Elan Microelectronics reported second quarter earnings that beat Deutsche Bank estimates, driven by improved gross margins and better non-operating results. The company also provided a healthy outlook for the third quarter, expecting sales to grow mildly compared to typical seasonal declines and for touchscreen shipments to increase. Deutsche Bank maintains a buy rating on Elan and views it as the best growth story, noting its leading position in touchscreen controller ICs for Windows 8 and solid technology. Risks include demand for notebooks, execution in the touchscreen business, and competition.
This document contains forward-looking statements about Energy Partners, L.P.'s future performance. It warns that actual results may differ from projections. The document also defines and explains the use of non-GAAP financial measures like distributable cash flow and EBITDA, stating that management uses these measures to evaluate performance and that investors also find them useful. It provides website links to reconciliation of non-GAAP measures to comparable GAAP measures.
Tom Waechter, CEO of JDSU, presented at the RBC Capital Tech Conference on June 10, 2010. JDSU aims to execute as a diversified technology company focused on optical and broadband innovation by enabling customer innovation, diversifying its portfolio and customer base, and focusing on profitability and revenue growth. Key highlights included quarterly revenue of $332.9 million, gross margins of 44.1%, and highest non-December quarter operating margin of 6.6%.
1) For 1QFY2012, Persistent Systems reported revenues of ₹224 crore, up 5.2% over the previous quarter and 23.6% over the same period last year.
2) EBITDA was ₹40 crore, up 5.3% over the previous quarter but margins declined.
3) PAT was ₹28 crore, down 16.8% over the previous quarter due to higher taxes.
4) Management maintained revenue guidance of 29% growth for FY2012 and expects PAT to remain flat despite higher tax rates.
HCL Technologies reported quarterly revenue growth of 1.4% sequentially and 7.5% year-over-year, driven by an 8.2% increase in billed efforts that offset a 1.2% decline in pricing and currency impact. Operating profit grew 1% sequentially due to a ramp-down in the BPO segment. Net profit increased 15.9% sequentially due to lower foreign exchange losses. The company added 2,441 employees during the quarter and won several large deals. Margins declined due to currency appreciation and increased hiring but profitability is expected to be sustained going forward.
JP Associates reported a 51.8% year-over-year increase in net sales for the first quarter of FY2011, driven by strong growth in the cement, construction, and real estate verticals. However, operating margins declined significantly from 28% to 21.2% due to margin pressure, resulting in a 57.6% decrease in recurring earnings. While reported profits were up 5% due to exceptional gains, underlying earnings were down. The analyst maintains a buy rating but expects margins to recover, and forecasts JP Associates will become one of the fastest growing conglomerates in cement, power, and real estate.
Webinar Deck: Market Vista - Key Market Development in Q3 2012Everest Group
Outsourcing transaction activity in Q3 2012 remained lower than third quarters of previous years. In contrast, offshore locations in Asia and Latin America continued to report activity across global in-house centers (GICs) and service providers.
Global services managers need to carefully monitor and analyze these market developments that could serve as a critical input toward their plans for 2013.
Idea Cellular reported strong revenue growth of 22.8% year-over-year for the first quarter of FY2011, however margins declined. While revenue was ahead of estimates due to increased mobile usage and subscribers, earnings before interest, taxes, depreciation and amortization (EBITDA) margins fell 4.6% from the prior year due to higher operational costs. Net profit declined 32.2% from the prior year and 24.5% sequentially. The analyst maintains a "Reduce" rating on Idea Cellular shares and sets a target price of Rs58.
Quadrant 4 Systems Corporation (OTC: QFOR; Twitter: $QFOR) is the next generation entrepreneurial project of a team of accomplished IT industry veterans. The principals have built technology business enterprises from start up, grown organically and exited after creating shareholder value. The principals of Quadrant 4 cumulatively bring over 5 decades of entrepreneurial, technical and management expertise that are core to the success of building its next generation Information Technology (IT) services business.
This document contains forward-looking statements about Energy Partners, L.P.'s future performance. It warns that actual results may differ from projections. The document also defines and explains the use of non-GAAP financial measures like distributable cash flow and EBITDA, stating that management uses these measures to evaluate performance and that investors also find them useful. It provides website links to reconciliation of non-GAAP measures to comparable GAAP measures.
