2 4 5 10 (%) () 7503.31-105.35-1.38 1607.82 124.94-2.31-1.82 279.94 ( ) /( ) ( ) /( ) 2255.35 +2.27 97.1157-0.2127 / / / 0.101(-0.001) 32.143(-0.037) 88.39(-0.21) 1.4794(+0.0103) () + 0.05-4.65-10.79 (2009.10.08) % % 9786.87 0.63 225 9832.47 0.34 S&P 500 1065.48 0.75 1615.46 1.09 NASDAQ 2123.93 0.64 21492.9 1.18 316.06-0.50 H 12455.84 1.11 5154.64 0.90 2779.426 3806.81 1.34 744.03 0.28 5716.54 1.34 2650.95 0.62 1334.94 3.70 1230.09 0.94 63759.87 1.79 16843.54 0.22 ADR % % 9.92-2.46 1054.04-0.10 3.53-3.55 71.69 3.05 4-2.68 CRB 263.91 2.14 7.08-0.84 LME 2858 0.43 9.92-0.40 BDI 2647 3.97 17.86 0.06 DRAM (1G) 2.15 2.38 % % Intel 19.88 0.66 4.41 1.15 Motorola 8.38-2.67 16.16 0.87 Nokia 14.4 0.14 6.46 0.31 Samsung 720000-0.28 10.34 4.66 Dell 15.82 2.99 18.22 0.55 Apple 189.27-0.52 34.5 0.00
10.9.2009 S&P500 0.6% 0.8% DellHPIBM NASDAQ 0.6% 14 2.3%2.0% ( 6.6bps 3.248%) 3 4 9 11% Alcoa 4 Alcoa 9 ( 3 612 ) Alcoa Alcoa 7.2% 600 1.31% 243.44 2.22%Morgan Stanley 3.95%(10 0.8bps 3.115%) 0.5% 1750 ; 2
( 3612 ) MSCI ( ) 2% 432 MSCI 2.35% 737 4%3.7%2.2% 65 71 ( 10/7) (1) PMI 49.6 52 (2) 18.2% 8.1% 12.4% 1.37 ( 10/05) 1 2 85% 11 280 OPEC IMF BBB- GDP 6.8% 5500 ( 3612 ) 3
7500 105.35 7503.31 1615.14 24 IC LED 15.4 455 4.65 10.79 7635 7500 9 9 8 MOU 7500 7500 GDP 9 MOU 10 4
(1319) 10.9.2009 1~8 53.1 (YOY 9.7%) 31.54% 11.4 8 6000 9 7 (MOM +8%YOY +18%) 78 4Q OEM AM 5 AM OEM Q1 2000 OEM 1~8 1.8 3 3Q 20.4 (QOQ -4.0%YOY +18.9%) 5.1 (QOQ +14.3%YOY +111.6%)EPS 0.91 4Q AM 23 (QOQ +12.8% YOY +34.2%) 6.2 (QOQ +21.0%YOY ) EPS 1.13 OEM 75%25% OEM 70% 2Q 4Q OEM OEM 16 OEM 09Q2 4 3000~4000 ( 100%) ( 70%) 09 1~8 1.8 5
3.2 EPS 0.65 09 83.1 (YOY +1.5%) 19.6 (YOY +172.5%) EPS 3.39 PE PB 14x 2.36 AM 34Q 2Q OEM 4Q OEM (1319) 20 09 EPS 16 PE 54.2 /%/09 09 1. 8 % 6000 2. OEM % 4Q % (9942) 1~8 6.6 (YOY 41.3%)9 8560 (MOM 3.1%YOY 34.7%) 3Q 2.7 (QOQ 2.3% YOY 36.0%) 5300 (QOQ 9.5%YOY 45.0%) EPS 0.58 NAK 48%20% 3C 10% 41%27% 23% 30% 6
