Tech Hardware Supply Chain - Gazhoo

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Bhavin Shah (852) 2800-8538 bhavin.a.shah@jpmorgan.com 564 Compal Electronics, Inc. Company Description: Compal Electronics Inc. manufactures and markets notebook computers and color monitors. The company also produces liquid crystal displays and other computer-related products. Compal Electronics exports its products to the United States, Europe, and Asia. Country: Taiwan Ticker: 2324.TW Analyst: Alvin Kwock Rating: Underweight Price (NT$): 22.85 Market Cap (US$MM): 2,575 No. of Shares (MM): 3,884 Founded: 1984; Listed: 1986 Fiscal Year End: December Key Management: Hsu Sheng-Hsiung, Lu Ch'ing Hsiung, Chen Rui-Tsung No. of Employees: 43,331 Business Alliances / Partnerships (NT$ in billions) FY06 FY07 FY08E FY09E NA Revenues 310.7 449.6 443.5 400.7 Gross Profit 17.5 26.1 28.7 24.2 Operating Profit 10.5 17.2 24.0 25.1 Net Profit 8.7 13.7 12.7 8.3 Earnings per Share (NT$) 1.786 3.255 3.251 2.089 Return on Equity (ROE) (%) 9.94 16.82 16.40 10.56 Capital Spending 0.8 4.2 7.6 11.4 Research & Development Expense 3.0 3.4 3.7 3.5 Cash & Cash Equivalents 47.4 52.4 34.7 30.2 Gross Debt 22.1 21.3 19.7 23.3 Owners’ Equity 71.2 78.2 76.6 80.1 Book Value per Share (NT$) 18.504 20.140 19.613 20.222 Geographical Mix (2008) Asia 21% America 31% Key Suppliers Major PC component makers Other 2% Europe 46% Source: Company, J.P. Morgan estimates. Share price is as of 12 March 2009. Asia Pacific Equity Research 20 April 2009 Product Mix (2008) Compal Electronics, TV 6% Others 2% Notebook Computer Casings Key Customers Dell Acer Toshiba HP Lenovo COMPANY WEBSITE PC ODM
Bhavin Shah (852) 2800-8538 bhavin.a.shah@jpmorgan.com Gigabyte Technology Co., Ltd. Company Description: Gigabyte Technology Co., Ltd. manufactures and markets computer motherboards and other peripheral products. Country: Taiwan Ticker: 2376.TW Analyst: Not Covered Rating: Not Rated Price (NT$): 16.8 Market Cap (US$MM): 318 No. of Shares (MM): 653 Founded: 1986; Listed: 1998 Fiscal Year End: December Key Management: Yeh Pei-Cheng, Liu Ming-Hsiung, Chen Chun-Yin No. of Employees: 2,100 Business Alliances / Partnerships (NT$ in millions) FY06 FY07 FY08E FY09E NA Revenues 46,699 51,937 49,660 46,022 Gross Profit 5,454 8,108 NA NA Operating Profit (389) 1,269 2,032 1,757 Net Profit 195 1,325 1,643 1,699 Earnings per Share (NT$) 0.3 2.0 1.9 1.7 Return on Equity (ROE) (%) 1.1 7.0 10.1 10.0 Capital Spending (935) (547) (800) (800) Research & Development Expense 1,299 1,616 NA NA Cash & Cash Equivalents 6,896 8,950 NA NA Gross Debt 2,852 2,963 NA NA Owners’ Equity 18,726 19,569 NA NA Book Value per Share (NT$) 27.8 30.1 32.0 34.2 Geographical Mix (2Q08) NA Europe Others 4% 1% North America 7% Asia 32% Key Suppliers Asia Pacific Equity Research 20 April 2009 Taiwan 56% Source: Company, Bloomberg estimates (for FY08 and FY09). Share price is as of 12 March 2009. Product Mix (2Q08) Gigabyte Technology Motherboards 22% Other Computer Products 34% Barebone Systems 3% Peripheral PC Boards 42% Key Customers COMPANY WEBSITE PC ODM NA 565
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Tech Hardware Supply Chain - Gazhoo

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