Tom Waechter, CEO of JDSU, presented at the RBC Capital Tech Conference on June 10, 2010. JDSU aims to execute as a diversified technology company focused on optical and broadband innovation by enabling customer innovation, diversifying its portfolio and customer base, and focusing on profitability and revenue growth. Key highlights included quarterly revenue of $332.9 million, gross margins of 44.1%, and highest non-December quarter operating margin of 6.6%.
1) For 1QFY2012, Persistent Systems reported revenues of ₹224 crore, up 5.2% over the previous quarter and 23.6% over the same period last year.
2) EBITDA was ₹40 crore, up 5.3% over the previous quarter but margins declined.
3) PAT was ₹28 crore, down 16.8% over the previous quarter due to higher taxes.
4) Management maintained revenue guidance of 29% growth for FY2012 and expects PAT to remain flat despite higher tax rates.
HCL Technologies reported quarterly revenue growth of 1.4% sequentially and 7.5% year-over-year, driven by an 8.2% increase in billed efforts that offset a 1.2% decline in pricing and currency impact. Operating profit grew 1% sequentially due to a ramp-down in the BPO segment. Net profit increased 15.9% sequentially due to lower foreign exchange losses. The company added 2,441 employees during the quarter and won several large deals. Margins declined due to currency appreciation and increased hiring but profitability is expected to be sustained going forward.
JP Associates reported a 51.8% year-over-year increase in net sales for the first quarter of FY2011, driven by strong growth in the cement, construction, and real estate verticals. However, operating margins declined significantly from 28% to 21.2% due to margin pressure, resulting in a 57.6% decrease in recurring earnings. While reported profits were up 5% due to exceptional gains, underlying earnings were down. The analyst maintains a buy rating but expects margins to recover, and forecasts JP Associates will become one of the fastest growing conglomerates in cement, power, and real estate.
Webinar Deck: Market Vista - Key Market Development in Q3 2012Everest Group
Outsourcing transaction activity in Q3 2012 remained lower than third quarters of previous years. In contrast, offshore locations in Asia and Latin America continued to report activity across global in-house centers (GICs) and service providers.
Global services managers need to carefully monitor and analyze these market developments that could serve as a critical input toward their plans for 2013.
Idea Cellular reported strong revenue growth of 22.8% year-over-year for the first quarter of FY2011, however margins declined. While revenue was ahead of estimates due to increased mobile usage and subscribers, earnings before interest, taxes, depreciation and amortization (EBITDA) margins fell 4.6% from the prior year due to higher operational costs. Net profit declined 32.2% from the prior year and 24.5% sequentially. The analyst maintains a "Reduce" rating on Idea Cellular shares and sets a target price of Rs58.
Quadrant 4 Systems Corporation (OTC: QFOR; Twitter: $QFOR) is the next generation entrepreneurial project of a team of accomplished IT industry veterans. The principals have built technology business enterprises from start up, grown organically and exited after creating shareholder value. The principals of Quadrant 4 cumulatively bring over 5 decades of entrepreneurial, technical and management expertise that are core to the success of building its next generation Information Technology (IT) services business.
Candi Mendut adalah candi Buddha dari abad ke-9 M yang terletak di Desa Mendut, Kabupaten Magelang, Jawa Tengah. Candi ini memiliki tinggi 26,4 meter dan dibangun pada masa pemerintahan raja Syailendra pertama. Candi ini memiliki bilik penampil dan dihiasi relief yang menggambarkan cerita Buddha serta arca-arca Buddha dan Bodhisatwa di dalam ruang candi.