5-8% asp 6 2 09 10.1 (YOY 35.7%) 2.0 (YOY 45.4%) EPS 2.13 12%6.2% PE PB 13.5 1.42 (9942) (2374) 9 49.6 MOM+41.1% YOY+18.0% 111.7 QOQ+49.0%YOY+12.6% OEM 0.73%10.75% 09Q3 6.3 QOQ+11.4% YOY+0.7%EPS 1.44 Casio NikonSamsung BenQ 112 QOQ+0.2%YOY+31.7% 95% 09 519 YOY-13.6% CasioNikonSamsungFujifilm BenQ 2009 1350 Canon Panasonics 7
$149 $149 $299 Sony 10-15% Sony 14% 2010 Sony Fujifilm Fujifilm 2010 380.9 YOY+15.7% VGA (8101) (8078) 09 351 YOY+4.8% 20.8 YOY+53.7% EPS4.79 2010 403.5 YOY+15.0% 24.7 YOY+18.5% EPS5.67 DSC Sony 2010 ODM 90% 10% (2374) 2010 EPS 12 P/E 68 (3622) 9 13.6 MOM+14.3% YOY+133.8% 1-9 87.64 YOY+83.75% 10 36.4 QOQ+24.0%YOY+105.7% 36.5% 8.74 QOQ+16.7% EPS 3.38 LG 35% 9 Touch Window Touch Window Touch Window 6 8
Touch Window 09 128.53 YOY+86.6% 28.4 YOY+144.7% EPS 21.6 10 167.09 YOY+30.0% 32.2 YOY+13.4% EPS 24.4 Window 7 IT (3622) 2010 EPS 24.4 18X P/E 439 9
(1580) 10.9.2009 emma1220@tsc.com.tw 66.00 81.00 3Q 5.6 (QOQ+27.0%, YOY+17.8%) 0.65 EPS1.86 3Q 2Q 3Q 5.6 (QOQ+27.0%,YOY+17.8%) 0.65 EPS1.86 1.5 (YOY+74.4%) EPS4.2 40%10% 6% 44% 150 SINMAG 2 85 C Euromonitor 8 1 1 2.5-3.5 1.2-1.8 07-10 10% 2 08 ( )08 10
20%( ) 08 80 200-300 2 12% 09 106 09 2.65 (YOY+32.5%) 14% 10 2.9 3 4-5% 09 27 09/1H 09/2H 09/2H 27 05 5-7 2010 09/2H 11800 (HOH+22.2%) 09 22000 10 28700 (YOY+33.3%) 08 % * * * * *Wal-Mart 11
10.9.2009 10 1500 100 5-6% 1 2.1 09 10 19.8 23.9 (YOY+16.2% 20.5%) 2.3 2.9 (YOY+69.0% 22.8%) EPS6.5 8.1 PE PB 10X 3.2X 20% 10 10 (1580)Trading Buy 10 EPS 10XPE 81 12
4Q08 1Q09 2Q09 3Q09(F) 4Q09(F) 493 352 437 555 638 (%) 93.9 14.8 0.5 17.8 29.3 186 129 170 196 225 (%) 37.8 36.8 38.9 35.4 35.2 (%) 367.4 30.0 11.6 25.8 20.5 66 39 74 99 125 (%) 13.4 11.1 16.9 17.8 19.6 (%) 81.2 5.2 90.3 41.8 88.6 78 55 86 108 134 (%) 15.7 15.8 19.7 19.4 21.0 (%) 4.2 108.1 86.0 34.2 72.4 51 33 52 65 81 (%) 50.0 132.8 134.6 30.9 58.8 1.45 0.90 1.40 1.86 2.31 2006 2007 2008 2009(F) 2010(F) 1,195 1,469 1,705 1,981 2,388 (%) 21.8 22.9 16.1 16.2 20.5 353 494 595 720 815 (%) 29.5 33.6 34.9 36.4 34.1 (%) 3.6 40.1 20.3 21.2 13.1 131 220 212 337 368 (%) 10.9 15.0 12.4 17.0 15.4 (%) 1.0 68.7 (3.9) 58.9 9.2 121 205 231 383 358 (%) 10.2 14.0 13.5 19.3 15.0 (%) 6.9 68.8 12.5 65.9 (6.4) 88 135 137 232 285 (%) 26.5 54.2 1.7 69.0 22.8 3.23 3.84 3.90 6.47 8.11 10.2 8.1 6.47 8.11 10.2 8.1 ( ) ( ) (% ) / 66.00 352 20.8 29.9 3.2 13
