I downgrade Compal Electronics to Sell from Neutral due to downside risks to its 2011 notebook shipment target and margin recovery. Compal's 2Q operating profit of NT$1.96 billion missed consensus estimates. It also faces challenges meeting its overly optimistic 20% notebook shipment growth guidance for 2012 given potential order losses. I lower my earnings estimates and cut my target price to NT$25 per share.

1. September 1, 2011
ACTION
Sell
Compal Electronics (2324.TW)
Return Potential: (20%) Equity Research
Squeezed by NB/TV downside and OPEX risk; downgrade to Sell
Source of opportunity Investment Profile
Low High
We downgrade Compal to Sell from Neutral on: 1) downside to its 2011 NB
Growth Growth
shipment target; 2) upside in its R&D expense trend; 3) unfavorable product
Returns * Returns *
mix due to slowdown in corporate demand (from Dell) in 2H; 4) 2Q OP of
Multiple Multiple
NT$1.96 bn is 39%/43% below GSe/Reuters consensus; 5) least Volatility Volatility
diversification among the top three NB ODMs: mainly TVs (around 10% of Percentile 20th 40th 60th 80th 100th
Compal Electronics (2324.TW)
sales) but with downward revision and the least exposure to high-margin
Asia Pacific Technology Peer Group Average
servers. We think there is downside risk to Compal’s 2012 bullish NB growth
* Returns = Return on Capital For a complete description of the
guidance to low visibility. Lastly, we think Compal’s share price rally of 19% investment profile measures please refer to
the disclosure section of this document.
from its recent trough (Aug 19) is not warranted by its fundamentals.
Key data Current
Catalyst Price (NT$) 31.10
Compal’s 42mn NB unit target (-13% yoy, vs previous GSe of 48.3mn) was 12 month price target (NT$) 25.00
Market cap (NT$ mn / US$ mn) 136,666.2 / 4,708.0
lowered from 48 mn in Apr and 55 mn in Jan. The shortfall stems mainly Foreign ownership (%) 55.1
from: 1) slowdown in corporate demand in 2H vs 1H; 2) netbook orders
lost to Quanta; and 3) Acer’s order downside. Compal expects 3Q GM to 12/10 12/11E 12/12E 12/13E
EPS (NT$) New 5.38 3.19 3.71 4.40
improve slightly, but guided OPM to be flat on rising R&D cost. Compal EPS revision (%) 0.0 (17.4) (17.2) 9.8
expects its 2012 NB shipment to grow 20% vs industry growth of 0%-5%. EPS growth (%) 10.9 (40.8) 16.3 18.6
EPS (dil) (NT$) New 5.38 3.19 3.71 4.40
In our view, however, this will be a challenge as its share gains at Dell and P/E (X) 5.8 9.7 8.4 7.1
P/B (X) 1.2 1.2 1.1 1.1
ASUSTeK may be offset by the potential order loss from Toshiba. EV/EBITDA (X) 7.3 9.7 7.8 5.9
Compal’s 3Q/4Q NB shipments (both flat qoq) are also below previous GSe Dividend yield (%) 7.6 8.5 5.1 6.0
ROE (%) 22.1 12.6 13.9 15.2
of 1%/4%. We lower our 2011E/12E/13E sales by 13%/16%/12% and PAT by CROCI (%) 113.4 96.5 255.7 125.8
18%/18%/9% on lower NB/TV TV growth and slower margin recovery. We
expect the market to negatively react to Compal’s weak 2Q result and 2H Price performance chart
42 11,000
guidance, as well as its overly optimistic guidance for 2012.
40 10,500
38 10,000
Valuation 36 9,500
We downgrade Compal to Sell from Neutral and cut our 12-m target price 34 9,000
32 8,500
to NT$25 from NT$32 (still on 7X NTM EPS) as we roll over to 4Q11-3Q12 30 8,000
28 7,500
Key risks 26 7,000
Aug-10 Dec-10 Mar-11 Jun-11
Higher Acer NB shipments and higher efficiency in inland production.
Compal Electronics (L) Taiwan SE Weighted Index (R)
INVESTMENT LIST MEMBERSHIP
Asia Pacific Sell List Share price performance (%) 3 month 6 month 12 month
Absolute (10.5) (10.5) (13.4)
Rel. to Taiwan SE Weighted Index 3.9 (0.6) (14.8)
Coverage View: Neutral Source: Company data, Goldman Sachs Research estimates, FactSet. Price as of 8/31/2011 close.