Kegiatan penyuluhan dan pemeriksaan gigi diadakan di TB & TK Ceria Demangan Yogyakarta pada 4-5 April 2011 oleh perawat gigi RSPR untuk 60 murid, dimana 17 murid dirujuk ke dokter gigi. TK Ceria memperkenalkan kurikulum khusus tentang seksualitas dan anti bias untuk mencegah kekerasan seksual, termasuk pengenalan bagian tubuh dan hak untuk menolak sentuhan. Pengenalan ini disampaikan secara halus dengan
Eleyda Beleño is the mother of 48-year old Beleño Grandson, who owns an internet store. Sixto Bayonne Gonzalez, age 49, is the father and works as a hardware store manager. The brother, Bayonne Beleño Andres Ivan, is 17 and studies at Mutis College, while the sister Iveth Bayonne Beleño Karina, 16, also studies at Mutis College. Another sister is Johana Lizeht Beleño Bayonne, age 15, who studies at The Castle college.
The document provides steps for completing an S-V-O (subject-verb-object) table to analyze sentences. It begins by listing subjects, verbs, and objects commonly found in sentences. The steps instruct the reader to draw an S-V-O table, find the verbs and subjects in example sentences, then identify the object of each verb. Finally, it shows the completed S-V-O table and writes out 10 example sentences using the information.
Quarterly Journal of Varanid Biology and Husbandry #Vol1 no1 Addin Adiluhung
everyone who wants to learn about varanus//monitor lizard, you can read this literature.it will help you to know more about the character, kinds of species and more information, ok, please check this out!!
Editor
ROBERT W. MENDYK
Center for Science Teaching and Learning
1 Tanglewood Road
Rockville Centre, NY 11570, US
odatriad@yahoo.com
Ringkasan dokumen tersebut adalah:
Dokumen tersebut membahas pidato Ir. Soekarno di depan Sidang BPUPKI pada 1 Juni 1945 dimana ia mengusulkan konsep dasar negara. Ia menjelaskan bahwa setiap negara membutuhkan fondasi yang kokoh seperti halnya bangunan membutuhkan landasan. Fondasi ini berupa gagasan pokok yang menjadi acuan dalam mengatur kehidupan bernegara.
Dokumen tersebut membahas tentang spesies tanaman kopi arabika dan robusta serta varietas-varietasnya. Juga dibahas proses penyaringan kopi dan jenis-jenis penyaringannya yang mempengaruhi rasa, aroma, dan warna kopi. Manfaat dan efek kafein dalam kopi juga dijelaskan.
Dokumen tersebut memberikan informasi tentang kesehatan dan kesejahteraan sebagai kunci penting untuk hidup yang lebih baik. Sakit dapat menyebabkan biaya medis yang tinggi dan mengancam masa depan keluarga. Kesehatan dapat dijaga dengan mengonsumsi produk-produk kesehatan seperti Midori Gold Chlorophyll dan Concentrated Mineral Drops. Bisnis ini menawarkan kesempatan untuk meningkatkan kesejahteraan melalui bonus dan insentif
This document contains a list of 141 students across various classes (9-A through 9-2) along with their names and an update date and time of 26-03-15 19:00. It thanks the students for submitting their final emails and notes that the students are great.
Menerangkan tentang apakah ciri-ciri seorang pelajar yang sihat bukan hanya fizikal, bahkan emosi dan intelektual secara peribadi mahupun yang berhubungan dengan masyarakat.
Seekor induk unta dan anaknya berbincang tentang ciri khas unta seperti gundukan di punggung untuk menyimpan air, kaki panjang dan telapak bulat untuk berjalan di padang pasir, serta bulu mata tebal untuk melindungi mata dari pasir. Namun, anak unta heran mengapa mereka berada di kebun binatang dan bukan di padang pasir.
Facilitator's Leadership Behaviors and Online LearningBodong Chen
1) The document examines facilitating behaviors in online learning based on the Ohio State leadership theory of consideration and initiation of structure.
2) A facilitating behavior system with two levels and 45 behaviors was developed and applied in a case study of an online teacher training program. Most behaviors occurred and the system proved adaptive.
3) Quantitative analysis found the leadership theory applicable to online facilitation. Behaviors correlated with learner satisfaction but not participation or scores. Initiation of structure behaviors best predicted satisfaction.
