Tech Hardware Supply Chain - Gazhoo

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Bhavin Shah (852) 2800-8538 bhavin.a.shah@jpmorgan.com 580 Sanmina-SCI Corporation Company Description: Sanmina-SCI Corporation provides electronics contract manufacturing services to customers located around the world. The company offers its customers expertise in new product introduction, manufacturing, and design and fabrication of complex interconnect products. Sanmina-SCI specializes in circuit fabrication, system assembly, integration, and high-end enclosures and cabling. Country: United States Ticker: SANM Analyst: Not Covered Rating: Not Rated Price (US$): 0.25 Market Cap (US$MM): 128 No. of Shares (MM): 511 Founded: 1993; Listed: 1993 Fiscal Year End: September Key Management: Jure Sola; Daid L White; Hari Pillai No. of Employees: 45,610 Business Alliances/Partnerships (US$ in millions) FY06 FY07 FY08 FY09E NA Revenues 10,955 7,138 7,202 5,446 Gross Profit 622 455 524 NA Operating Profit 208 62 181 118 Net Profit (142) (1,135) (486) 6 Earnings per Share (US$) (0.3) (2.2) (0.9) 0.01 Return on Equity (%) (6) (66) (52) 0.35 Capital Spending (139) (88) (121) (85) Research & Development Expenses 40 30 20 NA Cash & Cash Equivalents 492 933 870 NA Gross Debt 1,607 1,588 1,482 NA Owners’ Equity 2,271 1,173 696 NA Book Value per Share (US$) 4.3 2.1 1.3 1.2 Geographical Mix (2008) NA Domestic 30% Key Suppliers Asia Pacific Equity Research 20 April 2009 International 70% Source: Company, Bloomberg estimates (FY09E). Share price is as of 12 March 2009. Product Mix (2008) Sanmina-SCI Corporation COMPANY WEBSITE Diversified EMS EMS 100% Key Customers HP IBM Lenovo
Bhavin Shah (852) 2800-8538 bhavin.a.shah@jpmorgan.com SMART Modular <strong>Tech</strong> Inc Company Description: Smart Modular <strong>Tech</strong>nologies (WWH), Inc. designs and manufactures value added subsystems for computing, networking, communications, printer, and storage manufacturers. The company produces memory modules, embedded computing and TFT-LCD display products, and offers design, manufacturing, testing, and logistics services. Country: United States Ticker: SMOD Analyst: Not Covered Rating: Not Rated Price (US$): 1.39 Market Cap (US$MM): 86 No. of Shares (MM): 62 Founded: 1988; Listed: 2006 Fiscal Year End: August Key Management: Iain Mackenzie; Barry Zwarenstein: Alan Marten No. of Employees: 1,466 Business Alliances/Partnerships (US$ in millions) FY06 FY07 FY08 FY09E NA Revenues 707 845 670 521 Gross Profit 127 150 120 NA Operating Profit 46 74 40 5 Net Profit 32 58 9 0 Earnings per Share (US$) 0.55 0.91 0.14 0.03 Return on Equity (%) 35 31 4 3 Capital Spending (20) (14) (13) (13) Research & Development Expenses 16 16 20 NA Cash & Cash Equivalents 86 144 116 NA Gross Debt 81 81 81 NA Owners’ Equity 147 221 247 NA Book Value per Share (US$) 2.5 3.7 4.0 3.8 Geographical Mix (2008) NA Asia 15% Key Suppliers Europe 10% Other North & Latin America 19% Asia Pacific Equity Research 20 April 2009 USA 56% Source: Company, Bloomberg estimates (FY09E). Share price is as of 12 March 2009. SMART Modular Product Mix (2008) Product Related Logistics 6% Electronic Subsystem 94% Key Customers HP Cisco COMPANY WEBSITE Diversified EMS 581
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