某公司財務分析(英文版)(pdf 20頁)

DBTel Corporation目錄：
Table of Contents
InvestmentThesis....................................3
KeyPoints..........................................4
China Handset Market Outlook and CompetitiveLandscape............................10
Valuation Comparison 11
Recommendation........12
InvestmentRisks.................................15
Appendix.......................................16
Table of Figures
Figure 1: DBTel’s Handset Unit Shipment and Revenue Forecast ................................3
Figure 2: GSM Shipment By Region in China............................................4
Figure 3: DBTel Sales, by Region, 2003E ................................................5
Figure 4: Sales Analysis, by Product Segment..........................................6
Figure 5: Unit Shipment and ASP Assumptions ...............................................8

DBTel Corporation內容簡介：
In evolving from an OEM to a brand manufacturer, DBTel has surprised the
handset market in China with strong sales momentum in 2H03. Its aggressive
FY04 plans would boost results further, driven by expansions in SE Asia, India and
China. We are initiating coverage with a 1-Overweight rating on the shares and a
price target of NT$67, or 12x our FY04 EPS estimate.

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