DOCSLIB.ORG

Skyworth Digital Target Price: HKD5.90 Price: HKD4.66 Set for a Strong Recovery Ahead Market Cap: USD1,818M Bloomberg Ticker: 751 HK

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Skyworth Digital Target Price: HKD5.90 Price: HKD4.66 Set for a Strong Recovery Ahead Market Cap: USD1,818M Bloomberg Ticker: 751 HK Results Review Hong Kong FY17: below expectations 15 June 2017 Technology | Hardware & Equipment Buy (Maintained) Skyworth Digital Target Price: HKD5.90 Price: HKD4.66 Set For a Strong Recovery Ahead Market Cap: USD1,818m Bloomberg Ticker: 751 HK We continue to expect Skyworth to see a solid recovery this year. We Share Data expect its profitability to see meaningful improvement, driven by: Avg Daily Turnover (HKD/USD) 53.8m/6.84m 1. Rebound of its GPM (due to panel price moderating and an increase in 52-wk Price low/high (HKD) 4.17 - 6.35 blended ASP of its core China TV sales); 2. Better operating leverage (due to better revenue growth momentum) Free Float (%) 59 and better cost control. Shares outstanding (m) 2,837 Therefore, maintain BUY, with a lower HKD5.90 TP (from HKD6.40, 27% Estimated Return 27% upside) as we cut our earnings forecasts for FY18F-19F by 7-8% to factor in a more conservative blended ASP growth of its core China TV sales. Shareholders (%) Wong Wai Sen, Stephen 36.1 Skyworth Digital’s (Skyworth) profitability to improve meaningfully this year, driven by: Alliance Bernstein LP 5.0 i. Rebound of GPM. According to data from WitsView Technology Coperation (Witsview), the pricing of major sizes of thin film transistor Share Performance (%) liquid crystal display (TFT LCD) have already shown signs of peaking in recent months. Given that the new capacity is kicking in, IHS Markit (IHS) YTD 1m 3m 6m 12m expects that panel pricing to start dropping in 2H17. Absolute 5.4 7.4 (12.9) 7.1 (5.3) Based on our discussion with management previously, a YoY growth in the Relative (12.1) 4.6 (21.4) (8.0) (32.1) blended ASP of its core China TV sales have risen further to a high single Source: Bloomberg digit in recent months. Given the higher ASP has already shown a dampening effect to demand, we are slightly more cautious and lower our Skyworth Digital Holdings (751 HK) Price Close Relative to Hang Seng Index (RHS) estimates for blended ASP (only expecting +4% YoY). That said, we still 6.9 140 expect its GPM to rebound by 1.1ppts to 21.1% this year. 5.9 110 ii. Better operating leverage. We expect that Skyworth’s core China TV sales 4.9 80 to resume growth this year, driven by both shipment growth and ASP 3.9 50 increase. This should help lead to a better revenue growth momentum this 60 50 year (+8.6% YoY, vs +0.4% YoY last year) and hence, better operating 40 leverage. Nonetheless, we also expect that the company can achieve 30 better cost control this year. Therefore, we expect its EBIT margin to 20 10 rebound by 1.7ppts to 3.1% and as a result, Skyworth’s recurring earnings Volm 16 17 17 16 16 16 - - - - - are forecasted to rebound by 60.8% YoY this year. - Oct Apr Jun Feb Dec Aug Continuous rapid ramp-up of a high-margin smart TV platform. Last year, Skyworth’s smart TV platform’s revenue grew by 2.1x YoY to HKD166m, above Source: Bloomberg our estimate of HKD150m and management’s original guidance of HKD100m. For this year, we expect this business segment’s revenue to grow by 1x to HKD332m (vs management guidance of HKD300m). Given the high scalability and profitability of this business segment, we expect it to become a more meaningful profit contributor from this year onwards. This is with the contribution to total recurring earnings rising to 6-7% this year and 9-10% next year, up from 2-3% last year. Maintain BUY. Our new TP is based on the same 9x FY18F P/E, close to a its 3-year forward mean; this is also corroborated by our DCF valuation of HKD6.20/share. Key risks include