Tech Hardware Supply Chain - Gazhoo

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Bhavin Shah (852) 2800-8538 bhavin.a.shah@jpmorgan.com 626 Fujitsu, Limited Company Description: Fujitsu Limited manufactures semiconductor, computer, and communication equipment. The company provides comprehensive information technology, network and telecommunication solutions, and internet services. Country: Japan Ticker: 6702.T Analyst: Yoshiharu Izumi Rating: Overweight Price (¥): 334 Market Cap (US$MM): 7,068 No. of Shares (MM): 2,070 Founded: 1935; Listed: NA Fiscal Year End: March Key Management: Michiyoshi Mazuka, Kazuhiko Kato, Kuniaki Nozoe No. of Employees: 167,374 Business Alliances/Partnerships (¥ in billions) FY07 FY08 FY09E FY10E NA Revenues 5,100.2 5,330.9 4,701.0 4,453.0 Gross Profit 1,318.5 1,435.0 1,308.0 1,382.0 Operating Profit 182.1 205.0 48.0 82.0 Net Profit 102.4 48.1 (52.0) 18.6 Earnings per Share (¥) 44.68 20.99 (22.69) 8.1 Return on Equity (%) 10.9 5.0 (5.7) 2.1 Capital Spending 305.2 249.0 220.0 220.0 Research & Development Expenses 254.0 258.7 260.0 260.0 Cash & Cash Equivalents 449.4 549.4 503.8 572.4 Gross Debt 745.8 887.3 807.3 727.3 Owners’ Equity 969.6 948.2 871.2 864.8 Book Value per Share (¥) 468.4 413.7 380.1 377.3 Geographical Mix (2008) NA EMEA 14% APAC & China 16% Key Suppliers Americas 9% Japan 80% Source: Company, J.P. Morgan estimates. Share price is as of 12 March 2009. Asia Pacific Equity Research 20 April 2009 Product Mix (2008) Fujitsu, Limited Device Solutions 15% Ubiquitous Solurions 22% Others 1% <strong>Tech</strong>nology Solutions 62% Key Customers Toyota Mizuho Financial Group NTT Group COMPANY WEBSITE Diversified IT
Bhavin Shah (852) 2800-8538 bhavin.a.shah@jpmorgan.com Hitachi, Ltd. Company Description: Hitachi, Ltd. manufactures communications and electronic equipment, heavy electrical and industrial machinery, and consumer electronics. The company’s diverse product line ranges from nuclear power systems to kitchen appliances. Hitachi also operates subsidiaries in the wire and cable, metal, and chemical industries. Country: Japan Ticker: 6501.T Analyst: Yoshiharu Izumi Rating: Overweight Price ((¥)): 248 Market Cap (US$MM): 8,540 No. of Shares (MM): 3,368 Founded: 1920; Listed: 1982 Fiscal Year End: March Key Management: Etsuhiko Shoyama, Toyoaki Nakamura, Kazuo Furukawa No. of Employees: 347,810 Business Alliances/Partnerships (¥ in billions) FY07 FY08 FY09E FY10E NA Revenues 10,247.9 11,226.7 10,043.9 9,522.8 Gross Profit 2,159.5 2,322.5 2,087.2 2,149.7 Operating Profit 182.5 345.5 37.2 49.7 Net Profit (32.8) (58.1) (702.8) (130.3) Earnings per Share (¥) (9.8) (17.8) (214.9) (39.8) Return on Equity (%) (1.3) (2.5) (39.8) (9.8) Capital Spending 1,048.5 969.0 950.0 950.0 Research & Development Expenses 412.5 428.1 435.0 435.0 Cash & Cash Equivalents 617.9 561.0 467.4 478.4 Gross Debt 2,687.5 2,531.5 2,531.5 2,531.5 Owners’ Equity 2,442.8 2,170.6 1,365.0 1,270.7 Book Value per Share (¥) 733.0 664.0 417.3 388.5 Geographical Mix (2008) NA Americas 9% Asia 13% Key Suppliers Europe 5% Others 1% Japan 72% Source: Company, J.P. Morgan estimates. Share price is as of 12 March 2009. Asia Pacific Equity Research 20 April 2009 Product Mix (2008) Hitachi, Ltd. Electromic Devices 11% Logistics 11% High functional materials 14% Firewall/Security/ VPN 21% Info & Telecom 21% Key Customers COMPANY WEBSITE Diversified IT NA 627
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