Tech Hardware Supply Chain - Gazhoo

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Bhavin Shah (852) 2800-8538 bhavin.a.shah@jpmorgan.com 632 Omron Corporation Country: Japan Company Description: Omron Corporation manufactures electronic components, equipment and systems used for factory automation. The company provides products and services in a variety of fields including industrial automation, electronic components, automotive electronics, social systems such as ticket gate machines and traffic control, and healthcare. Ticker: 6645.OS Analyst: Yoshiharu Izumi Rating: Neutral Price (¥): 1,048 Market Cap (US$MM): 2,562 No. of Shares (MM): 239 Founded: 1933; Listed: NA Fiscal Year End: March Key Management: Yoshio Tateishi No. of Employees: 35,426 Business Alliances/Partnerships (¥ in billions) FY07 FY08 FY09E FY10E NA Revenues 736.7 763.0 630.5 515.0 Gross Profit 284.2 293.3 221.8 164.0 Operating Profit 64.0 65.3 5.3 (12.5) Net Profit 38.3 42.4 0.2 (8.4) Earnings per Share (¥) 166.1 183.9 93.7 97.9 Return on Equity (%) 10.3% 11.3% 5.5% 5.5% Capital Spending 44.4 37.8 40.0 28.0 Research & Development Expenses 52.0 51.5 49.0 45.0 Cash & Cash Equivalents 43.0 40.6 32.6 26.0 Gross Debt 21.5 19.3 25.0 25.0 Owners’ Equity 382.8 368.5 365.7 354.3 Book Value per Share (¥) 1,660.9 1,598.8 1,649.6 1,598.3 Geographical Mix (2008) NA Others 48% Key Suppliers Japan 52% Source: Company, J.P. Morgan estimates. Share price is as of 12 March 2009. Asia Pacific Equity Research 20 April 2009 Product Mix (2008) Omron Corporation Firewall/Security/ VPN 21% Health Care 1% Printer/Calculator 7% Electronic Components 22% Others 0.4% Industrial Automation 46% Key Customers COMPANY WEBSITE Diversified IT NA
Bhavin Shah (852) 2800-8538 bhavin.a.shah@jpmorgan.com Company Description: Samsung Electronics Country: South Korea Samsung Electronics Co., Ltd. manufactures a wide range of consumer and industrial electronic equipment and Ticker: 005930.KS products such as semiconductors, TFT-LCD panels, handsets, televisions, and home appliances. Analyst: JJ Park Rating: Neutral Price (Won): 536000 Market Cap (US$MM): 52,876 No. of Shares (MM): 147 Founded: 1969; Listed: 1975 Fiscal Year End: December Key Management: Lee Yoon-Woo; Choi Doh-Seok;; Lee Ki-Tae No. of Employees: 86,977 Business Alliances/Partnerships (Won in billions) FY06 FY07 FY08 FY09E Sony (S-LCD) Revenues 58,972.8 63,176.0 72,952.6 73,847.1 Samsung SDI Gross Profit 16,613.0 16,329.4 17,567.5 10,893.4 SEMCO Operating Profit 6,933.9 5,942.9 4,129.2 (788.8) Net Profit 7,926.1 7,425.0 5,528.1 503.0 Earnings per Share (Won) 46,299.2 43,372.2 32,291.9 2,938.2 Return on Equity (%) 18.67 15.34 10.09 0.87 Capital Spending 9,850.9 8,013.7 11,665.6 5,234.3 Research & Development Expenses 2,987.3 2,842.9 3,282.9 3,323.1 Cash & Cash Equivalents 6,371.9 7,812.5 5,486.7 5,938.5 Gross Debt 87.3 89.1 112.8 112.8 Owners’ Equity 45,260.6 51,560.6 58,037.9 57,444.8 Book Value per Share (Won) 264,383.9 301,184.5 339,020.5 335,556.1 Geographical Mix (2008) NA South Korea 19% Americas 14% Key Suppliers Europe 20% Africa 1% Asia 47% Source: Company, J.P. Morgan estimates. Share price is as of 12 March 2009. Asia Pacific Equity Research 20 April 2009 Product Mix (2008) Samsung Electronics TFT - LCD 25% Digital Media 4% Semiconductors 25% Telecommunication 36% Key Customers Dell IBM HP Sony Apple Sprint COMPANY WEBSITE Diversified IT 633
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