Tech Hardware Supply Chain - Gazhoo

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Bhavin Shah (852) 2800-8538 bhavin.a.shah@jpmorgan.com 584 Asia Pacific Equity Research 20 April 2009 Storage Brocade Communications ............. 585 EMC Corporation............................ 586 Emulex Corporation ....................... 587 NetApp............................................. 588 QLogic Corporation........................ 589 Quantum Corporation .................... 590 HDD.................................................. 591 Optical Disc..................................... 594 Storage
Bhavin Shah (852) 2800-8538 bhavin.a.shah@jpmorgan.com Brocade Communications Company Description: Brocade Communications Systems, Inc. provides switching solutions for storage area networks (SAN). The company’s switching solutions utilize the fiber channel interconnect protocol. Brocade’s family of SilkWorm switches enables a company to manage growth of its data storage requirements, improve the data transfer performance, and increase the size of its SAN. Country: United States Ticker: BRCD Analyst: Mark Moskowitz Rating: Overweight Price (US$): 2.79 Market Cap (US$MM): 1,080 No. of Shares (MM): 387 Founded: 1995; Listed: 1999 Fiscal Year End: October Key Management: Michael Klayko; Richard Deranleau; David L. House No. of Employees: 3,950 Business Alliances/Partnerships (US$ in millions) FY06 FY07 FY08 FY09E NA Revenues 751 1,237 2,112 1,895 Gross Profit 445 661 1,321 1,104 Operating Profit 77 119 494 386 Net Profit 68 77 285 129 Earnings per Share (US$) 0.25 0.21 0.73 0.30 Return on Equity (%) 12.02 8.17 12.10 6.40 Capital Spending (30) (57) (149) (139) Research & Development Expenses 165 213 314 291 Cash & Cash Equivalents 542 656 1,703 309 Gross Debt 16 206 1,024 1,272 Owners’ Equity 616 1,267 2,396 1,677 Book Value per Share (US$) 2.26 3.27 6.05 3.83 Geographical Mix (2008) International 37% Key Suppliers ASICs LSI Logic Optical Transceivers Finisar US 63% Source: Company, J.P. Morgan estimates. Share price is as of 12 March 2009. Asia Pacific Equity Research 20 April 2009 Product Mix (2008) The Server edge & Storage 16% Brocade Communications Other 10% Data Center Infra 74% EMC Key Customers IBM NetApp Sun Micro HP Dell Hitachi Data Fujitsu-Siemens Systems COMPANY WEBSITE Storage 585
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