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by: dabenks (58/M/Glenzoo)
Long-Term Sentiment: Strong Buy 10/16/03 11:50 pm
Msg: 65278 of 65278
With 36.50%, in front of tax EPS1.60 Yuan. Table one: Each place
extension invests 1H03 income of various areas 1Q03 2Q03 1Q03, 2Q03
and the 1H03 Hong Kong 2,,916 11,,390 14,,306 Jiangyin 2,,993 12,,676
15,,669 other 6,,981 8,,452 15,,433 sub-totals 12,,890 32,,518 45,,408
notes: Other extensions invest places material origin such as local -
Beijing, Tokyo, US, Shanghai and Shenzhen: The letter nation electron,
IBTSIC reorganizes 4. companies in 2003 the wealth to measure that,
After the letter nation electron in 2003 the Taiwan earning (group
earning) and the tax the earnings are 28.02 hundred million Yuan (40
hundred million Yuan) and 4.52 hundred million Yuan, YoY+14.65% and
56.35%, by after power capital stock computation, after tax EPS 3.92
Yuan. 5.2004 years growth power: (1) battery Ä£½M: Future will grow
power - NB and the handset will use battery Ä£½M 1. Has not received
a letter the nation and beautifully discusses the Valence cooperation,
faces OEM of this company (to prearrange this year October to start to
do, in November produces in odd-numbered month 5,,000; Estimated in
2004 has the 3~4 hundred million earnings). (2) GPS product: In 2004
produces goods 25,,000 ten thousand, estimated in 2004 the earning
contribution is 1 hundred million Yuan dollars. (3) handset back light
Ä£½M: The handset back light Ä£½M at present customer is the LG
supplier (the Hong Kong factory produces goods), 1.0/2003 million
starts to produce 40 ten thousand pieces, estimated future 3 months in
odd-numbered month the output might reach 100 ten thousand pieces.
Estimated in 2004 the earning contributes 3 hundred million Yuan
(about 2.89 hundred million Yuan. * IBTSIC appraised to the company
that, 1. 1H03 wealth measured achieving rate is slightly low, future
will be able ·ñ?OÌ©?í the transport business large growth still to
have to observe: In front of the 1H03 Taiwan earning and the tax the
earnings wealth measured achieving rate is 38.80% and 36.50%, the
wealth measured achieving rate is not high. Even if to IBTSIC
estimated the 2H03 Taiwan with other group earnings each is 15 hundred
million Yuan and 11 hundred million Yuan, by in front of the Taiwan
business profit rate and the land area tax the net profit rate 12% and
5% calculation, deducts each season 1,,700 ten thousand interest
costs, whole year (2H03) in front of the tax the earnings
approximately 3.7 hundred million Yuan (2.1 hundred million) about the
Yuan, with the wealth measured estimated in 2003 in front of the tax
the earnings 4.5 hundred million Yuan, achieve the wealth to measure
about 8 tenths. But if the new product promotes the time to hand over
extends, will face the accent to fall the wealth to measure the
pressure. 2. companies strategies and the prospect (battery Ä£½M or
back light Ä£½M) is quite good, whether only succeeds waits for the
time test: When the coupling merchant enters the growth intermediate
stage, must expect they largely grow, the merchant pressure can be
quite big. |