Dokumen ini membahas empat konsep sosial yaitu kerja sama, akomodasi, asimilasi, dan akulturasi. Kerja sama adalah usaha bersama untuk mencapai tujuan bersama, seperti kerjasama ASEAN. Akomodasi adalah penyesuaian untuk meredakan pertentangan, seperti musyawarah buruh dan pengusaha. Asimilasi terjadi ketika kelompok berbeda budaya saling bergaul dalam jangka panjang hingga membentuk bud
Go and chess are two of the oldest board games. Go is played on a 19x19 grid and focuses on surrounding territory, while chess is played on an 8x8 board and aims to checkmate the opponent's king. Go features simple rules but highly complex strategy, while chess has more intricate rules but tactics can decide a game. Both games originated over 1500 years ago in Asia and have developed large international followings today.
Areva T&D India reported lower than estimated quarterly results due to pricing pressures and delayed project executions. Revenues grew 10% to Rs885 crore while EBITDA fell 24% and PAT declined 36% due to margin compression from increased competition. Order backlog grew 21% but management sees continued pricing challenges from Chinese and Korean imports. The analyst maintains a Sell rating due to expectations of further margin declines and lower return ratios in the coming years.
Candi Mendut adalah candi Buddha dari abad ke-9 M yang terletak di Desa Mendut, Kabupaten Magelang, Jawa Tengah. Candi ini memiliki tinggi 26,4 meter dan dibangun pada masa pemerintahan raja Syailendra pertama. Candi ini memiliki bilik penampil dan dihiasi relief yang menggambarkan cerita Buddha serta arca-arca Buddha dan Bodhisatwa di dalam ruang candi.
Kegiatan penyuluhan dan pemeriksaan gigi diadakan di TB & TK Ceria Demangan Yogyakarta pada 4-5 April 2011 oleh perawat gigi RSPR untuk 60 murid, dimana 17 murid dirujuk ke dokter gigi. TK Ceria memperkenalkan kurikulum khusus tentang seksualitas dan anti bias untuk mencegah kekerasan seksual, termasuk pengenalan bagian tubuh dan hak untuk menolak sentuhan. Pengenalan ini disampaikan secara halus dengan
Eleyda Beleño is the mother of 48-year old Beleño Grandson, who owns an internet store. Sixto Bayonne Gonzalez, age 49, is the father and works as a hardware store manager. The brother, Bayonne Beleño Andres Ivan, is 17 and studies at Mutis College, while the sister Iveth Bayonne Beleño Karina, 16, also studies at Mutis College. Another sister is Johana Lizeht Beleño Bayonne, age 15, who studies at The Castle college.
The document provides steps for completing an S-V-O (subject-verb-object) table to analyze sentences. It begins by listing subjects, verbs, and objects commonly found in sentences. The steps instruct the reader to draw an S-V-O table, find the verbs and subjects in example sentences, then identify the object of each verb. Finally, it shows the completed S-V-O table and writes out 10 example sentences using the information.
Quarterly Journal of Varanid Biology and Husbandry #Vol1 no1 Addin Adiluhung
everyone who wants to learn about varanus//monitor lizard, you can read this literature.it will help you to know more about the character, kinds of species and more information, ok, please check this out!!
Editor
ROBERT W. MENDYK
Center for Science Teaching and Learning
1 Tanglewood Road
Rockville Centre, NY 11570, US
odatriad@yahoo.com
Ringkasan dokumen tersebut adalah:
Dokumen tersebut membahas pidato Ir. Soekarno di depan Sidang BPUPKI pada 1 Juni 1945 dimana ia mengusulkan konsep dasar negara. Ia menjelaskan bahwa setiap negara membutuhkan fondasi yang kokoh seperti halnya bangunan membutuhkan landasan. Fondasi ini berupa gagasan pokok yang menjadi acuan dalam mengatur kehidupan bernegara.
Dokumen tersebut membahas tentang spesies tanaman kopi arabika dan robusta serta varietas-varietasnya. Juga dibahas proses penyaringan kopi dan jenis-jenis penyaringannya yang mempengaruhi rasa, aroma, dan warna kopi. Manfaat dan efek kafein dalam kopi juga dijelaskan.
