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    • F 2013-14 (2406.TW/2406 TT) MW ; 2,000 2,000 2,000 2000 NT$36.9 1000 500 1 2 3 900 900 900 900 700 250 , CFA 886.2.2181.8728 jenliang@kgi.com ( ) 6.1 2015 2013 2014 5,500 2013 1.75 2013 2013 1.36 2014 2.96 2014 4.39 2015 2015 ; 12 1Q14 3.89 7% 3.11 59.2 2013 1 60.4% 20% 2013 NT$676, (GSMC; 3691 TT, ) 49GW 2014 36% 57% ( 8% 2013 17.5%) 2013 2Q14 ) 2014 42GW 2014 ) 2013 ( 2014 Solarbuzz ( 57% 35GW 2013 5,500 0.9-1.0 1.05-1.15 6.1 2015 2014 1.75 2013 300MW 2014 540MW 2014 2013 -8% 2011 2014 6.9% 3.5-6 2013 2012 500MW 2014 20-30% 2013 250MW 2014 1GW 100% 2013 700MW 2013 -16% 2013 http://research.kgi.com 2014 02 21 2014 10 1% 2014 3,800 1
    • F 2014 MW( ) 2014 ( ) ( 200 20 150 10 140% ) ( ) 1.00 400 0.80 300 0.60 200 0.40 (10) 100 0.20 (20) 100 500 0 0 50 0 3Q13 4Q13 1Q14F 2Q14F 3Q14F 0.00 1Q13 4Q14F 2Q13 3Q13 4Q14F 1Q14F 2Q14F 3Q14F 4Q14F ; 2014 ( ) ( 2013 ) 400 20 200 2014 10 0 0 (200) (10) (400) (20) (600) 2.26 3.11 1-3Q13 3.17 4Q13 1.09 41% 4Q13 (30) 4.7% (40) (800) 2009 2010 2011 2012 2013F 2014F 3 4Q13 2015F 3.42 140% 6.59 2.26 1 2014 2013 9.55 11.1 17.9% 68% 57% 1Q14 28% 71% 34 1Q14 0.59 2014 121% 151% 16.8 140% 2 107 2014 89% 2014 9.55 2.96 162 31% 2014 12.1% 68% 9.9 2014 6 / 2014 3.11 ( ) ( ) 1997 2014 90 20 30 10 3.11 30 60 9.93 ( 0 0 1Q13 2Q13 3Q13 4Q13 ; 1Q14F 2Q14F 3Q14F 4Q14F ) / ( ) 6.0 5.0 4.0 3.0 2.0 1.0 0.0 (1.0) (2.0) (3.0) 4.0 3.0 2.0 1.0 0.0 (1.0) (2.0) (3.0) (4.0) 2009 2010 2011 2012 2013F 2014F 2015F ; http://research.kgi.com 2014 02 21 2
    • F 2014 2010 10-22 10 12 20 2014 / 12 59.2 ( 60.4% ); ( ) 22.0x 60 19.0x 50 16.0x 40 13.0x 30 10.0x 20 7.0x 4.0x 10 0 2009 2010 2011 2012 2013 2014 ; 12 31 ( 2012A 2013F 2014F 2015F 12 31 ) 6,187 8,559 16,183 21,540 ( EV/Sales (X) 2012A 2013F 2014F 2015F ) 591 730 2,664 3,649 ( ) 17 191 1,959 2,884 ( EV/EBIT EV/EBITDA (X) (X) 1.9 1.5 1.0 0.7 678.5 67.1 8.3 7.9 ( / ) (%) (percentile, %) -12/13 (%) -12/14 (NT$) -12/14 (x) -12/14 (%) 21.6 16.7 6.2 4.1 59.2 60.4 99 N.A. 17.2 3 2.1 63.8 http://research.kgi.com ( ( ) 17 (659) 993 1,416 EV/Inv. C (X) (X) 52 12 EBITDA ) 541 768 2,615 3,764 643.0 N.M. 11.8 8.4 ( / ): / ( 1.2 1.3 1.3 1.1 ): ): ( ( ): ): ( % (3,6,12 % (3,6,12 ): ) ) ( ) 0.06 (2.26) 3.11 4.39 (%) 0.3 N.A. 16.2 19.2 16.8 - 38.9 11.0/361 297 297 39 11.8 53.8; 105; 64.4 45.1; 87.6; 52.1 2014 02 21 3
