Tech Hardware Supply Chain - Gazhoo

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Bhavin Shah (852) 2800-8538 bhavin.a.shah@jpmorgan.com 566 Inventec Co., Ltd. Company Description: Inventec Co., Ltd. manufactures and markets computers and electronic word processing products. The company’s products include notebook computers, desktop computers, workstations, scientific graphic calculators, and electronic dictionaries. Inventec markets its products under the brand name “Besta”. Country: Taiwan Ticker: 2356.TW Analyst: Not Covered Rating: Not Rated Price (NT$): 12.15 Market Cap (US$MM): 903 No. of Shares (MM): 2,561 Founded: 1975; Listed: 1996 Fiscal Year End: December Key Management: Yeh Kuo-I, Lee Shin-Chin “Richard”, Wang Chih-Cheng No. of Employees: 4,043 Business Alliances / Partnerships (NT$ in millions) FY06 FY07 FY08E FY09E NA Revenues 257,066 262,295 248,058 256,682 Gross Profit 14,321 12,578 NA NA Operating Profit 4,560 3,208 2,941 3,231 Net Profit 5,639 5,638 5,092 4,877 Earnings per Share (NT$) 2.2 2.2 2.0 1.8 Return on Equity (ROE) (%) 17.4 15.9 11.8 15.3 Capital Spending (302) (2,301) (4,800) (6,000) Research & Development Expense 3,439 4,146 NA NA Cash & Cash Equivalents 7,851 9,302 NA NA Gross Debt 11,395 11,469 NA NA Owners’ Equity 35,597 37,267 NA NA Book Value per Share (NT$) 13.5 14.3 15.6 15.5 Geographical Mix (2Q08) Taiwan 21% Key Suppliers Intel Fujitsu AU Optronics CMO Elpida Mitsumi AMD Hitachi Panasonic Simplo Asia 19% ROW 5% America 23% Asia Pacific Equity Research 20 April 2009 Europe 32% Source: Company, Bloomberg estimates (for FY08 and FY09). Share price is as of 12 March 2009. Product Mix (2Q08) Inventec Co., Ltd. Computer Peripheral Products 23% Computer & Server Product Manufacturing 77% Key Customers HP Acer NEC Toshiba FujitsuFujitsu Siemens COMPANY WEBSITE PC ODM
Bhavin Shah (852) 2800-8538 bhavin.a.shah@jpmorgan.com Micro-Star International Co., Ltd. Company Description: Micro-Star International Co., Ltd. manufactures and markets motherboards and video graphic accelerate (VGA) cards. The company exports its products to Europe, North America, and other Asian countries. Country: Taiwan Ticker: 2377.TW Analyst: Not Covered Rating: Not Rated Price (NT$): 15.7 Market Cap (US$MM): 459 No. of Shares (MM): 1,008 Founded: 1994; Listed: 1994 Fiscal Year End: December Key Management: Hsu Hsiang, Lu Chi Long No. of Employees: 2,300 Business Alliances / Partnerships (NT$ in Millions) FY06 FY07 FY08E FY09E NA Revenues 80,745 96,215 101,421 104,698 Gross Profit 7,246 10,038 NA NA Operating Profit 692 2,894 2,416 2,596 Net Profit 1,247 2,913 2,685 2,546 Earnings per Share (NT$) 1.3 3.0 2.8 2.7 Return on Equity (ROE) (%) 6.0 12.9 11.7 9.0 Capital Spending (468) (826) (65) (250) Research & Development Expense 1,760 1,988 NA NA Cash & Cash Equivalents 66,651 7,159 NA NA Gross Debt 1,439 3,363 NA NA Owners’ Equity 21,197 24,000 NA NA Book Value per Share (NT$) 21.8 24.3 NA NA Geographical Mix (2007) NA America 22% Key Suppliers Taiwan 4% Others 2% Asia 34% Asia Pacific Equity Research 20 April 2009 Europe 38% Source: Company, Bloomberg estimates (for FY08 and FY09). Share price is as of 12 March, 2009. Product Mix (2007) Micro-Star International Interface Card 24% Motherboard 26% COMPANY WEBSITE PC ODM NA Others 50% Key Customers 567
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