a weaker-than-expected TV demand in China and overseas markets as well as stronger-than-expected competition. Forecasts and Valuations Mar-16 Mar-17 Mar-18F Mar-19F Mar-20F Total turnover (HKDm) 42,695 42,845 46,523 49,647 51,910 Reported net profit (HKDm) 2,170 1,310 1,858 2,212 2,528 Recurring net profit (HKDm) 2,214 1,156 1,858 2,212 2,528 Recurring net profit growth (%) 28.7 (47.8) 60.8 19.0 14.3 Recurring EPS (HKD) 0.77 0.39 0.63 0.75 0.86 DPS (HKD) 0.26 0.15 0.21 0.25 0.28 Recurring P/E (x) 6.0 11.8 7.4 6.2 5.4 P/B (x) 0.88 0.88 0.82 0.76 0.70 P/CF (x) 7.60 6.18 4.44 3.93 3.53 Dividend Yield (%) 5.5 3.2 4.5 5.3 6.1 Analyst EV/EBITDA (x) 5.6 10.9 6.3 4.8 3.8 Ken Chui, CFA Return on average equity (%) 15.1 8.6 11.6 12.7 13.4 Net debt to equity (%) 15.8 18.5 12.0 6.0 0.1 +852 2103 9415 Our vs consensus EPS (adjusted) (%) (4.5) (3.0) 0.0 [email protected] Source: Company data, RHB See important disclosures at the end of this report 1 Powered by the EFA Platform Skyworth Digital Hong Kong Results Review 15 June 2017 Technology | Hardware & Equipment Financial Exhibits Financial model updated on : 2017-06-14 Asia Financial summary Mar-16 Mar-17 Mar-18F Mar-19F Mar-20F Hong Kong Recurring EPS (HKD) 0.77 0.39 0.63 0.75 0.86 Technology EPS (HKD) 0.76 0.45 0.63 0.75 0.86 Skyworth Digital DPS (HKD) 0.26 0.15 0.21 0.25 0.28 Bloomberg 751 HK BVPS (HKD) 5.28 5.28 5.69 6.15 6.69 Buy Weighted avg adjusted shares (m) 2,859 2,934 2,934 2,934 2,934 Valuation basis Valuation metrics Mar-16 Mar-17 Mar-18F Mar-19F Mar-20F i. 9x FY18F P/E, above +1SD of its 3-year Recurring P/E (x) 6.0 11.8 7.4 6.2 5.4 forward P/E mean; P/E (x) 6.1 10.4 7.4 6.2 5.4 ii. DCF valuation of HKD6.20 per share. P/B (x) 0.88 0.88 0.82 0.76 0.70 Key drivers FCF Yield (%) 3.2 5.3 12.9 15.2 17.6 i. Strong growth of 4KTV shipment, which has a Dividend Yield (%) 5.5 3.2 4.5 5.3 6.1 higher GPM; EV/EBITDA (x) 5.6 10.9 6.3 4.8 3.8 ii. Rapid ramp-up of smart TV ad business. EV/EBIT (x) 7.3 22.9 9.5 6.8 5.2 Key risks Income statement (HKDm) Mar-16 Mar-17 Mar-18F Mar-19F Mar-20F i. Weaker-than-expected TV demand in China Total turnover 42,695 42,845 46,523 49,647 51,910 and overseas market; Gross profit 9,363 8,567 9,804 10,626 11,276 ii. Keener-than-expected competition; EBITDA 2,665 1,287 2,144 2,665 3,137 iii. Unfavourable raw materials costs (panel pricing). Depreciation and amortisation (639) (675) (722) (786) (850) Operating profit 2,026 612 1,422 1,879 2,287 Company Profile Net interest (239) (359) (349) (338) (330) Skyworth Digital (Skyworth) is one of the leading TV Income from associates & JVs 7 (4) (4) (4) (4) manufacturers in China and globally with an annual Exceptional income - net (55) 200 0 0 0 capacity of 14m units. The company has over 3,500 Pre-tax profit 3,150 1,984 2,687 3,198 3,655 specialty stores in China located across major cities Taxation (623) (455) (524) (624) (713) such as Shenzhen and Beijing, along with over 20k retail partners. Minority interests (357) (219) (305) (362) (414) Recurring net profit 2,214 1,156 1,858 2,212 2,528 Skyworth’s 3-year forward P/E band Cash flow (HKDm) Mar-16 Mar-17 Mar-18F Mar-19F Mar-20F Change in working capital (1,406) 5 191 113 78 Cash flow from operations 1,753 2,213 3,080 3,477 3,874 Capex (1,324) (1,494) (1,313) (1,401) (1,465) Cash flow from investing activities (1,387) (1,295) (1,417) (1,505) (1,569) Proceeds from issue of shares (112) 5 0 0 0 Dividends paid (581) (750) (376) (656) (768) Cash flow from financing activities 4,667 (1,175) (874) (1,056) (1,207) Cash at beginning of period 3,317 5,023 4,815 5,335 6,044 Net change in cash 5,033 (257) 789 916 1,099 Source: Bloomberg, RHB Ending balance cash 8,350 4,766 5,604 6,251 7,143 Balance sheet (HKDm) Mar-16 Mar-17 Mar-18F Mar-19F Mar-20F Total cash and equivalents 5,516 5,105 5,725 6,534 7,506 Tangible fixed assets 6,031 6,565 7,156 7,771 8,385 