Dokumen tersebut memberikan informasi tentang kesehatan dan kesejahteraan sebagai kunci penting untuk hidup yang lebih baik. Sakit dapat menyebabkan biaya medis yang tinggi dan mengancam masa depan keluarga. Kesehatan dapat dijaga dengan mengonsumsi produk-produk kesehatan seperti Midori Gold Chlorophyll dan Concentrated Mineral Drops. Bisnis ini menawarkan kesempatan untuk meningkatkan kesejahteraan melalui bonus dan insentif
This document contains a list of 141 students across various classes (9-A through 9-2) along with their names and an update date and time of 26-03-15 19:00. It thanks the students for submitting their final emails and notes that the students are great.
Menerangkan tentang apakah ciri-ciri seorang pelajar yang sihat bukan hanya fizikal, bahkan emosi dan intelektual secara peribadi mahupun yang berhubungan dengan masyarakat.
Seekor induk unta dan anaknya berbincang tentang ciri khas unta seperti gundukan di punggung untuk menyimpan air, kaki panjang dan telapak bulat untuk berjalan di padang pasir, serta bulu mata tebal untuk melindungi mata dari pasir. Namun, anak unta heran mengapa mereka berada di kebun binatang dan bukan di padang pasir.
Facilitator's Leadership Behaviors and Online LearningBodong Chen
1) The document examines facilitating behaviors in online learning based on the Ohio State leadership theory of consideration and initiation of structure.
2) A facilitating behavior system with two levels and 45 behaviors was developed and applied in a case study of an online teacher training program. Most behaviors occurred and the system proved adaptive.
3) Quantitative analysis found the leadership theory applicable to online facilitation. Behaviors correlated with learner satisfaction but not participation or scores. Initiation of structure behaviors best predicted satisfaction.
Dokumen ini membahas empat konsep sosial yaitu kerja sama, akomodasi, asimilasi, dan akulturasi. Kerja sama adalah usaha bersama untuk mencapai tujuan bersama, seperti kerjasama ASEAN. Akomodasi adalah penyesuaian untuk meredakan pertentangan, seperti musyawarah buruh dan pengusaha. Asimilasi terjadi ketika kelompok berbeda budaya saling bergaul dalam jangka panjang hingga membentuk bud
Go and chess are two of the oldest board games. Go is played on a 19x19 grid and focuses on surrounding territory, while chess is played on an 8x8 board and aims to checkmate the opponent's king. Go features simple rules but highly complex strategy, while chess has more intricate rules but tactics can decide a game. Both games originated over 1500 years ago in Asia and have developed large international followings today.
Areva T&D India reported lower than estimated quarterly results due to pricing pressures and delayed project executions. Revenues grew 10% to Rs885 crore while EBITDA fell 24% and PAT declined 36% due to margin compression from increased competition. Order backlog grew 21% but management sees continued pricing challenges from Chinese and Korean imports. The analyst maintains a Sell rating due to expectations of further margin declines and lower return ratios in the coming years.
1) Formosa Epitaxy (3061 TT) is expected to see improving profits in FY12 with estimated revenue growth of 19% YoY and a return to profitability in 2Q12, driven by increasing demand for LED TVs, smartphones, and tablets. The company is currently trading at a price-to-book ratio of 1x.
2) E-Lead (2497 TT) is recommended as a strong buy based on expected demand growth from existing auto part clients in China as well as potential new clients in Japan as they increase overseas outsourcing. Rush orders from the 2011 Japan earthquake and Thailand flooding will also benefit E-Lead.
3) HTC (2498 TT
Financial analysis sony corp - sony corporation manufactures audio, home vi...BCV
Sony Corporation manufactures consumer electronics, video game consoles, and professional equipment. In fiscal year 2012, Sony reported revenue of 6.49 trillion JPY, with 162,700 employees globally. Sony has several business segments including consumer products, professional solutions, financial services, and motion pictures. Geographically, Sony generates the most sales from Japan, Europe, and North America. Sony faces challenges with an aging consumer base and increasing competition from other electronics manufacturers.
NAPCO Security Technologies, Inc. (Nasdaq: NSSC) is one of the world's leading manufacturers of technologically advanced electronic security equipment including intrusion and fire alarm systems, access control and door locking systems. The Company consists of NAPCO plus three wholly-owned subsidiaries: Alarm Lock, Continental Instruments, and Marks USA.
