1. F
(5009.TW/5009 TT)
( ) ( )
4Q11 2012 100 18
80 41 17
43 46 47 52 52 53 53
NT$31.55 60
16
21 15
25 25 21
40 19 20 19 18
17 14
11 12 14
20 13 13 13 13
9 11 13
1 1 12
9 10 9 8 8 9
10 8 8 7 7 7 7
0 12
2 886.2.2181.8727 2 886.2.2181.8749
1Q11 2Q11 3Q11 4Q11 1Q12F 2Q12F 3Q12F 4Q12F
3 marc@kgisia.com.tw 3 chienan.lai@kgisia.com.tw
4Q11
1Q12 52%(QoQ+5
7 2Q 15%
) 16.5%(QoQ+1 )
7 2Q12 15%
2~3
NT$39
4 7
2Q12 10 2Q12
4Q11
30 (QoQ+15%) 16.6%
4Q11 15.5%
3.06 EPS 0.78 (QoQ+28%)
15.4%
VAR 2012 3Q
2.95 EPS 0.75
2 VAR ( )
2.3 EPS 0.59
2012 3Q
2 ESR ( )
4Q11 1Q12
4Q11F 1Q12F 30%
QoQ (%) YoY (%) (%) QoQ (%) YoY (%)
2,816 (7.4) 33.4 2,816 0.0 2,600 (7.7) (0.4)
436 (4.9) 62.3 434 0.6 429 (1.7) 31.2
253 (9.5) 131.7 251 1.1 252 (0.5) 43.6
67 (11.1) 570.2 61 8.2 48 (28.1) (23.8)
295 1.5 206.2 229 28.5 239 (19.0) 28.1
( ) 0.75 1.5 151.7 0.59 28.5 0.61 (19.0) 28.1
(%) 15.5 0.4 ppts 2.8 ppts 15.4 0.1 ppts 16.5 1.0 ppts 4.0 ppts 2011
(%) 9.0 (0.2)ppts 3.8 ppts 8.9 0.1 ppts 9.7 0.7 ppts 3.0 ppts
(%) 10.5 0.9 ppts 5.9 ppts 8.1 2.3 ppts 9.2 (1.3)ppts 4.6 ppts
17
1Q12 52%
2014
1Q12
52%(QoQ+5 ) 48%
2011~2012
2011F 2012F
(%) (%)
11,100 11,100 0.0 12,190 12,250 0.5
EBIT 892 895 0.3 1,230 1,331 8.3
2012 1,059 1,067 0.7 1,321 1,412 6.9
(150 ) 916 981 7.1 1,143 1,285 12.5
( ) 2.34 2.51 7.1 2.91 3.28 12.5
(%) 14.3 14.3 0.0 ppts 15.8 16.6 0.8 ppts
(%) 8.0 8.1 0.0 ppts 10.1 10.9 0.8 ppts
(%) 8.3 8.8 0.6 ppts 9.4 10.5 1.1 ppts
1Q12 16.5%(
15.5%) 2.39 EPS0.61
http://research.kgi.com 2012 03 26 1

2. f
12 31 EBITDA
( ) ( ) ( ) ( ) ( ) ( )
2010A 7,270 764 247 794 247 0.70
2011F 11,100 1,592 895 1,386 981 2.51
2012F 12,250 2,038 1,331 1,837 1,285 3.28
2012 122.5 (YoY+10.4%) 2013F 13,580 2,276 1,541 2,094 1,504 3.84
12 31 EV/sales EV/EBIT EV/EBITDA EV/Inv. C
16.6%(YoY+0.8 ) 12.85 (x) (x) (x) (x) (x) (%)
2010A 2.4 66.5 22.1 45.3 1.4 5.1
(YoY+31%) EPS 3.28 2011F 1.6 20.1 12.4 12.6 1.3 16.6
2012F 1.4 12.5 9.0 9.6 1.1 17.8
2012 1.62 2013F 1.2 10.8 9.0 8.2 1.0 18.4
52 ( / ): 19.4 - 36.5
9.42 13 12 ( ) 39.0 ( / ): 12.4/418
/ (%) 23.6 ( ): 392
(percentile, %) 83 ( ): 393
-12/11 (%) 3.5 ( ): 31
-12/12 (NT$) 19.5 3 ( ): 7.8
-12/12 (x) 1.6 % (3,6,12 )
2 ( 1.8 ) 2012 2013 27.5; 62.6; 9.3
-12/12 (%) 55.3 % (3,6,12 ) 13.3; 44.7; 17.3
19.5 39 (
NT$34 ) 23.6%
1Q11A 2Q11A 3Q11A 4Q11F 1Q12F 2Q12F 3Q12F 4Q12F 2011F 2012F
(NT$ )
2,610 2,633 3,041 2,816 2,600 3,000 3,350 3,300 11,100 12,250
