Tech Hardware Supply Chain - Gazhoo

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Bhavin Shah (852) 2800-8538 bhavin.a.shah@jpmorgan.com 618 Royal Philips Electronics Company Description: Koninklijke (Royal) Philips Electronics N.V. manufactures medical systems, domestic appliances, consumer electronics, and lighting. The company produces imaging, ultrasound and healthcare informatics equipment, shaving and beauty and health and wellness products, displays, peripherals, and lamps and luminaries, and offers medical transcription services. Country: Netherlands Ticker: PHG.AS Analyst: Andreas Willi Rating: Neutral Price (€): 12.25 Market Cap (US$MM): 15294 No. of Shares (MM): 972 Founded: 1891; Listed: 1989 Fiscal Year End: December Key Management: Gerard Kleisterlee, Pierre-Jean Sivignon, Gottfried Dutiné No. of Employees: 121,398 Business Alliances / Partnerships (€ in millions) FY06 FY07 FY08 FY09E LGD for sourcing of screens Revenues 26,976 26,793 26,392 24,722 Funai for US consumer electronics Gross Profit 8,295 9,200 8,495 8,411 Operating Profit 1,183 1,848 317 967 Net Profit 5,383 4,164 (186) 585 Earnings per Share (€) 0.76 1.39 0.96 0.92 Return on Equity (%) 24.50 20.50 (1.10) 3.60 Capital Spending (703) (661) (771) (692) Research & Development Expenses 1,668 1,629 1,622 1,582 Cash & Cash Equivalents 6,215 8,769 3,620 3,595 Gross Debt 3,878 3,563 4,158 4,158 Owners’ Equity 21,974 20,287 16,243 16,182 Book Value per Share (€) 18.7 18.7 16.4 17.6 Geographical Mix (2008) Emerging Markets 32% Other Mature Markets 5% Key Suppliers Intermagnetics Gen Analogic Photon Dynamics Virage Logic TSMC Benchmark Modem Media Trikon <strong>Tech</strong> LTX FSI Int’l Flextronics Jabil Altera North America 29% Asia Pacific Equity Research 20 April 2009 Western Europe 34% Source: Company reports, J.P. Morgan estimates. Note: Share price is as of 12 March 2009. Product Mix (2008) Royal Philips Consumer Lifestyle 42% I&EB 1% GMS 1% Healthcare 29% COMPANY WEBSITE Consumer Electronics Lighting 28% Key Customers Arrow Electronics Ericsson Sony Sanmina-SCI Avnet Flextronics General Motors Siemens
Bhavin Shah (852) 2800-8538 bhavin.a.shah@jpmorgan.com Sanyo Electric Co., Ltd. Company Description: Sanyo Electric Co., Ltd. (Sanyo) manufactures electrical appliances and equipment for household and industrial use. The company’s products include household appliances, audio/video equipment, semiconductor products, and batteries. Sanyo’s industrial equipment includes vending machines and commercial-use kitchen appliances. Country: Japan Ticker: 6764.T Analyst: Not Covered Rating: Not Rated Price (¥): 132 Market Cap (US$MM): 2,527 No. of Shares (MM): 1,872 Founded: 1947; Listed: NA Fiscal Year End: March Key Management: Seiichiro Sano, Koichi Maeda, Kazuhiko Suruta No. of Employees: 99,875 Business Alliances / Partnerships (¥ in billions) FY07 FY08 FY09E FY10E NA Revenues 1,883 2,018 1,918 1,775 Gross Profit 293 319 NA NA Operating Profit 43 76 23 11 Net Profit (45) 29 (8) (14) Earnings per Share (¥) (72.7) 4.7 (2.7) (8.3) Return on Equity (%) (78.38) 286.3 (4.0) (3.8) Capital Spending (66.6) (79.3) NA NA Research & Development Expenses 128.3 71.8 NA NA Cash & Cash Equivalents 423.4 282.9 NA NA Gross Debt 715.7 506.3 NA NA Owners’ Equity 335.9 334.4 NA NA Book Value per Share (¥) 6.5 4.3 NA NA Geographical Mix (2008) NA North America 13% Europe 11% Key Suppliers Rest of World 3% Asia 34% Asia Pacific Equity Research 20 April 2009 Japan 39% Product Mix (2008) Sanyo Electric Source: Company reports, Consensus estimates from Bloomberg (FY09E and FY10E). Note: Share price is as of 12 March 2009. Commercial 13% Consumer Electronics 36% Others 5% Components 46% Key Customers COMPANY WEBSITE Consumer Electronics NA 619
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