2357 Asustek Computer 華碩 - Aims for Aggressive Share Gains on Doable Margins « 研究報告 « Downloads
| Attribute | Value |
|---|---|
| Version | Feb 05-2010-Morgan Stanley |
| Date posted | February 23, 2010 |
| Downloaded | 44 times |
| Categories | 研究報告, 電子 |
| Tags | , , |
Description
Quick Comment – Impact on our views: Asustek held
an analyst meeting today to detail 4Q results and give its
1Q and 2010 outlook. Brand OPM shrank to 4.2% in 4Q
from 3Q’s 5.8%, still slightly lower than our downwardly
revised forecast of February 1. 1Q guidance is in line
with our forecasts. As we have highlighted, Asustek is
directing its focus on share gains on top of doable
margins to gain critical scale – a key to success in the
PC business. Thus, Asustek gave aggressive shipment
targets for 2010, but we believe supply-chain
management will be key this year given component
tightness and escalating labor shortages, which could
make it harder for companies with smaller scale, like
Asustek, to manage margin performance. Euro
weakness could be another challenge as Europe made
up 51% of 4Q sales. We thus stay EW on Asustek.