The document discusses the outlook for the touch screen market in Korea, which remains bright due to growing demand for smartphones and tablet PCs. The analyst initiates coverage of two Korean touch screen companies, Iljin Display and Melfas, with "Buy" ratings. While some touch screen technologies are becoming obsolete, the analyst believes costs will be an important factor in which technologies are adopted. Overall the sector is expected to see continued growth in 2012.
1) Tata Consultancy Services (TCS) reported strong results for the first quarter of fiscal year 2012, outperforming expectations with revenue growth of 6.3% over the previous quarter and 31.4% over the same quarter of the previous fiscal year.
2) A key highlight was 7.4% quarter-over-quarter growth in business volumes. While profit margins declined due to wage hikes, net profit remained flat due to foreign exchange gains.
3) Management maintained a positive outlook, highlighting strong demand environment and deal pipeline, and expects pricing increases later in the fiscal year.
Compal Communications shares fell due to concerns over HP discontinuing its WebOS hardware business. However, the analyst believes this exaggerates the impact on Compal since it has limited exposure to HP/WebOS and has reallocated resources to other projects like Windows Phone.
The analyst reiterates a Buy rating based on Compal's opportunity as the sole ODM partner for Nokia's Windows Phone smartphones. Near-term catalysts include expected sales increases in August-December as new models launch. Upside to the 12-month price target of NT$50 is based on turnaround potential from Nokia's Windows Phone platform.
Risks include market acceptance of Nokia's Windows Phone strategy and outsourcing approach.
(1) The analyst upgrades Silitech Technology (3311.TW) to Buy from Sell and raises the target price to NT$95 from NT$52 based on the company leveraging its metal housing business to offset concerns about its declining keypad business.
(2) Silitech's recent design win for the popular Samsung Galaxy S2 phone provides evidence that its metal housing business can gain more customers and drive further growth in that business.
(3) The analyst expects Silitech's quarterly and yearly sales to improve compared to past declines as the metal housing business expands, helping to boost its share price over the next 2-3 quarters.
This document upgrades Silitech Technology (3311.TW) to a Buy rating from Sell and raises the target price. While structural concerns remain over its keypad business, Silitech has leveraged its growing metal housing business, securing a key design win with Samsung, to offset headwinds. The analyst expects (1) gradual improvement in year-over-year sales trends, (2) more design wins in metal housing, and (3) new product announcements to drive further growth. The upgraded rating and target price are based on raised earnings estimates through 2013 and an increased price-to-book valuation. Risks include severe competition in metal housing and slow handset demand.
This document provides an overview of Samsung Electronics' performance in Q2 2001. It discusses results from their semiconductor, telecommunications, digital media, and home appliances divisions. Samsung achieved strong sales growth despite a deteriorating global market, due to a balanced business portfolio. The company expects demand and profits to increase in the second half as new products are adopted, though the macro environment remains challenging.
This document provides an overview of Samsung Electronics' performance in Q2 2001. It discusses results from their semiconductor, telecommunications, digital media, and home appliances divisions. Samsung achieved strong sales growth despite a deteriorating global market, due to a balanced business portfolio. The company expects demand and profits to increase in the second half as new applications drive more DRAM demand and CDMA phone adoption expands domestically and overseas.
This document provides an overview of Samsung Electronics' performance in Q2 2001. It discusses results from their semiconductor, telecommunications, digital media, and home appliances divisions. Samsung achieved strong sales growth despite a deteriorating global market, due to a balanced business portfolio. The company expects demand and profits to increase again in the second half of 2001, driven by new technology adoption and expansion into overseas markets.
This document provides an overview of Samsung Electronics' performance in Q2 2001. It discusses results from their semiconductor, telecommunications, digital media, and home appliances divisions. Samsung achieved strong sales growth despite a deteriorating global market, due to a balanced business portfolio. The company expects demand and profits to increase in the second half as new products are adopted, though the macro environment remains challenging.
This document provides an overview of Samsung Electronics' performance in Q2 2001. It discusses results from their semiconductor, telecommunications, digital media, and home appliances divisions. Samsung achieved strong sales growth despite a deteriorating global market, with balanced contributions across all business units. Looking ahead, Samsung expects demand to improve again for DRAM in Q3 2002 and sees opportunities in new network technologies and converged home devices.