Intangible assets 113 637 637 637 637 Total investments 2,739 4,106 3,850 3,646 3,482 Total other assets 1,201 412 412 412 412 Total assets 42,060 43,059 45,557 48,307 51,008 Short-term debt 4,950 4,979 4,652 4,468 4,283 Total long-term debt 3,155 3,013 3,013 3,013 3,013 Total liabilities 25,360 26,246 27,393 28,646 29,590 Shareholders' equity 15,092 15,479 16,696 18,047 19,642 Minority interests 1,608 1,334 1,467 1,614 1,776 Total equity 16,700 16,813 18,164 19,661 21,418 Net debt 2,643 3,117 2,171 1,177 20 Total liabilities & equity 42,060 43,059 45,557 48,307 51,008 Key metrics Mar-16 Mar-17 Mar-18F Mar-19F Mar-20F Revenue growth (%) 6.4 0.4 8.6 6.7 4.6 Recurrent EPS growth (%) 27.2 (49.1) 60.8 19.0 14.3 Gross margin (%) 21.9 20.0 21.1 21.4 21.7 Operating EBITDA margin (%) 6.2 3.0 4.6 5.4 6.0 Net profit margin (%) 5.1 3.1 4.0 4.5 4.9 Dividend payout ratio (%) 33.7 33.5 33.0 33.0 33.0 Capex/sales (%) 3.1 3.5 2.8 2.8 2.8 Interest cover (x) 8.48 1.70 4.07 5.56 6.94 Source: Company data, RHB See important disclosures at the end of this report 2 Skyworth Digital Hong Kong Results Review 15 June 2017 Technology | Hardware & Equipment FY17 Results Review Figure 1: Skyworth’s FY17 results review FYE Mar (HKDm) 2H16 1H17 2H17 YoY 2H17 Diff FY16 FY17 YoY FY17 Diff FY17 Diff Actual Actual Actual RHB Actual Actual RHB BBG Consensus Revenue TV 15,790 13,887 15,750 -0.3% 16,456 -4.3% 30,112 29,637 -1.6% 30,343 -2.3% PRC 12,888 9,376 11,324 -12.1% 12,493 -9.4% 24,129 20,700 -14.2% 21,869 -5.3% Overseas 2,902 4,511 4,426 52.5% 3,963 11.7% 5,983 8,937 49.4% 8,474 5.5% Digital set-top boxes 3,732 2,580 3,140 -15.9% 3,392 -7.4% 5,913 5,720 -3.3% 5,972 -4.2% LCD modules 418 354 480 14.8% 495 -3.1% 772 834 8.0% 849 -1.8% White goods 1,234 1,075 1,019 -17.4% 1,188 -14.2% 2,366 2,094 -11.5% 2,263 -7.5% Other products 1,845 1,898 2,372 28.6% 2,348 1.0% 3,273 4,270 30.5% 4,246 0.6% Property holding 127 143 147 15.7% 177 -16.9% 259 290 12.0% 320 -9.4% Total revenue 23,146 20,291 22,554 -2.6% 23,702 -4.8% 42,695 42,845 0.4% 43,993 -2.6% 43,778 -2.1% Cost of revenue (17,806) (16,121) (18,157) (18,960) (33,332) (34,278) (35,081) Gross profit 5,340 4,170
Load more

Recommended publications
  • Home Appliance Cautious Buy
    Sector Research | China Home Appliance THIS IS THE TRANSLATION OF A REPORT ORIGINALLY PUBLISHED IN CHINESE BY GUOSEN SECURITIES CO., LTD ON SEPTEMBER 24, 2012 October 16, 2012 Home Appliance Cautious Buy Cherry pick home-appliance names amid the price corrections Investment highlights Analyst Wang Nianchun We expect home-appliance y-o-y sales volume growth to rebound moderately +755-82130407 in 4Q 2012. Based on our channel checks and data already released for Jul-Aug [email protected] S0980510120027 2012, 3Q sales volume of various sub-sectors was in line with expectations, and the profitability of the TV sub-sector slightly beat expectations. The subsidies for energy efficient home-appliance products introduced in June are unlikely to materially boost sales until three to six months after their launch. We expect the 4Q y-o-y sales Sales Contact volume growth of air conditioners, refrigerators, washing machines and LCD TVs will be 7.5%, 5.8%, 5.0% and 0.8% respectively, representing a modest rebound from the Roger Chiman Managing Director first three quarters. +852 2248 3598 [email protected] Divergence within the sector intensifies, and we suggest waiting for buying Chris Berney opportunities amid price pullbacks. The overall industry sentiment has been tepid Managing Director +852 2248 3568 since the beginning of 2012, but product-mix upgrade and lower material costs could lead [email protected] to an improvement in profitability this year. Based on our estimates, subsidy policies for Andrew Collier energy efficient home-appliance products will have more significant effects in 2013 than Director +852 2248 3528 this year.