Henry King Goldman Sachs does and seeks to do business with companies
+852-2978-0748 henry.king@gs.com Goldman Sachs (Asia) L.L.C.
Angel Wei
covered in its research reports. As a result, investors should be
+886(2)2730-4187 angel.wei@gs.com Goldman Sachs (Asia) L.L.C. aware that the firm may have a conflict of interest that could
affect the objectivity of this report. Investors should consider
this report as only a single factor in making their investment
decision. For Reg AC see the end of the text. For other
important disclosures, see the Disclosure Appendix, or go to
www.gs.com/research/hedge.html. Analysts employed by non-
US affiliates are not registered/qualified as research analysts
with FINRA in the U.S.
The Goldman Sachs Group, Inc. Global Investment Research

2. September 1, 2011 Compal Electronics (2324.TW)
Compal Electronics: Summary Financials
Profit model (NT$ mn) 12/10 12/11E 12/12E 12/13E Balance sheet (NT$ mn) 12/10 12/11E 12/12E 12/13E
Total revenue 844,508.3 700,177.9 787,661.7 894,860.6 Cash & equivalents 34,831.7 45,287.5 43,945.1 47,238.6
Cost of goods sold (812,471.1) (677,764.5) (760,935.6) (864,303.1) Accounts receivable 168,415.0 149,754.9 195,765.9 199,120.4
SG&A (7,336.6) (6,226.1) (6,450.3) (7,105.9) Inventory 26,380.4 30,160.8 37,367.8 42,154.3
R&D (6,416.6) (7,252.3) (8,805.5) (8,770.1) Other current assets 1,363.3 934.3 1,115.3 1,170.8
Other operating profit/(expense) 0.0 0.0 0.0 0.0 Total current assets 230,990.4 226,137.5 278,194.2 289,684.0
ESO expense (4,012.7) 0.0 0.0 0.0 Net PP&E 2,176.6 1,974.8 1,811.4 1,704.8
EBITDA 18,919.7 9,456.9 11,869.9 15,056.5 Net intangibles 894.9 845.2 845.2 845.2
Depreciation & amortization (635.8) (521.9) (399.7) (375.0) Total investments 0.0 0.0 0.0 0.0
EBIT 18,283.9 8,935.0 11,470.3 14,681.5 Other long-term assets 66,077.8 68,328.4 71,479.1 75,058.5
Interest income 323.6 187.5 563.4 362.3 Total assets 300,139.7 297,285.9 352,329.9 367,292.6
Interest expense (120.9) (120.9) (120.9) (120.9)
Income/(loss) from uncons. subs. 3,983.9 7,090.6 7,206.1 7,830.4 Accounts payable 149,451.4 152,814.8 189,330.0 200,232.7
Others 4,092.4 450.0 200.0 200.0 Short-term debt 0.0 0.0 0.0 0.0
Pretax profits 26,562.8 16,542.2 19,318.8 22,953.2 Other current liabilities 37,511.9 34,918.8 37,373.9 38,107.0
Income tax (3,291.0) (2,523.4) (3,009.5) (3,617.8) Total current liabilities 186,963.3 187,733.6 226,703.9 238,339.7
Minorities 0.0 0.0 0.0 0.0 Long-term debt 0.0 0.0 0.0 0.0
Net income pre-preferred dividends 23,271.8 14,018.8 16,309.3 19,335.4 Other long-term liabilities 20.3 20.3 20.3 20.3
Preferred dividends 0.0 0.0 0.0 0.0 Total long-term liabilities 20.3 20.3 20.3 20.3
Net income (pre-exceptionals) 23,271.8 14,018.8 16,309.3 19,335.4 Total liabilities 186,983.7 187,754.0 226,724.2 238,360.0
Post-tax exceptionals 0.0 0.0 0.0 0.0
Net income 23,271.8 14,018.8 16,309.3 19,335.4 Preferred shares 0.0 0.0 0.0 0.0
Total common equity 113,156.0 109,532.3 125,605.9 128,932.8
EPS (basic, pre-except) (NT$) 5.38 3.19 3.71 4.40 Minority interest 0.0 0.0 0.0 0.0
EPS (basic, post-except) (NT$) 5.38 3.19 3.71 4.40
