凌陽 Sunplus Technology 2401 « 研究報告 « Downloads
| Attribute | Value |
|---|---|
| Version | Feb 17-2010-Morgan Stanley |
| Date posted | February 23, 2010 |
| Downloaded | 49 times |
| Categories | 研究報告, 電子 |
| Tags | , |
Description
Investment conclusion: Sunplus’ 4Q revenue growth
surprised us and the Street on the upside due to the
strong demand for multimedia ICs and Lunar New Year
pull-in. However, given the maturity of the DVD player
market and intense competition in the DTV market, we
believe long-term growth and profitability remain the key
issues. We maintain our Underweight rating and target
price until we have better clarity of the company’s
long-term business prospects.