    [Show full text]
  • STOXX Greater China 480 Last Updated: 01.04.2015
    STOXX Greater China 480 Last Updated: 01.04.2015 Rank Rank (PREVIOUS ISIN Sedol RIC Int.Key Company Name Country Currency Component FF Mcap (BEUR) (FINAL) ) TW0002330008 6889106 2330.TW TW001Q TSMC TW TWD Y 105.1 1 1 KYG875721634 BMMV2K8 0700.HK B01CT3 Tencent Holdings Ltd. CN HKD Y 92.5 2 2 HK0000069689 B4TX8S1 1299.HK HK1013 AIA GROUP HK HKD Y 70.6 3 4 HK0941009539 6073556 0941.HK 607355 China Mobile Ltd. CN HKD Y 64.3 4 3 CNE1000002H1 B0LMTQ3 0939.HK CN0010 CHINA CONSTRUCTION BANK CORP H CN HKD Y 61.8 5 5 CNE1000003G1 B1G1QD8 1398.HK CN0021 ICBC H CN HKD Y 52.5 6 6 CNE1000001Z5 B154564 3988.HK CN0032 BANK OF CHINA 'H' CN HKD Y 40.9 7 7 TW0002317005 6438564 2317.TW TW002R Hon Hai Precision Industry Co TW TWD Y 35.1 8 8 CNE1000002L3 6718976 2628.HK CN0043 China Life Insurance Co 'H' CN HKD Y 30.3 9 9 HK0013000119 6448068 0013.HK 644806 Hutchison Whampoa Ltd. HK HKD Y 26.2 10 10 CNE1000003X6 B01FLR7 2318.HK CN0076 PING AN INSUR GP CO. OF CN 'H' CN HKD Y 25.3 11 19 HK0388045442 6267359 0388.HK 626735 Hong Kong Exchanges & Clearing HK HKD Y 25.2 12 12 KYG217651051 BW9P816 0001.HK 619027 CK HUTCHISON HOLDINGS HK HKD Y 25.0 13 11 CNE1000003W8 6226576 0857.HK CN0065 PetroChina Co Ltd 'H' CN HKD Y 21.7 14 13 HK0883013259 B00G0S5 0883.HK 617994 CNOOC Ltd. CN HKD Y 20.9 15 15 HK0016000132 6859927 0016.HK 685992 Sun Hung Kai Properties Ltd.
    [Show full text]
  • 2016Semi-Annual Report
    CHINA CONVERGENCE FUND A Sub-fund of Value Partners Intelligent Funds SEMI-ANNUAL 2016 REPORT For the six months ended 30 June 2016 Value Partners Limited 9th Floor, Nexxus Building 41 Connaught Road Central, Hong Kong Tel: (852) 2880 9263 Fax: (852) 2565 7975 Email: [email protected] Website: www.valuepartners-group.com In the event of inconsistency, the English text of this Semi-Annual Report shall prevail over the Chinese text. This report shall not constitute an offer to sell or a solicitation of an offer to buy shares in any of the funds. Subscriptions are to be made only on the basis of the information contained in the explanatory memorandum, as supplemented by the latest semi-annual and annual reports. CHINA CONVERGENCE FUND A Sub-fund of Value Partners Intelligent Funds (A Cayman Islands unit trust) CONTENTS Pages General information 2-3 Manager’s report 4-9 Statement of financial position (unaudited) 10 Investment portfolio (unaudited) 11-15 Investment portfolio movements (unaudited) 16 SEMI-ANNUAL REPORT 2016 For the six months ended 30 June 2016 1 CHINA CONVERGENCE FUND A Sub-fund of Value Partners Intelligent Funds (A Cayman Islands unit trust) GENERAL INFORMATION Manager Legal Advisors Value Partners Limited With respect to Cayman Islands law 9th Floor, Nexxus Building Maples and Calder 41 Connaught Road Central 53rd Floor, The Center Hong Kong 99 Queen’s Road Central Hong Kong Directors of the Manager Dato’ Seri Cheah Cheng Hye With respect to Hong Kong law Mr. Ho Man Kei, Norman King & Wood Mallesons Mr. So Chun Ki Louis 13th Floor, Gloucester Tower The Landmark Trustee, Registrar, Administrator and 15 Queen’s Road Central Principal Office Hong Kong Bank of Bermuda (Cayman) Limited P.O.
