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Technology Stocks : Deswell Industries (DSWL)

DSWL 3.555

-1.0%

1:05 PM EST

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To: Tex Huston who wrote (439)	2/10/1998 1:34:00 AM
From: Ron Bower	Read Replies (2) of 1418

Tex, It's interesting that bios are given on the other Directors of Deswell but little is available about Lau. His actual name is 'Lau Pui Hon' and I presume he's Chinese with Hongkong origins and I believe some time spent in US from his English use. He's one of the original owners of Leesha Holdings, the predecessor of Deswell and has been the CEO since inception in 1987. Other than this, there's little info I have on him. Others on the thread know more about his employment and relationship with Namtai but I don't know the source of their info just as I know little about his private life or education. Over the 10 years and under his leadership the company has shown fantastic growth while maintaining conservative financial policies - high liquidity and virtually no debt. They are the dominant plastics company in China with most of the others being smaller and none with the mold production capabilities. All of their equipment is 'state of art' indicating high knowledge by someone in the company, presumably C.P. Li (Li Chin Pang) an original owner and the General Manager of Manufacturing and C.W. Leung (Leung Chi Wai) original owner and the Director of Engineering for Plastics Operations. It appears that Lau is the front man, deal maker, and financial manager while the other two take care of manufacturing and other aspects. The Board has fairly impressive credentials and is a diverse group in skills, knowledge, and connections. My impression is that there are no long term plans beyond a year and that growth will depend on profits and market. They will not be borrowing for growth and will maintain liquidity. (An interesting point is that a company in China can retrieve taxes paid if they reinvest profits - also that dividends are not taxed to the individual) I just reread the 20F for March 1997. It's worth reviewing. For what it's worth, Ron

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