    • F 1Q13A 2Q13A 3Q13A 4Q13F 1Q14F 2Q14F 3Q14F 4Q14F 2013F 2014F 1,968 1,844 124 139 (15) 140 1 126 3 (1) 45 47 15 15 16 22 (6) (70) (75) 0.06 (0.26) 2,127 1,944 183 139 44 139 1 184 3 (0) (40) (38) 15 15 (9) 11 (20) (52) (72) (0.03) (0.25) 1,848 1,679 169 129 40 140 1 181 4 15 (143) (124) 16 16 (100) 41 (141) (29) (170) (0.34) (0.58) 2,616 2,362 253 131 122 154 1 277 3 (160) (160) (317) 18 18 (213) 24 (237) (105) (342) (0.73) (1.17) 3,356 2,838 518 169 349 163 1 513 2 50 0 52 17 17 384 47 337 (147) 190 1.20 0.59 3,887 3,257 630 175 456 163 1 620 2 0 0 2 19 19 438 53 385 (169) 216 1.37 0.68 4,435 3,692 744 180 564 163 1 728 2 0 0 2 20 20 546 62 483 (198) 285 1.71 0.89 4,505 3,732 772 181 591 163 1 755 2 0 0 2 24 24 568 64 504 (203) 302 1.78 0.95 8,559 7,829 730 581 191 573 4 768 12 (146) (299) (433) 64 64 (305) 98 (404) (255) (659) (1.05) (2.26) 16,183 13,519 2,664 705 1,959 652 4 2,615 7 50 0 57 80 80 1,936 227 1,709 (717) 993 6.07 3.11 6.3 (0.8) 6.4 0.8 (3.8) 8.6 2.1 8.6 (0.4) (3.4) 9.1 2.2 9.8 (5.4) (9.2) 9.7 4.7 10.6 (8.1) (13.1) 15.4 10.4 15.3 11.4 5.7 16.2 11.7 15.9 11.3 5.6 16.8 12.7 16.4 12.3 6.4 17.1 13.1 16.8 12.6 6.7 8.5 2.2 9.0 (3.6) (7.7) 16.5 12.1 16.2 12.0 6.1 51.8 817.6 N .A. N .A. N .A. N .A. 8.1 47.6 N.A. 45.4 N.A. N.A. (13.1) (7.8) (8.5) (1.4) N.A. N.A. 41.6 49.8 205.4 52.7 N .A. N .A. 28.3 104.6 184.9 85.2 N.A. N.A. 15.8 21.7 30.7 20.9 14.2 13.8 14.1 17.9 23.8 17.5 24.5 32.1 1.6 3.8 4.7 3.7 4.1 5.8 20.7 (33.4) (127.4) (26.6) (97.4) (114.2) (NT$ 12.4 (37.8) (70.3) (33.3) (106.8) (605.6) 35.1 75.6 (241.6) 67.5 (37.9) (17.0) 101.8 1,771.2 (178.1) (1,897.9) (25.9) 4.9 70.6 317.2 (2,447.2) 305.4 2,253.0 (351.4) 82.7 244.0 940.8 237.0 (4,907.2) (400.0) 140.0 339.9 1,307.3 301.7 (645.7) (268.3) 72.2 205.0 382.6 172.6 (367.3) (188.2) 38.3 23.5 1,049.1 42.1 N.A. N.A. 89.1 265.1 923.5 240.3 N .A. N .A. ) EBITDA ( ) EPS EPS (%) EBITDA Margin (%) EBITDA (%) EBITDA http://research.kgi.com 2014 02 21 4
    • F 九 1997 0.59 ( 57% ) 1Q14F 2Q14F 0.89 (3691 TW, NT$676, ) 36% 0.68 2012 57% 8% 2013 2014 500MW (0.26) (0.25) (0.58) 700MW (1.12) 4Q12 1 1 (1.17) 1Q13 2Q13 3Q13 4Q13F 3Q14F 36 31 2013F 2104F 2015F 20 0 20 30 40 25 69 60 35 30 68 80 40 57 45 (20) 15 Feb-13 Mar-13 May-13 Jun-13 (40) Jul-13 Sep-13 Oct-13 Nov-13 Dec-13 Feb-14 ; 1Q14 28% 5,000 4,000 20.0x 60 50 14.0x 12.0x 10.0x 40 3,000 30 2,000 18.0x 16.0x 8.0x 20 1,000 10 0 0 4Q12 1Q13 2Q13 3Q13 4Q13F 1Q14F 2Q14F 3Q14F 16.2 16.8 2009 2010 2011 2012 2013 2014 2014 15.4 8.6 9.1 60 50 2.4x 2.2x 40 9.7 1.8x 30 6.3 1.4x 20 10 1.0 1.0x 0.6x 0.2x 0 4Q12 1Q13 2Q13 3Q13 http://research.kgi.com 4Q13F 1Q14F 2Q14F 3Q14F 2009 2014 2010 02 21 2011 2012 2013 2014 5
    • F 12 12 ( 2014F 14,206 6,940 1,104 1,690 3,547 599 7,266 565 6,101 600 7,432 3,861 1,111 1,898 852 3,571 3,526 45 6,774 3,227 3,037 510 0 2015F 16,213 9,724 1,969 2,236 4,721 798 6,489 565 5,524 400 8,249 2,604 1,471 0 1,134 5,645 5,600 45 7,964 3,227 3,037 1,700 0 2011A ) 2013F 10,838 5,470 2,159 1,118 1,876 317 5,367 515 4,252 600 5,363 2,572 643 1,478 450 2,791 2,746 45 5,475 2,920 3,037 (482) 0 2012A 2013F 2014F 2015F 14.7 (96.2) (32.0) (88.0) (88.1) 38.3 1049.1 42.1 N.A. N.A. 89.1 923.5 240.3 N.A. N.A. 33.1 47.2 44.0 