    [Show full text]
  • Phase Exhibitior Section Stand Number 1 SASSIN INTERNATIONAL ELECTRIC SHANGHAI CO.,LTD
    VIP Exhibitors of the 114th Session of Canton Fair Phase Exhibitior Section Stand Number 1 SASSIN INTERNATIONAL ELECTRIC SHANGHAI CO.,LTD. Electronic and Electrical Products 5.1A09-22 1 SICHUAN JIUZHOU ELECTRIC GROUP CO., LTD. Consumer Electronics 11.3C35-46 1 Guangzhou Midea Hualing Refrigerator Co., Ltd. Household Electrical Appliances 3.2A77-92 1 GREE ELECTRIC APPLIANCES,INC.OF ZHUHAI Household Electrical Appliances 4.2A51-78 1 MIDEA GROUP CO.,LTD. Household Electrical Appliances 3.2A09-60 1 HAIER GROUP Household Electrical Appliances 3.2B01-54 1 GUANGDONG XINBAO APPLIANCES HOLDINGS CO.,LTD. Household Electrical Appliances 4.2F31-47 1 NO.168 HUANCHENG EAST RD.ZHOUXIANG CIXI,NINGBO P.R.C. Household Electrical Appliances 4.2F19-30 1 NINGBO AUX IMP.& EXP CO.,LTD. Household Electrical Appliances 4.2D13-46 1 XINGXING GROUP CO.,LTD Household Electrical Appliances 4.2I07-21 1 TCL CORPORATION Household Electrical Appliances 3.2G41-60 1 GUANGDONG GALANZ ENTERPRISE CO., LTD. Household Electrical Appliances 4.2A06-45 1 Guangzhou Wanbao Group Co.,Ltd. Household Electrical Appliances 3.2E50-67 1 GUANGDONG CHIGO AIR CONDITIONING CO.LTD Household Electrical Appliances 4.2D51-71 1 Homa Appliances Co., Ltd Household Electrical Appliances 3.2C01-12 1 NINGBO KAIBO GROUP CO.,LTD. Household Electrical Appliances 2.2D37-42,2.2E07-12 1 NINGBO XINLE HOUSEHOLD APPLIANCES CO., LTD. Household Electrical Appliances 3.2C85-96 1 SICHUAN CHANGHONG ELECTRIC CO.,LTD. Household Electrical Appliances 3.2E20-35 1 NINGBO LAMO ELECTRIC APPLIANCE CO.,LTD. Household Electrical Appliances 3.2G29-40 1 HEFEI MEILING COMPANY LIMITED Household Electrical Appliances 3.2E36-49 1 CUORI ELECTRICAL APPLICANAES GROUP CO.,LTD.