Global and china tablet pc industry chain report, 2010 2011ResearchInChina
This document provides a summary of the tablet PC industry chain in 2010-2011, including:
1. Market shares of leading tablet PC processor manufacturers.
2. Operations of major tablet PC manufacturers.
3. Key components of tablet PCs including displays, touch panels, batteries and cameras.
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.
The document recommends buying shares of Compal Communications (8078.TW) and reiterates a "Buy" rating. It raises earnings estimates for 2012-2013 due to stronger expected sales from Nokia's launch of Windows Phone 7 smartphones, which Compal will manufacture. The analyst increases the 12-month price target to NT$70 from NT$52 previously. Key risks include disappointing Nokia smartphone demand and a weak macroeconomic environment.
PMI is a Taiwan-based sewing machine manufacturer. In 2014, its quarterly sales growth was between 5-30% year-over-year and its annual net profit increased 47% to NT$316 million. PMI has a strong presence in the Asian sewing machine market with a focus on the Chinese market which accounts for over 50% of its revenue. It expects continued revenue growth over the next two years driven by the implementation of free trade agreements in Asia including the TPP.
1) The document provides financial information and forecasts for a Taiwanese company for 2013-2015. Key metrics like revenue, earnings per share (EPS), and EBITDA are presented on a quarterly and annual basis.
2) EPS is forecast to increase from NT$2.06 in 2013 to NT$2.23 in 2014. Revenue is projected to grow by 6.5% annually from NT$34.7 billion in 2013 to NT$37.9 billion in 2014.
3) EBITDA margins are expected to remain stable around 10% for both 2013 and 2014.
- The document provides financial information and forecasts for a Taiwanese technology company for 3Q13, 4Q13, and 2014.
- For 3Q13, revenue was NT$5.073 billion, a 0.4% QoQ decrease but 5.7% YoY increase. Earnings per share (EPS) was NT$1.15.
- For 4Q13, revenue is forecasted to be NT$5.080 billion, a 0.5% QoQ decrease but 7.3% YoY increase. EPS is forecasted to be NT$1.07.
- For 2014, revenue is forecasted to be NT$12.440 billion and EPS
1) The document discusses KGI Securities' analysis of the compact camera module (CCM) market and key players in 4Q13-1Q14. It forecasts that CCM shipments will decline 15-25% quarter-over-quarter during this period due to seasonality.
2) It provides details on the market share and outlook for major CCM suppliers like TPK, GIS, and LG Innotek, noting that Apple's transition to in-house CCM production for new MacBook lines will significantly impact TPK.
3) The document concludes by reiterating its view that CCM shipments will decline in 1Q14 due to typical seasonal factors but expects growth to resume in 2014
This document provides an analysis of the DRAM market and key memory manufacturers for 2013-2014. It forecasts that DRAM bit shipments will increase 7.4% in 2014 with demand growth from servers, PCs and mobile devices. PC DRAM bit shipments are expected to rise 15.5% in 2014 while mobile DRAM will increase 25.6%. Manufacturers like Samsung and SK Hynix are expected to benefit from this growth in the DRAM market.
Pegatron's stock price is NT$43.80. Macquarie maintains its Outperform rating and raises its 12-month target price to NT$55 from NT$51. Pegatron remains well positioned as the major supplier of Apple's iPhone mini, and iPad mini demand has been better than expected. Macquarie also expects upside from Pegatron's non-core business Casetek and higher-than-expected non-notebook business margins. Macquarie raises its 2013-2014 EPS estimates and sees upside catalysts from new order gains and improving revenue and margins.
Pegatron remains an outperform stock with a 12-month target price of NT$55. The analyst expects solid iPhone mini shipments and margins to drive earnings upside in 2013. Demand for the iPad mini is also better than expected. Rising profits from Casetek also provide upside risk to EPS growth. The consensus EPS estimate for 2013 is conservative and the stock valuation remains attractive.
