Tech Hardware Supply Chain - Gazhoo

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Bhavin Shah (852) 2800-8538 bhavin.a.shah@jpmorgan.com 606 Apple Inc. Company Description: Apple Inc. designs, manufactures, and markets personal computers and related personal computing and communicating solutions. The company’s products are sold primarily to education, creative, consumer, and business customers. Apple provides its proprietary desktop and notebook computers, operating system, applications, music players, and online music store. Country: United States Ticker: AAPL Analyst: Mark Moskowitz Rating: Overweight Price (US$): 96.35 Market Cap (US$MM): 85,805 No. of Shares (MM): 891 Founded: 1976; Listed: 1980 Fiscal Year End: September Key Management: Steven Paul Jobs; Peter Oppenheimer; Timothy D. Cook No. of Employees: 32,000 Business Alliances/Partnerships (US$ in millions) FY06 FY07 FY08 FY09E NA Revenues 19,315 24,006 32,479 32,975 Gross Profit 5,598 8,154 11,145 10,891 Operating Profit 2,453 4,409 6,275 5,793 Net Profit 1,989 3,496 4,834 4,270 Earnings per Share (US$) 2.36 4.04 5.36 4.73 Return on Equity (%) 22.85 28.52 27.20 18.30 Capital Spending (657) (735) (1,091) (1,046) Research & Development Expenses 712 782 1,109 1,215 Cash & Cash Equivalents 10,110 15,386 24,490 30,295 Gross Debt 0 0 0 0 Owners’ Equity 9,984 14,532 21,030 25,703 Book Value per Share (US$) 11.67 16.66 23.31 28.46 Geographical Mix (2008) NA Retail (US, Canada, Japan, UK) 19% Others 8% Key Suppliers Europe 23% Japan 5% Asia Pacific Equity Research 20 April 2009 US 45% Source: Company reports, J.P. Morgan estimates. Share price is as of 12 March 2009. Product Mix (2008) Apple Inc. Peripherals and other hardware iPhone 5% Software. Service 6% & Others 7% Other Music related products 10% iPod 28% Macintosh 44% Key Customers Selling directly and indirectly to many vertical markets COMPANY WEBSITE PC OEM
Bhavin Shah (852) 2800-8538 bhavin.a.shah@jpmorgan.com ASUSTek Computer Inc. Company Description: ASUSTek Computer Inc. manufactures and markets computer motherboards, interface cards, notebook computers, and other related products. Country: Taiwan Ticker: 2357.TW Analyst: Gokul Hariharan Rating: Underweight Price (NT$): 34.3 Market Cap (US$MM): 4,226 No. of Shares (MM): 4,246 Founded: 1989; Listed: 1996 Fiscal Year End: December Key management: Shen, Zhen-Lai (Jerry); Chang David , Shih Chung-Tang No. of Employees: 120,562 Business Alliances/Partnerships (NT$ in billions) FY06 FY07 FY08E FY09E Pegatron (ODM) was spun off from Asus Revenues 553.8 755.4 735.8 533.3 Asus holds 100% stake in Pegatron Gross Profit 54.4 74.8 76.2 48.7 Operating Profit 20.1 28.7 16.6 6.6 Net Profit 19.0 27.6 15.9 7.8 Earnings per Share (NT$) 4.9 7.0 3.8 1.8 Return on Equity (%) 12.3 8.7 4.3 7.8 Capital Spending (22.3) (17.4) (13.4) (4.0) Research & Development Expenses 7.6 9.1 12.9 11.2 Cash & Cash Equivalents 34.7 57.0 76.2 72.0 Gross Debt 17.6 24.2 23.8 16.8 Owners’ Equity 143.2 181.3 182.4 182.4 Book Value per Share (NT$) 36.4 44.2 43.0 42.7 Geographical Mix (2008) Asia 36% Others 11% Key suppliers All major PC component makers Asia Pacific Equity Research 20 April 2009 Europe 53% Source: Company reports, J.P. Morgan estimates. Share price is as of 12 March 2009. Product Mix (2008) ASUSTek Computer Handheld 2% MB/Cards 21% COMPANY WEBSITE PC OEM Others 11% Eee PC 19% NB 47% Key customers Own brand (100%) 607
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