    [Show full text]
  • Annual Report 2009/10
    Skyworth Digital Holdings Limited Annual Report 2009/10 Contents Financial Highlights 2 Letter from Executive Chairman and Chief Executive Officer 4 Management Discussion and Analysis 8 Corporate Governance Report 21 Directors and Senior Management Profiles 33 Corporate Structure 41 Investor Relations 42 Directors’ Report 47 Independent Auditor’s Report 60 Consolidated Statement of Comprehensive Income 63 Consolidated Statement of Financial Position 65 Consolidated Statement of Changes in Equity 67 Consolidated Statement of Cash Flows 69 Notes to the Consolidated Financial Statements 71 Summarised Statement of Financial Position of the Company 163 Financial Summary 164 Financial Review 165 Corporate Information 166 1 Skyworth Digital Holdings Limited Annual Report 2009/10 Financial Highlights Amount expressed in HK$ million (except for share data) 2010 2009 Change OPERATING RESULTS FROM CONTINUING OPERATIONS Turnover 22,769 15,329 +48.5% Operating Profit (EBIT) from continuing operations 1,660 700 +137.1% Profit from continuing operations 1,326 460 +188.3% DISCONTINUED OPERATIONS Gain (loss) for the year from discontinued operation – 43 -100.0% Net Profit for the year 1,326 503 +163.6% Profit attributable to owners of the Company 1,251 460 +172.0% FINANCIAL POSITION Net cash (used in) from operating activities (1,987) 794 -350.3% Cash position* 4,585 1,539 -52.8% Bank loans 6,721 1,429 +197.9% Bank loans excluding the financial liabilities arising from discounted bills and foreign exchange arrangements 968 147 +558.5% Equity attributable
    [Show full text]
  • Global Powers of Consumer Products 2015 Connecting
    Global Powers of Consumer Products 2015 Connecting with the connected consumer Contents Deloitte Touche Tohmatsu Limited (DTTL) is pleased to present the eighth annual Global Powers of Consumer Welcome 5 Global economic outlook 6 Products. This report identifies the 250 largest consumer Connecting with the connected consumer 11 products companies around the world based on publicly Global Powers of Consumer Products Top 250 17 available data for the fiscal year 2013 (encompassing Top 250 highlights 19 companies’ fiscal years ended through June 2014). Top 10 21 Geographic analysis 22 Product sector analysis 25 The report also provides an outlook on the global Top 250 newcomers 29 economy; an analysis of market capitalization in the Fastest 50 31 industry; a look at merger & acquisition activity in the M&A activity 32 Q ratio analysis 37 consumer products industry; and a discussion on the Study methodology and data sources 40 importance of connecting with the connected consumer. Contacts 41 Global Powers of Consumer Products 2015 2 Global Powers of Consumer Products 2015 3 Global economic outlook Big global issues What can we expect going forward? In the short term, it is likely dollar could be problematic for companies in emerging countries Second, the government has attempted to limit the growth of the housing. Data have bounced around in the past year due to higher Europe that the price of oil will fall further. There is a considerable amount that have dollar-denominated debts. The volume of such debt has shadow banking system. Lending outside traditional banking chan- mortgage interest rates, higher house prices, and the fact that The Eurozone economy has been in very poor shape and prices are Falling oil price of new oil production already in the pipeline in the U.S.
    [Show full text]
  • Company Name(Ecountry Hall No
    Company name(ECountry Hall No. Booth No. Email Website Project/ProductE-mail Name(English)Website superpix Micro Tchina 5 ZKY10 [email protected] image sensor chip typical application demonstration project Sanjin group hunchina 9 9S33 hnsanjin@ www.hnsanjin.com SLon Magnetic chinaS 9 9s35 annabelee www.slon.cIndustrialisation of SLon HGMS series Institute of Mic china 5 ZKY11 [email protected] HMotor Controller for Variable Frequency Air Conditioner Tsinghua Universchina 8 8G06 [email protected] [email protected] Tsinghua Universchina 8 8G06 [email protected] Organic [email protected] Tsinghua Universchina 8 8G06 [email protected] [email protected] Tsinghua Universchina 8 8G06 [email protected] Broadband jsong@tsinhttp://riit.tsinghua.edu.cn Jiangxi Gao'an china 9 9s35 sale@htgjledHttp://www.LED [email protected] Hunan Hongyingxchina 9 9S33 36913613 hyxbio.comEnzyme Pre36913613 hyxbio.com china 9 9s35 [email protected] www.707hitech.com china 9 9s35 [email protected] www.707hitech.com JIUJIANG LISHANchina ENTECH9 CO., LTD.9s35 [email protected] JIUJIANG LISHANchina ENTECH9 CO., LTD.9s35 [email protected] JIANGXI CHEN china 9 9S35 [email protected] JIANGXI CHEN china 9 9S35 [email protected] jiangxi Longzhe china 9 9S35 jxlz2008@ http://www “JX-108”Nejxlz2008@ http://www.jxlongzheng.com china 9 9S35 [email protected] [email protected] Jiangxi Academychina 9 9S35 [email protected] The [email protected] Jiangxi Academychina 9 9S35 [email protected] the [email protected] Jiangxi Academychina 9 9S35 [email protected] Hihg-purity [email protected] Jiangxi Academychina 9 9S35 [email protected] Hihg-purity [email protected] Jiangxi Academychina 9 9S35 [email protected] GAP planti [email protected] wuhan universit china 8 8G10 [email protected].