1. Deutsche Bank
Markets Research
Rating Company Date
17 July 2012
Buy Elan
Microelectronics Results
Asia
Taiwan
Alert Price at 17 Jul 2012 (TWD) 45.90
Technology
Price target - 12mth (TWD) 59.00
Semiconductor & Reuters Bloomberg Exchange Ticker 52-week range (TWD) 48.20 - 22.45
Equipment 2458.TW 2458 TT TAI 2458
TWSE 7,090
Good 2Q12 results and promising
Jessica Chang
outlook Research Analyst
(+886) 2 2192 2838
2Q12 earnings beat DBe; jessica.chang@db.com
Elan’s 2Q12 earnings came in 4.4% ahead of DBe, thanks to GMs
improvement and better non-operating results. Elan’s strong growth in
Stock data
Ultrabook touch pad and touch screen controller IC are two margins drivers.
Market cap (TWDm) 19,110
3Q12 outlook healthy; we expect 50% YoY growth
Elan expects sales to grow mildly into 3Q12, derailed from its past seasonality Market cap (USDm) 637
of a sequential decline. Elan’s touch business reached 53% in 2Q12 and we Shares outstanding (m) 416.3
expect it to continue going up. In 3Q12, Elan expects to ship smartphone/tablet Free float (%) 88
touch screen ICs to 3-5/2-3mn unit respectively from 2.5/1.7mn in 2Q12, and Avg daily value traded 16.1
to ship NB touch pad of 15-16mn units vs. 14.2mn units in 2Q12 with ASP (USDm)
upside. Elan also expects GMs to continue improving into 3Q12.
Key data
Right sector and right time
We consider touch has become a key feature for electronic devices. Therefore, FYE 12/31 2011A 2012E 2013E
Elan’s solid touch controller IC technologies should well position itself to Sales (TWDm) 5,197 7,046 8,273
capture abundant opportunities. Despite global PC demand seeming not as Net Profit 471.5 1,059.8 1,332.1
strong as market had anticipated this year, we expect Elan to outperform the (TWDm)
market on its company specific growth capability. DB EPS (TWD) 1.22 2.55 3.20
PER (x) 28.1 18.0 14.3
Leading in Win8 touch screen controller IC opportunity Yield (net) (%) 4.8 2.2 4.6
Elan’s Smart-TouchscreenTM IC has officially received the Windows Hardware
Certification, the first in the market. We take this as an endorsement of Elan’s
solid technology. In June, shipments for mid- to large-size tablets with Elan’s
Smart-TouchscreenTM IC exceeded 1mn units for top-tier brands. We expect
Elan's smooth progress in touch controller IC to fuel its gains into 3Q12
Maintaining Buy with earnings upside; risks
Based on Elan’s good 2Q12 results and sound 3Q12 outlook, we see upside to
our FY12E EPS of NT$2.55. We maintain positive on Elan and consider it as the
best growth story next year. Although Elan’s share price has had a good run in
the past three months, we believe its value is not fully priced in as we think it
is just the beginning of its new chapter. Elan is our top pick in Taiwan IC
design. Risks: NB demand, execution of its touch IC business, and competition.
Figure 1: Deutsche bank vs. consensus
(in NT$ mn) 2Q12A DB 2Q12E Diff. DB 3Q12E Cons. Diff. DB 2012E Cons. Diff.
Net Sales 1,888 1,854 1.8% 1,968 1,946 1.1% 7,046 6,945 1.4%
OP 371 373 -0.5% 397 351 13.2% 1,384 1,217 13.7%
GM 38.0% 38.0% -- 38.0% 36.0% +200bps 38.6% 37.0% +160bps
EPS(NT$) 0.72 0.69 4.4% 0.76 0.68 11.5% 2.55 2.31 10.2%
Source: Deutsche Bank estimates, Bloomberg Finance LP, Company Data
________________________________________________________________________________________________________________
Deutsche Bank AG/Hong Kong
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companies. Deutsche Bank does and seeks to do business with companies covered in its research reports. Thus,
investors should be 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.
THE VIEWS EXPRESSED ABOVE ACCURATELY REFLECT PERSONAL VIEWS OF THE AUTHORS ABOUT THE SUBJECT
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http://gm.db.com/ger/disclosure/Disclosure.eqsr?ricCode=2458.TW MICA(P) 072/04/2012.