2,283 2,263 2,582 2,380 2,171 2,502 2,787 2,752 9,507 10,212
327 370 459 436 429 498 563 548 1,592 2,038
151 185 179 183 177 177 178 175 698 706
176 185 280 253 252 321 385 373 895 1,331
91 91 105 149 95 95 95 95 436 380
35 40 46 39 31 31 31 31 160 125
EBITDA 302 317 431 441 379 447 512 499 1,491 1,837
0 0 0 1 1 1 1 1 1 2
41 35 48 31 42 40 50 43 155 175
22 47 27 34 5 5 5 5 130 21
63 82 75 67 48 46 56 49 286 198
29 21 23 41 29 29 29 29 114 117
29 21 23 41 29 29 29 29 114 117
209 246 332 279 271 338 412 392 1,067 1,412
( ) 23 37 42 (16) 32 32 32 32 85 127
187 210 290 295 239 306 380 361 981 1,285
0 0 0 0 0 0 0 0 0 0
187 210 290 295 239 306 380 361 981 1,285
EPS 0.53 0.63 0.85 0.71 0.69 0.86 1.05 1.00 2.72 3.60
EPS 0.48 0.53 0.74 0.75 0.61 0.78 0.97 0.92 2.51 3.28
(%)
12.5 14.1 15.1 15.5 16.5 16.6 16.8 16.6 14.3 16.6
6.7 7.0 9.2 9.0 9.7 10.7 11.5 11.3 8.1 10.9
EBITDA Margin 11.6 12.0 14.2 15.7 14.6 14.9 15.3 15.1 13.4 15.0
8.0 9.4 10.9 9.9 10.4 11.3 12.3 11.9 9.6 11.5
7.1 8.0 9.5 10.5 9.2 10.2 11.3 10.9 8.8 10.5
(%)
23.7 0.9 15.5 (7.4) (7.7) 15.4 11.7 (1.5) 52.7 10.4
21.6 13.2 24.0 (4.9) (1.7) 16.1 13.0 (2.7) 108.5 28.0
60.5 5.6 51.1 (9.5) (0.5) 27.3 20.0 (3.2) 262.6 48.8
EBITDA 23.8 5.0 36.1 2.5 (14.2) 18.2 14.4 (2.4) 87.7 23.2
118.8 17.5 34.9 (16.0) (3.0) 24.7 22.0 (4.7) 276.7 32.4
93.8 12.3 38.6 1.5 (19.0) 28.0 24.3 (5.1) 297.4 31.0
http://research.kgi.com 2012 03 26 2

3. F
1993 39 3.6
16.5 16.6 16.8
15.1 15.5
14.1
12.7 12.5
4Q10 1Q11 2Q11 3Q11 4Q11F 1Q12F 2Q12F 3Q12F
5% (2010-2030)
EPS
6.0
0.97
5.0
0.74 0.75 0.78
4.0
0.61
0.53
3.0 0.48
2.0 0.30
1.0
0.0 4Q10 1Q11 2Q11 3Q11 4Q11F 1Q12F 2Q12F 3Q12F
Boeing
40 30
23 19.5
34 42 37 35 20
28 10
32 30
29 17 24 0
20.5 25
20 (10)
19 21 18
45% 17 52.5% 20
37% 41% 39% 15 (20)
13 14 14
10 15
5 6 7 15 (30)
2008 2009 2010 2011 2012F Mar-11 May-11 Jun-11 Aug-11 Sep-11 Nov-11 Dec-11 Feb-12 Mar-12
1Q12
3.5x
4,000 65
3.0x
55
3,000 2.5x
45
2.0x
2,000 35
1.5x
25
1.0x
1,000
15
0.5x
5
0
4Q10 1Q11 2Q11 3Q11 4Q11F 1Q12F 2Q12F 3Q12F 2007 2008 2009 2010 2011 2012
http://research.kgi.com 2012 03 26 3

4. f
12 31 ( ) 2009A 2010A 2011F 2012F 2013F 12 31 ( ) 2009A 2010A 2011F 2012F 2013F
9,645 12,630 15,049 16,157 17,788 4,167 7,270 11,100 12,250 13,580
2,666 4,914 7,439 8,025 9,174 4,153 6,506 9,507 10,212 11,304
152 195 1,978 2,741 3,471 14 764 1,592 2,038 2,276
1,682 2,772 2,850 2,900 3,100
254 517 698 706 735
682 1,619 2,129 2,014 2,232