    [Show full text]
  • Emerging Markets Core Equity Portfolio-Institutional Class As of July 31, 2021 (Updated Monthly) Source: State Street Holdings Are Subject to Change
    Emerging Markets Core Equity Portfolio-Institutional Class As of July 31, 2021 (Updated Monthly) Source: State Street Holdings are subject to change. The information below represents the portfolio's holdings (excluding cash and cash equivalents) as of the date indicated, and may not be representative of the current or future investments of the portfolio. The information below should not be relied upon by the reader as research or investment advice regarding any security. This listing of portfolio holdings is for informational purposes only and should not be deemed a recommendation to buy the securities. The holdings information below does not constitute an offer to sell or a solicitation of an offer to buy any security. The holdings information has not been audited. By viewing this listing of portfolio holdings, you are agreeing to not redistribute the information and to not misuse this information to the detriment of portfolio shareholders. Misuse of this information includes, but is not limited to, (i) purchasing or selling any securities listed in the portfolio holdings solely in reliance upon this information; (ii) trading against any of the portfolios or (iii) knowingly engaging in any trading practices that are damaging to Dimensional or one of the portfolios. Investors should consider the portfolio's investment objectives, risks, and charges and expenses, which are contained in the Prospectus. Investors should read it carefully before investing. Your use of this website signifies that you agree to follow and be bound by the terms
    [Show full text]
  • OEM and EMS: a Market and Competitive Analysis - 2016 Edition
    OEM and EMS: A Market and Competitive Analysis - 2016 Edition A Unique Report Combining In-Depth Review of 360 OEMs’ Outsourced Electronics Assembly and Market Share Analysis of 48 Product Segments of the 100 Largest EMS Subcontractors Report Highlights Market Share by Product Segment Analysis, 2015 Automotive Communications Computers/Peripherals Consumer Electronics Industrial Medical Aerospace/Defense/Other Transportation OEM and EMS Company-Level Analysis, 2015 360 Electronic OEM Companies 100 Largest EMS Companies Outsourced/In-House Assembly Revenue Assembly Revenue by 48 Product Segments New Venture Research Corp. A Technology Market Research Company 337 Clay St., Suite 101 info@newventureresearch .com Tel: (530) 265-2004 Fax: (530) 265-1998 OEM and EMS: A Market and Competitive Analysis - 2016 Edition Synopsis The worldwide electronics assembly market is An example can be provided for the smart phone substantial, the cost of goods sold (COGS) reached market for Apple. Whereas Apple’s EMS partners approximately $1.3 trillion dollars by 2015. The are well known, most industry participants are less market is growing but changing in terms EMS aware of other OEMs’ subcontractors which include suppliers’ market share. This report establishes the Blackberry, Lenovo, Microsoft, NEC, Sony, Toshiba, market share of the leading 100 EMS suppliers to Xiaomi, and ZTE. This report provides market share over 360 OEMs competing in 48 different markets. information on over 360 OEMs across 48 product It is the first of its kind and utilizes NVR's unique segments served by the leading 100 EMS firms. database of supplier and contractor data showing the market share of the total available EMS market.
