2382 Quanta 廣達 - weaker margins « 電子 « 研究報告 « Downloads
| Attribute | Value |
|---|---|
| Version | 0505-2010-RBS |
| Date posted | May 5, 2010 |
| Downloaded | 65 times |
| Categories | 電子, 研究報告 |
| Tags | , , |
Description
Gross margins trend down in 4Q09 and 1Q10
Quanta reported 4Q09 and 1Q10 net profits of NT$6.92bn and NT$5.33bn, respectively.
While 4Q09 profit was in line with our estimate of NT$6.9bn, 1Q10 fell short of our estimate
of NT$5.6bn, but both figures were better than Bloomberg consensus estimates of NT$6.3bn
and NT$5.2bn. That said, consolidated gross margins dropped from 5.7% in 3Q09 to 4.4% in
4Q09 and to 4.1% in 1Q10, due to changes in the product mix and rising production costs.
Operating margins also fell to 1.8%/2.0% in 4Q09/1Q10 from 3.0% in 3Q09.