EPS (diluted, post-except) (NT$) 5.38 3.19 3.71 4.40 Total liabilities & equity 300,139.7 297,286.2 352,330.2 367,292.9
EPS excl. ESO expense (basic) (NT$) 7.30 4.09 3.71 4.40
EPS excl. ESO expense (dil.) (NT$) 7.30 4.09 3.71 4.40 BVPS (NT$) 26.18 24.93 28.58 29.34
DPS (NT$) 2.37 2.66 1.60 1.86
Dividend payout ratio (%) 44.1 83.2 43.1 42.3
Free cash flow yield (%) 9.5 17.1 (3.8) 11.0
Ratios 12/10 12/11E 12/12E 12/13E
Growth & margins (%) 12/10 12/11E 12/12E 12/13E CROCI (%) 113.4 96.5 255.7 125.8
Sales growth 34.9 (17.1) 12.5 13.6 ROE (%) 22.1 12.6 13.9 15.2
EBITDA growth 1.4 (50.0) 25.5 26.8 ROA (%) 7.9 4.7 5.0 5.4
EBIT growth 3.2 (51.1) 28.4 28.0 ROACE (%) 29.6 19.6 21.8 23.4
Net income growth 21.2 (39.8) 16.3 18.6 Inventory days 16.7 15.2 16.2 16.8
EPS growth 10.9 (40.8) 16.3 18.6 Receivables days 69.9 82.9 80.1 80.5
Gross margin 3.8 3.2 3.4 3.4 Payable days 69.4 81.4 82.1 82.3
EBITDA margin 2.2 1.4 1.5 1.7 Net debt/equity (%) (30.8) (41.3) (35.0) (36.6)
EBIT margin 2.2 1.3 1.5 1.6 Interest cover - EBIT (X) NM NM NM NM
Cash flow statement (NT$ mn) 12/10 12/11E 12/12E 12/13E Valuation 12/10 12/11E 12/12E 12/13E
Net income pre-preferred dividends 23,271.8 14,018.8 16,309.3 19,335.4
D&A add-back 635.8 521.9 399.7 375.0 P/E (analyst) (X) 5.8 9.7 8.4 7.1
Minorities interests add-back 0.0 0.0 0.0 0.0 P/B (X) 1.2 1.2 1.1 1.1
Net (inc)/dec working capital (1,925.5) 18,243.1 (16,702.9) 2,761.8 EV/EBITDA (X) 7.3 9.7 7.8 5.9
Other operating cash flow (5,439.7) (9,182.8) (4,931.9) (7,152.7) EV/GCI (X) 10.1 NM 8.0 11.1
Cash flow from operations 16,542.3 23,601.0 (4,925.8) 15,319.5 Dividend yield (%) 7.6 8.5 5.1 6.0
Capital expenditures (152.6) (210.1) (236.3) (268.5)
Acquisitions (2,577.6) (2,800.7) (3,150.6) (3,579.4)
Divestitures 0.0 0.0 0.0 0.0
Others (116.0) 207.9 0.0 0.0
Cash flow from investments (2,846.2) (2,802.9) (3,386.9) (3,847.9)
Dividends paid (common & pref) (10,264.5) (11,669.4) (7,029.6) (8,178.1)
Inc/(dec) in debt 12,338.1 13,000.0 14,000.0 0.0
Common stock issuance (repurchase) 0.0 0.0 0.0 0.0
Other financing cash flows (1,101.3) (11,759.9) 0.0 0.0
Cash flow from financing 972.3 (10,429.3) 6,970.4 (8,178.1) Note: Last actual year may include reported and estimated data.
Total cash flow 14,668.5 10,368.8 (1,342.3) 3,293.5 Source: Company data, Goldman Sachs Research estimates.
Analyst Contributors
Henry King
henry.king@gs.com
Angel Wei
angel.wei@gs.com
Goldman Sachs Global Investment Research 2

3. September 1, 2011 Compal Electronics (2324.TW)
Compal’s 2Q11 net earnings came in at NT$3.3bn (-6% qoq; -49 yoy), 2% above GSe but
by 8% below Reuters consensus. Its 2Q OPM of 1.2% is far below GSe/Reuters consensus
of 1.8%/2.0% mainly due to fewer scale improvements from OEMs’ order cuts (e.g. Acer)
and rising R&D expenses. The 39% shortfall to GSe in OP is offset by a lower investment
loss and forex gains. Compal also lowered its 2011shipments guidance: with NB from
48mn to 42mn units; TV from 8mn to 6.5mn units; and tablets from 3.8mn to 3mn. It also
expects flattish NB growth in both 3Q/4Q on muted 2H seasonality and a weak NB
demand before Windows 8 launch by 4Q12.
