Tech Hardware Supply Chain - Gazhoo

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Bhavin Shah (852) 2800-8538 bhavin.a.shah@jpmorgan.com 634 Siemens Company Description: Siemens AG manufactures a wide range of industrial and consumer products. The company builds locomotives, traffic control systems, automotive electronics, and engineers electrical power plants. Siemens also provides building control systems and medical equipment. The company operates worldwide. Country: Germany Ticker: SIEGn.F Analyst: Andreas Willi Rating: Overweight Price (€): 44.37 Market Cap (US$MM): 52,079 No. of Shares (MM): 914 Founded: 1847; Listed: 1989 Fiscal Year End: September Key Management: Peter Löscher; Joe Kaeser; Barbara Kux No. of Employees: 425,000 Business Alliances/Partnerships (€ in millions) FY06 FY07 FY08 FY09E Bosch for household appliances (JV) Revenues 87,325 72,448 78,897 83,750 Nokia for Communication Equipment (JV) Gross Profit 24,174 20,876 25,061 27,187 Voith for Hydro Power (JV) Operating Profit 3,871 5,109 7,693 9,928 Areva for Nuclear Power Net Profit 3,087 3,677 5,188 6,864 Earnings per Share (€) 3.4 4.4 6.6 7.8 Return on Equity (%) 9.30 14.10 12.60 15.00 Capital Spending 3,970 3,751 3,223 3,129 Research & Development Expenses 5,685 3,399 3,629 3,769 Cash & Cash Equivalents 10,214 4,005 9,234 12,392 Gross Debt 15,574 15,497 11,998 11,273 Owners’ Equity 29,473 28,996 41,072 45,617 Book Value per Share (€) 33.1 32.3 44.9 49.9 Geographical Mix (2008) Asia, Australia, Middle East 21% Americas 26% Key Suppliers STMicro Infineon Alcoa Lumberg Europe, C.I.S., Africa 53% Source: Company, J.P. Morgan estimates. Share price is as of 12 March 2009. Asia Pacific Equity Research 20 April 2009 Product Mix (2008) Siemens Industry 46% Financial Services 1% Other operations 3% Real Estate 2% Energy 28% Healthcare 14% IT Solutions and Services 6% Key Customers Telecom Italia China Telecom France Telecom Deutsche Telecom SBC Daimler Chrysler COMPANY WEBSITE Diversified IT
Bhavin Shah (852) 2800-8538 bhavin.a.shah@jpmorgan.com Company Description: Sun Microsystems Country: United States Sun Microsystems, Inc. provides products, services, and support solutions for building and maintaining network Ticker: JAVA computing environments. The company sells scalable computer systems, high-speed microprocessors, and a Analyst: Mark Moskowitz complete line of high-performance software for operating network computing equipment and storage products. Rating: Underweight Sun also provides support, education, and professional services. Price (US$): 4.67 Market Cap (US$MM): 3,478 No. of Shares (MM): 745 Founded: 1982; Listed: 1986 Fiscal Year End: June Key Management: Jonathan I. Schwartz; Michael E. Lehman; Scott G. McNealy No. of Employees: 33,556 Business Alliances/Partnerships (US$ in millions) FY06 FY07 FY08 FY09E NA Revenues 13,068 13,873 13,880 12,389 Gross Profit 5,629 6,265 6,455 5,133 Operating Profit (456) 406 666 (136) Net Profit (864) 473 620 (125) Earnings per Share (US$) (1.00) 0.52 0.75 (0.17) Return on Equity (%) (13.27) 7.00 9.70 (2.70) Capital Spending (315) (488) (441) (563) Research & Development Expenses 2,046 2,008 1,834 1,646 Cash & Cash Equivalents 4,065 4,582 2,701 2,804 Gross Debt 1,078 1,265 1,265 1,263 Owners’ Equity 6,344 7,179 5,588 3,661 Book Value per Share (US$) 7.05 7.97 6.80 4.91 Geographical Mix (2008) NA APAC 18% EMEA 38% Key Suppliers US 45% Source: Company, J.P. Morgan estimates. Share price is as of 12 March 2009. Asia Pacific Equity Research 20 April 2009 Product Mix (2008) Sun Microsystems COMPANY WEBSITE Diversified IT Service 38% Product 62% Key Customers Selling directly and indirectly to many vertical markets 635
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