    [Show full text]
  • The New Global Challengers
    The New Global Challengers How 100 Top Companies from Rapidly Developing Economies Are Changing the World BCG REPORT Since its founding in 1963, The Boston Consulting Group has focused on helping clients achieve competitive advantage. Our firm believes that best practices or benchmarks are rarely enough to create lasting value and that positive change requires new insight into economics, markets, and organizational dynamics. We consider every assignment a unique set of opportunities and constraints for which no standard solution will be adequate. BCG has 61 offices in 36 countries and serves companies in all industries and markets. For further information, please visit our Web site at www.bcg.com. The New Global Challengers How 100 Top Companies from Rapidly Developing Economies Are Changing the World MARCOS AGUIAR ARINDAM BHATTACHARYA THOMAS BRADTKE PASCAL COTTE STEPHAN DERTNIG MICHAEL MEYER DAVID C. MICHAEL HAROLD L. SIRKIN MAY 2006 www.bcg.com © The Boston Consulting Group, Inc. 2006. All rights reserved. For information or permission to reprint, please contact BCG at: E-mail: [email protected] Fax: +1 617 973 1339, attention BCG/Permissions Mail: BCG/Permissions The Boston Consulting Group, Inc. Exchange Place Boston, MA 02109 USA 2 BCG REPORT Table of Contents A Word from the Authors 4 The New Global Challenge 5 Many Companies on the Move 5 RDEs as Platforms for New Types of Global Competitors 6 The RDE 100 Emerging Global Challengers 7 Where They Come From 8 The Industries They Represent 9 Why They Are Going Global 9 Their Huge Economic
    [Show full text]
  • China's Impact on the Semiconductor Industry: 2011 Update MEPTEC
    www.pwc.com/technology China’s impact on the semiconductor industry: 2011 update MEPTEC – January 2012 Worldwide semiconductor market by region, 2003-2010 Source: SIA, CCID PwC 2 China's semiconductor market growth, 2000-2010 PwC 3 Comparison of China vs. worldwide semiconductor growth by quarter, 2007-2010 PwC 4 China's IC and O-S-D market growth, 2000-2010 PwC 5 China compared with worldwide semiconductor market by application, 2010 PwC 6 Semiconductor suppliers to the Chinese market, 2009-2010 Rank Revenue in millions of US dollars Market share Company 2009 2010 2009 IC 2010 IC % Change 2009 Semi 2010 Semi % Change Intel 1 1 15,570 19,659 26.3% 15,570 19,659 26.3% 14.9% Samsung 2 2 5,548 8,018 44.5% 5,681 8,175 43.9% 6.2% Hynix 4 3 3,644 5,564 52.7% 3,644 5,564 52.7% 4.2% Toshiba 3 4 3,231 4,138 28.1% 3,904 4,970 27.3% 3.8% TI 7 5 3,127 4,248 35.8% 3,292 4,479 36.1% 3.4% ST 5 6 2,704 3,305 22.2% 3,601 4,449 23.5% 3.4% AMD 6 7 3,415 4,174 22.2% 3,415 4,174 22.2% 3.2% NXP 8 8 2,281 2,965 30.0% 2,891 3,751 29.7% 2.8% Renesas* 12 1,272 1,716 9 2,634 31.0% 3,484 32.6% 2.6% NEC* 18 739 911 Freescale 10 10 2,057 2,788 35.5% 2,436 3,233 32.7% 2.4% Media Tek (MTK) 9 12 2,442 2,453 0.5% 2,442 2,453 0.5% 1.9% Total Top 10 44,019 57,493 30.6% 46,876 61,938 32.1% 46.9% Total Top 10 share of Chinese integrated circuit market 53.0% 52.9% Chinese semiconductor market 46.3% 46.9% Note: Semi equals IC + Discrete (including LED) market.
    [Show full text]
  • Redefining Intellectual Property Value
    Redefining Intellectual Property Value* The Case of China ©2005 Copyright PricewaterhouseCoopers. All Rights Reserved. Rights All PricewaterhouseCoopers. Copyright ©2005 A Technology Center Publication Acknowledgements TECHNOLOGY CENTER Managing Director Bo Parker Managing Editor Christine Wendin Analysts Chris Cooper, Ken DeWoskin, David Hoffman, Alan Morrison Contributor Mark Palim Associate Editor Saba Mirza Production Manager Bruce L. Leininger Cover John Goldie Research Susan Mills, Peter Vigil Advisory Review Board Frank Brown, James Flanagan, Mark Haller Reviewers Andrew Binstock, Soo Earn Keoy, Ed Pausa, Joanne Oswin, Silas Yang, Allan Zhang Special Thanks For assistance during the preparation of this report, we wish to thank Phil Barnett, Linda Kates, Vincent Torres, Ashley Yuan INDUSTRY PERSPECTIVES During preparation of this report, we benefited from interviewing the following executives: H. Raymond Bingham, Executive Chairman, retired; Cadence Design Systems Bradley Botsch, Chief Patent Counsel; ON Semiconductor Dan DiMase, President; SemiXchange Warren Heit, Partner; White & Case Larry Horn, Vice President, Licensing and Business Development; MPEG LA William Lash, former Assistant Secretary for Market Access and Compliance; US Department of Commerce Lucy Nichols, Global Director, IPR Brand Protection; Nokia Kirk Pond, former Chief Executive Officer; Fairchild Semiconductor Mike Ryan, Director, Study on Innovation, Expression and Development; Georgetown University Tim Trainer, President; Global Intellectual Property Strategy
    [Show full text]