Exhibit 1: 2Q11 parent financial numbers
Parent-only financials 2Q2011 2Q2011 1Q2011 2Q2010 QoQ YoY Reuters
(NT$ mn) Actual GS est. Difference Actual Actual (%) (%) Consensus Difference
Revenue 168,660 178,633 -5.6% 162,861 217,055 3.6% -22.3% 176,552 -4.5%
Gross profits 5,214 6,140 -15.1% 5,084 8,709 2.6% -40.1%
Operating profits 1,955 3,194 -38.8% 1,930 5,422 1.3% -63.9% 3,447 -43.3%
Pretax earnings 4,100 3,903 5.0% 3,833 7,800 7.0% -47.4% 4,331 -5.3%
Net earnings (NT$) 3,280 3,209 2.2% 3,497 6,437 -6.2% -49.0% 3,549 -7.6%
Gross margin 3.1% 3.4% 3.1% 4.0%
Operating margin 1.2% 1.8% 1.2% 2.5% 2.0%
Net margin 1.9% 1.8% 2.1% 3.0% 2.0%
Source: Company data, Goldman Sachs Research estimates.
Exhibit 2: Goldman Sachs revisions
Parent-only financials Revised Original Revised Original Revised Original
(NT$ mn) 2011E 2011E Diff 2012E 2012E Diff 2013E 2013E Diff
Revenue 700,178 806,023 -13.1% 787,662 941,493 -16.3% 894,861 1,012,819 -11.6%
Gross profits 22,413 28,926 -22.5% 26,726 34,040 -21.5% 30,557 35,938 -15.0%
Operating profits 8,935 15,354 -41.8% 11,470 19,437 -41.0% 14,681 20,645 -28.9%
Pretax earnings 16,542 20,111 -17.7% 19,319 23,319 -17.2% 22,953 20,884 9.9%
Net earnings 14,019 17,133 -18.2% 16,309 19,881 -18.0% 19,335 17,775 8.8%
Gross margin 3.2% 3.6% 3.4% 3.6% 3.4% 3.5%
Operating margin 1.3% 1.9% 1.5% 2.1% 1.6% 2.0%
Net margin 2.0% 2.1% 2.1% 2.1% 2.2% 1.8%
Source: Goldman Sachs Research estimates.
Exhibit 3: Key assumption changes
Revised Original Revised Original Revised Original
2011E 2011E Diff 2012E 2012E Diff 2013E 2013E Diff
NB shipment 41,300 48,300 -14.5% 45,718 55,415 -17.5% 53,338 60,909 -12%
NB gross margin 3.14% 3.54% -11.4% 3.33% 3.60% -7.6% 3.33% 3.55% -6%
TV shipments 6,584 7,911 -16.8% 6,311 9,596 -34.2% 7,469 11,244 -34%
Tablet shipments 2,766 2,581 7.1% 4,548 3,939 15.5% 5,421 4,413 23%
Source: Goldman Sachs Research estimates.
Goldman Sachs Global Investment Research 3

4. September 1, 2011 Compal Electronics (2324.TW)
Exhibit 4: Compal’s quarterly parent P&L summary
1Q11 2Q11 3Q11E 4Q11E 1Q12E 2Q12E 3Q12E 4Q12E 1Q13E 2Q13E 3Q13E 4Q13E 2,010 2011E 2012E 2013E
Net sales 162,861 168,148 179,376 189,794 168,440 176,546 207,628 235,048 206,158 209,590 230,212 248,900 844,508 700,178 787,662 894,861
Gross profits 5,084 5,214 5,800 6,315 5,682 6,170 7,146 7,727 6,756 7,126 8,186 8,490 32,037 22,413 26,726 30,557
Operating profits (loss) 1,930 1,955 2,284 2,766 2,347 2,764 3,097 3,262 2,921 3,460 4,043 4,258 18,284 8,935 11,470 14,681
Pretax profits 3,833 4,100 3,998 4,699 3,750 4,516 5,263 5,790 4,488 5,325 6,298 6,842 26,563 16,542 19,319 22,953
Net profits 3,497 3,280 3,358 3,971 3,414 3,604 4,410 4,881 4,077 4,239 5,265 5,754 23,272 14,019 16,309 19,335
Ratio analysis
% of sales
Gross margins 3.1% 3.1% 3.2% 3.3% 3.4% 3.5% 3.4% 3.3% 3.3% 3.4% 3.6% 3.4% 3.8% 3.2% 3.4% 3.4%
Operating margins 1.2% 1.2% 1.3% 1.5% 1.4% 1.6% 1.5% 1.4% 1.4% 1.7% 1.8% 1.7% 2.2% 1.3% 1.5% 1.6%
Tax rate (fully tax at 25%) 8.8% 20.0% 16.0% 15.5% 9.0% 20.2% 16.2% 15.7% 9.2% 20.4% 16.4% 15.9% 12.4% 15.3% 15.6% 15.8%
Net margins 2.1% 2.0% 1.9% 2.1% 2.0% 2.0% 2.1% 2.1% 2.0% 2.0% 2.3% 2.3% 2.8% 2.0% 2.1% 2.2%
Qoq growth (%)
Sales -26.7% 3.2% 6.7% 5.8% -11.3% 4.8% 17.6% 13.2% -12.3% 1.7% 9.8% 8.1%