42.7 41.0 9.5 0.3 8.7 0.3 0.2 0.3 8.5 2.2 9.0 (7.7) (6.2) N.A. 16.5 12.1 16.2 6.1 7.9 16.2 16.9 13.4 17.5 6.6 9.3 19.2 51.5 2.4 13.8 0.4 0.3 0.0 2.5 2.0 (957) 58.0 14.8 6.1 0.3 5.7 0.3 2.6 2.1 529 77.2 37.7 (3.8) (0.2) (6.0) (0.3) 2.1 1.7 1,487 80.1 63.8 25.3 1.0 (0.7) (0.0) 1.8 1.4 3,193 70.3 45.6 30.8 30.8 10.9 10.9 3.7 2.9 3,976 0.48 1.72 17.35 18.48 1.52 0.50 31 ) 2012A 10,525 5,205 2,647 993 1,336 230 5,320 661 4,146 513 4,392 2,021 479 1,228 314 2,370 2,328 43 6,134 2,920 3,037 177 0 16.9 8.1 14.7 2.6 1.6 2.3 ( 2011A 10,140 5,299 3,080 962 945 313 4,841 492 3,852 496 3,875 2,127 217 1,504 406 1,748 1,725 23 6,266 2,920 3,040 306 0 34.3 (53.6) (36.0) (82.4) (83.3) 31 0.06 1.85 16.86 21.19 0.06 N.D. (2.26) (0.28) 14.61 29.31 0.66 N.D. 3.11 5.17 17.25 50.15 6.15 0.70 4.39 7.12 21.02 66.76 8.94 1.00 2011A 2012A 2013F 2014F 2015F 0.6 63.9 65.1 14.7 114.3 0.6 78.8 58.6 28.3 109.1 0.8 80.0 47.7 27.4 100.3 1.3 80.0 38.1 25.1 93.1 1.4 80.0 37.9 24.9 93.0 2011A 2012A 2013F 2014F 2015F 12 31 ( ( ( 2011A 5,395 4,484 911 472 439 (30) 19 50 10 221 639 117 (383) 139 796 0.48 2012A 6,187 5,596 591 574 17 (47) 14 62 19 323 312 77 (218) 17 541 0.06 2013F 8,559 7,829 730 538 191 (52) 12 64 (146) (299) (306) 98 (255) (659) 768 (2.26) 2014F 16,183 13,519 2,664 705 1,959 (73) 7 80 50 0 1,936 227 (717) 993 2,615 3.11 2015F 21,540 17,891 3,649 765 2,884 (88) 6 94 0 0 2,796 400 (980) 1,416 3,764 4.39 ) 2011A 16 139 357 (470) (10) (2,509) (2,258) (193) (59) (2,493) 2,663 278 2,382 3 170 2012A 353 17 524 (168) (19) (984) (765) (149) (70) (631) 198 (149) 327 20 (433) 2013F (388) (659) 577 (452) 146 (770) (679) 0 (91) (1,158) 670 (0) 668 2 (488) 2014F (58) 992 656 (1,656) (50) (2,504) (2,500) 0 (4) (2,562) 1,507 307 1,200 0 (1,055) 2015F 1,019 1,416 881 (1,278) 0 (104) (300) 0 196 915 (50) (226) 176 0 865 ) 31 ) EBITDA 12 (% ) EBITDA Free Cash Flow (%) EBITDA / (%) (%) (X) (X) Cash Flow Int. Coverage (X) Cash Flow/Int. & ST Debt (X) (X) (X) (NT$ ) (NT$ EBITDA/shr (X) ) http://research.kgi.com ROIC 12 31 (Return on Invested Capital) 1- 2011A 2012A 2013F 2014F 2015F 12 31 + 76.5% 82.0% 84.7% 79.5% 79.0% 1/ 6.6% 8.5% 6.7% 4.1% 4.1% + 0.3 0.3 0.3 0.3 0.3 8.1% 0.3% 2.2% 12.1% 13.4% 02 21 = 8.8% 9.3% 6.3% 4.4% 3.6% + 0.7 0.7 0.5 0.4 0.3 0.9 0.9 1.1 1.4 1.8 8.1% 0.3% 2.2% 12.1% 13.4% = 0.1 0.1 0.1 0.0 0.0 x 1- x 12 31 2014 + 0.9 0.9 1.1 1.4 1.8 = 81.7% 75.2% 132.2% 88.3% 85.7% ROIC 5.8% 0.2% 3.4% 15.2% 20.3% 6
    • 500 A 2703B-2704 104 201103 700 886.2.2181.8888 886.2.8501.1691 2014 A 24D1 518008 852.2878.6888 8th - 11th floors, Asia Centre Building 852.2878.6800 173 South Sathorn Road, Bangkok 10120, Thailand 66.2658.8888 66.2658.8014 (OP) (Excessive Return) ( ) 40% (N) ( ( 40% ) ) 40% (U) 40% (NR) (R ) / * http://research.kgi.com =( / 2014 02 )–1 21 7