(3303) 10.9.2009 ylwang@tsc.com.tw 28.40 34.40 09 5.65 QOQ+23.1% YOY+18.1% EPS 0.23 5.65 QOQ+23.1%YOY+18.1% 0.3 22.3% 2009 0.38 1 6 0.15 EPS- 0.23 2009 EPS 0.05 7.35 QOQ+30.0% YOY-12.1% EPS 0.36 70% 30% 15% SMD 65%30% 50% 2% 7.35 QOQ+30.0%YOY-12.1% 0.24 EPS 0.36 MNTech LCD Monitor MNTech IMR( )IMR IDC 2008 IMR : 91% 4% 2% 3% IMR (3303) 09 24.13 YOY+2.9% 14
22.8% 0.54 YOY-66.0% EPS 0.8 10 27.9 YOY+15.8% 25.8% 1.46 YOY+168.7% EPS 2.15 MNTech IMR (3303) 2010 P/E 16X 34.4 21.1% 1Q09 2Q09 3Q09(F) 4Q09(F) 1Q10(F) 459 565 735 654 600 (%) -5.7% 18.1% -12.1% 20.4% 30.7% 102 124 166 156 152 (%) 22.3% 22.0% 22.7% 23.9% 25.3% (%) -23.2% 13.0% -26.0% 31.0% 48.5% -12 12 33 23 19 (%) -2.6% 2.2% 4.5% 3.6% 3.2% (%) -121.8% -66.9% -41.2% 85.8% -257.4% 13-37 28 32 14 (%) 2.9% -6.6% 3.9% 4.9% 2.4% (%) -72.1% -68.3% 5.6% 18-15 24 27 12 (%) -49.2% -75.0% -34.1% 0.28 (0.23) 0.36 0.40 0.18 2006 2007 2008 2009(F) 2010(F) 1,575 2,020 2,345 2,413 2,794 (%) 11.9% 28.3% 16.1% 2.9% 15.8% 416 504 588 550 720 (%) 26.4% 24.9% 25.1% 22.8% 25.8% (%) 25.4% 21.1% 16.6% -6.4% 31.1% 220 260 161 55 188 (%) 13.9% 12.9% 6.9% 2.3% 6.7% (%) 48.2% 18.5% -38.0% -66.1% 244.1% 214 289 128 37 171 (%) 13.6% 14.3% 5.5% 1.5% 6.1% (%) 71.0% 35.0% -55.6% -71.4% 368.5% 177 236 159 54 146 (%) 64.8% 33.4% -32.4% -66.0% 168.7% 3.67 3.96 2.41 0.80 2.15 11.8 35.5 13.2 3.67 3.96 2.41 0.80 2.15 11.8 35.5 13.2 ( ) () (%) / 7503.31 28.4 678 22.4 10.7 1.3 15
jasonhg@tsc.com.tw / tang@tsc.com.tw chiachen@tsc.com.tw easonyg@tsc.com.tw ( ) vic1230@tsc.com.tw rob@tsc.com.tw joyning@tsc.com.tw forest@tsc.com.tw chen1209@tsc.com.tw DRAM IC PCB daniel67@tsc.com.tw LCD LCD DSC ylwang@tsc.com.tw henry@tsc.com.tw NB antonywu@tsc.com.tw EMS IC IPC GPS bruceluo@tsc.com.tw mark0704@tsc.com.tw emma1220@tsc.com.tw & banns07@tsc.com.tw 16