2004/12/31 2005/12/31 2006/12/31 6.0x 9.0x 12.0x 15.0x Price PB band (NT $) PB band 40 35 30 25 20 15 10 5 0 2002/1/1 2003/1/1 2004/1/1 2004/12/31 2005/12/31 2006/12/31 0.5x 1.2x 1.8x 2.5x Price (1) (2)2006 2007/09 48 (95) 055 86 5 (02)2361-8606
2003 5 2006 EPS 2005 102% ROE 10% 11% 2006 2005 2004 2003 2002 56.30 64.98 62.89 59.14 54.38 % 205.67 187.61 176.44 189.87 175.73 139.20 142.57 131.61 141.91 125.24 % 97.36 102.74 94.98 106.95 93.39 5.23 4.47 7.12 6.56 2.56 ( ) 4.87 4.96 5.70 5.04 5.07 74 73 63 72 71 ( ) 7.21 8.83 9.96 10.40 9.30 ( ) 4.90 5.18 6.39 5.52 5.60 74 69 56 65 64 ( ) 7.43 6.70 7.58 6.72 6.51 ( ) 1.71 1.83 2.04 1.86 1.72 ROA (%) 4.43 2.38 4.01 3.52 1.50 ROE (%) 10.15 6.81 10.80 8.62 3.28 19.30 13.05 18.22 14.05 10.83 (%) 16.75 11.71 15.27 11.61 4.16 (%) 11.09 8.46 8.25 9.03 9.47 (%) 3.44 1.90 2.49 2.36 2.35 (%) 2.59 1.31 1.96 1.90 0.87 EPS ( ) 1.81 0.92 1.47 1.16 0.41 (%) 128.85 185.59 169.45 144.72 119.20 (%) 13.79 20.22 1.90 10.74 16.20 2007/09 49 (95) 055 86 5 (02)2361-8606
80 5/17 2% 12% 07 5 12% 16% 2007/5/30 80 20% 80 35 15% 30 25 10% 20 15 5% 10 5 0% (%) (%) (%) 0 Computer &Peripherals abit MB (1) abit MB 2007/09 50 (95) 055 86 5 (02)2361-8606
UMPC ( PC) (1) UMPC Intel (2) UMPC 1,500 ASP 1,000 Vulcan Visual Products LCD (1) LCD TV monitor 07 H2 (2) LCD PCBA 7~8% 3 7 YoY+28.5% Storage & Server (1) Gartner 2007 CAGR 36.2% 118 (2) 2004/8/30 6 07 7 4.90 YoY 91% 2007/09 51 (95) 055 86 5 (02)2361-8606
Communication WiMAX & WLAN (1) 07 802.11 a/b/g 802.11n (2) Intel Santa Rosa WLAN Santa Rosa Skype Phone (1) Skype Skype (2) PChome Online Ipevo Solo Skype ADSL Cable Skype 24 Industrial &Automotive POS (1) Frost & Sullivan 2004 2007 POS 15% (2) POS ODM 20 2007/09 52 (95) 055 86 5 (02)2361-8606
VDA(EDA) (1) VDA(Vertical Application Devices) ( ) (2) EDA(Enterprise PDA) VAD (3) VDC EDA 2006 7.06 2010 12.65 CAGR 16% (4) 2007/7/24 3.5G EDA Q4 TPMS (1) 07 9 TPMS (2) 08 (3) TPMS AM AM LED (1) LED LED IC (2) (A BMW ) 07 200 2008 2007/09 53 (95) 055 86 5 (02)2361-8606
(1) 150~200 NTD (2) 1/3 20~30% (3) (8255) OEM AM DMS a. 29% (MB ) b. 18% (LCD ) c. 16% (Wireless WiMAX Wi-Fi) d. 10% e. 27% 2006 (1.81 YoY+102%) (18%) 07 07 EPS 2.34 YoY+30% (1) WLAN Intel Santa Rosa WLAN Santa Rosa 2007/09 54 (95) 055 86 5 (02)2361-8606
07 YoY+40% (2) LCD LCD TV monitor LCD H1:H2 3:7 07 YoY+28.5% (3) LED 10 200 2008 TPMS 07 YoY+30% (1) Solo Skype Solo Skype( ADSL Cable 24 ) Skype (2) EDA 3.5G Q4 EDA 2006 7.06 2010 12.65 CAGR 16% 1999 11% 2006 EPS 2005 102% ROE 10% 2007/09 55 (95) 055 86 5 (02)2361-8606
1.15 16.54% TFT PCBA 3 15% 20% 4 15% 2007/09 56 (95) 055 86 5 (02)2361-8606