Gross profits -47.4% 2.5% 11.2% 8.9% -10.0% 8.6% 15.8% 8.1% -12.6% 5.5% 14.9% 3.7%
Operating profits -67.3% 1.3% 16.8% 21.1% -15.1% 17.8% 12.1% 5.3% -10.4% 18.4% 16.9% 5.3%
Net profits -56.4% -6.2% 2.4% 18.2% -14.0% 5.5% 22.4% 10.7% -16.5% 4.0% 24.2% 9.3%
Yoy growth (%)
Sales 49.2% 37.9% 3.7% -14.6% 3.4% 5.0% 15.8% 23.8% 22.4% 18.7% 10.9% 5.9% 34.9% -17.1% 12.5% 13.6%
Gross profits -5.8% -8.3% -28.3% -34.7% 11.8% 18.3% 23.2% 22.4% 18.9% 15.5% 14.6% 9.9% 11.1% -30.0% 19.2% 14.3%
Operating profits -42.2% -42.9% -54.8% -53.1% 21.6% 41.4% 35.6% 17.9% 24.4% 25.2% 30.5% 30.6% 3.2% -51.1% 28.4% 28.0%
Net profits 24.9% 1.3% -34.7% -50.5% -2.4% 9.9% 31.3% 22.9% 19.4% 17.6% 19.4% 17.9% 21.2% -39.8% 16.3% 18.6%
Source: Company data, Goldman Sachs Research estimates.
Goldman Sachs Global Investment Research 4

5. September 1, 2011 Compal Electronics (2324.TW)
Reg AC
I, Henry King, hereby certify that all of the views expressed in this report accurately reflect my personal views about the subject company or
companies and its or their securities. I also certify that no part of my compensation was, is or will be, directly or indirectly, related to the specific
recommendations or views expressed in this report.
Investment Profile
The Goldman Sachs Investment Profile provides investment context for a security by comparing key attributes of that security to its peer group and
market. The four key attributes depicted are: growth, returns, multiple and volatility. Growth, returns and multiple are indexed based on composites
of several methodologies to determine the stocks percentile ranking within the region's coverage universe.
The precise calculation of each metric may vary depending on the fiscal year, industry and region but the standard approach is as follows:
Growth is a composite of next year's estimate over current year's estimate, e.g. EPS, EBITDA, Revenue. Return is a year one prospective aggregate
of various return on capital measures, e.g. CROCI, ROACE, and ROE. Multiple is a composite of one-year forward valuation ratios, e.g. P/E, dividend
yield, EV/FCF, EV/EBITDA, EV/DACF, Price/Book. Volatility is measured as trailing twelve-month volatility adjusted for dividends.
Quantum
Quantum is Goldman Sachs' proprietary database providing access to detailed financial statement histories, forecasts and ratios. It can be used for
in-depth analysis of a single company, or to make comparisons between companies in different sectors and markets.
GS SUSTAIN
GS SUSTAIN is a global investment strategy aimed at long-term, long-only performance with a low turnover of ideas. The GS SUSTAIN focus list
includes leaders our analysis shows to be well positioned to deliver long term outperformance through sustained competitive advantage and
superior returns on capital relative to their global industry peers. Leaders are identified based on quantifiable analysis of three aspects of corporate
performance: cash return on cash invested, industry positioning and management quality (the effectiveness of companies' management of the
environmental, social and governance issues facing their industry).
Disclosure Appendix
Coverage group(s) of stocks by primary analyst(s)
Henry King: Asia Pacific Technology.
Asia Pacific Technology: AAC Technologies, Acer, Advanced Semiconductor, Advanced Semiconductor (ADR), ASUSTeK Computer, AU Optronics,
BYD Electronic, Catcher Technology, Cheng Uei Precision (Foxlink), Chimei Innolux, China Wireless Technologies, Chipbond Technology Corp.,
Compal Communications, Compal Electronics, Coretronic, Delta Electronics, E Ink Holdings Inc, Epistar, Everlight Electronics, Foxconn Int'l Holdings,
Foxconn Technology, Hon Hai Precision, HTC Corp., Kinsus Interconnect Technology, Largan Precision, Lenovo Group, Lite-On Technology, Nan Ya
PCB, Novatek Microelectronics, Pegatron, Powertech Technology, Quanta Computer, Radiant Opto-Electronics, Siliconware Precision, Siliconware
Precision (ADR), Silitech Technology, SK C&C, TCL Communication, TPK Holding, TPV Technology, Tripod Technology, Unimicron, Wintek, Wistron,
Young Fast Optoelectronics.
Company-specific regulatory disclosures
The following disclosures relate to relationships between The Goldman Sachs Group, Inc. (with its affiliates, "Goldman Sachs") and companies
covered by the Global Investment Research Division of Goldman Sachs and referred to in this research.
Goldman Sachs expects to receive or intends to seek compensation for investment banking services in the next 3 months: Compal Electronics
(NT$31.10)
Distribution of ratings/investment banking relationships
Goldman Sachs Investment Research global coverage universe
Rating Distribution Investment Banking Relationships
Buy Hold Sell Buy Hold Sell
Global 32% 54% 14% 52% 41% 37%
As of July 1, 2011, Goldman Sachs Global Investment Research had investment ratings on 3,167 equity securities. Goldman Sachs assigns stocks as
Buys and Sells on various regional Investment Lists; stocks not so assigned are deemed Neutral. Such assignments equate to Buy, Hold and Sell for
the purposes of the above disclosure required by NASD/NYSE rules. See 'Ratings, Coverage groups and views and related definitions' below.
Goldman Sachs Global Investment Research 5

6. September 1, 2011 Compal Electronics (2324.TW)
Price target and rating history chart(s)
Com pal Ele ctronics (2324.TW) Stock Price Currency : Taiw an Dollar
Goldman Sachs rating and stock price target history
60 10,000
46.09 44 30
25.37 24.39 44.13
44.13 48.05 9,000
50 31.23 18.54 33.18 43
52.96
40.01 26.35 8,000
32
40
7,000
30 49.03 47
6,000
47.07 42
20 5,000
49.03
10 4,000
Aug 31 Sep 6 Mar 30
Stock Price
Index Price
N B N
A S O N D J F MA M J J A S O N D J F MA M J J A S O N D J F MA M J
2008 2009 2010 2011
Source: Goldman Sachs Investment Research for ratings and price targets; FactSet closing prices as of 6/30/2011.
Rating Covered by Henry King
Jul 1, 2008 B
Price target
Price target at removal Not covered by current analyst
Taiw an SE Weighted
Index
The price targets show n should be considered in the context of all prior published Goldman Sachs research, w hich may or
may not have included price targets, as w ell as developments relating to the company, its industry and f inancial markets.
Regulatory disclosures
Disclosures required by United States laws and regulations
See company-specific regulatory disclosures above for any of the following disclosures required as to companies referred to in this report: manager
or co-manager in a pending transaction; 1% or other ownership; compensation for certain services; types of client relationships; managed/co-
managed public offerings in prior periods; directorships; for equity securities, market making and/or specialist role. Goldman Sachs usually makes a
market in fixed income securities of issuers discussed in this report and usually deals as a principal in these securities.
The following are additional required disclosures: Ownership and material conflicts of interest: Goldman Sachs policy prohibits its analysts,
professionals reporting to analysts and members of their households from owning securities of any company in the analyst's area of coverage.
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on communications with subject company, public appearances and trading securities held by the analysts.
Distribution of ratings: See the distribution of ratings disclosure above. Price chart: See the price chart, with changes of ratings and price targets
in prior periods, above, or, if electronic format or if with respect to multiple companies which are the subject of this report, on the Goldman Sachs
website at http://www.gs.com/research/hedge.html.
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Where applicable, the Brazil-registered analyst primarily responsible for the content of this research report, as defined in Article 16 of CVM
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Goldman Sachs Global Investment Research 6

7. September 1, 2011 Compal Electronics (2324.TW)
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Goldman Sachs Global Investment Research 7