(240) 247 895 1,331 1,541
150 328 483 370 370
(85) (86) (113) (115) (116)
6,979 7,716 7,610 8,132 8,614
792 952 1,107 1,200 1,250 0 0 1 2 6
5,978 6,483 6,213 6,632 7,054 85 86 114 117 122
209 280 290 300 310 (95) 96 155 175 192
4,974 7,606 8,264 8,518 9,115 (31) 27 130 21 36
2,320 3,503 4,025 4,195 4,520 0 0 0 0 0
236 418 599 644 712 (450) 283 1,067 1,412 1,653
1,712 2,615 2,733 2,786 2,959 (90) 36 85 127 149
372 469 694 766 849 (360) 247 981 1,285 1,504
2,655 4,103 4,239 4,323 4,595 EBITDA 293 794 1,386 1,837 2,094
2,501 3,964 4,099 4,178 4,439
( ) (1.12) 0.70 2.51 3.28 3.84
154 139 140 145 156
4,670 5,024 6,785 7,639 8,673
3,312 3,390 3,920 3,920 3,920
670 698 948 948 948
688 935 1,917 2,771 3,804
0 0 0 0 0
12 31 ( ) 2009A 2010A 2011F 2012F 2013F
2,136 (1,227) 980 1,910 1,598
(360) 247 981 1,285 1,504
533 547 491 505 553
12 31 ( ) 2009A 2010A 2011F 2012F 2013F 1,869 (1,925) (338) 294 (267)
(% ) 95 (96) (155) (175) (192)
(59.0) 74.4 52.7 10.4 10.9 (878) (1,188) (231) (853) (843)
N.A. N.A. 262.6 48.8 15.7 (720) (935) (61) (800) (850)
EBITDA (75.6) 170.9 74.6 32.5 14.0 (4) (65) 0 82 142
N.A. N.A. 297.4 31.0 17.0
(154) (188) (170) (135) (135)
N.A. N.A. 259.5 30.9 17.0
Free Cash Flow 1,259 (2,415) 750 1,057 755
(%)
0.3 10.5 14.3 16.6 16.8 (1,513) 2,458 1,033 (294) (25)
(5.8) 3.4 8.1 10.9 11.3 (27) 107 779 (431) (470)
EBITDA 7.0 10.9 12.5 15.0 15.4 (1,382) 2,367 252 132 434
(8.6) 3.4 8.8 10.5 11.1 (105) (16) 1 5 11
(3.4) 2.2 7.1 8.2 8.9 (255) 43 1,783 763 730
N.A. 5.1 16.6 17.8 18.4
/
(%) 90.2 131.0 100.7 91.2 85.3
(%) 86.9 127.1 71.5 55.3 45.3
(X) (4.3) 4.3 10.4 13.0 14.5
(X) (0.2) 0.1 0.4 0.5 0.6 ROIC (Return on Invested Capital)
Cash Flow Int. Coverage (X) 25.2 (14.2) 8.6 16.3 13.1 12 31 1- + + =
Cash Flow/Int. & ST Debt (X) 1.2 (0.5) 0.3 0.7 0.5
(X) 1.1 1.4 1.8 1.9 2.0 2009A 86.9% 12.8% 6.1% (5.8%)
(X) 0.4 0.6 1.1 1.2 1.3 2010A 82.0% 7.5% 7.1% 3.4%
(NT$ ) 4,624 5,222 5,619 4,538 4,075 2011F 81.2% 4.4% 6.3% 8.1%
(NT$ ) 2012F 79.2% 4.1% 5.8% 10.9%
2013F 79.2% 4.1% 5.4% 11.3%
(1.12) 0.70 2.51 3.28 3.84
0.54 2.24 3.76 4.57 5.25 12 31 1/ + + =
14.50 14.17 17.31 19.49 22.13
2009A 0.5 1.4 0.1 0.5
12.94 20.51 28.32 31.25 34.64 2010A 0.6 0.9 0.0 0.7
EBITDA/shr (0.75) 0.70 2.28 3.40 3.93 2011F 0.4 0.6 0.0 1.0
N.D. N.D. 1.10 1.20 1.30 2012F 0.4 0.5 0.0 1.1
2013F 0.4 0.5 0.0 1.1
(X) 0.4 0.7 0.8 0.8 0.8 12 31 x x 1- = ROIC
59.7 81.3 70.0 60.0 60.0 2009A (5.8%) 0.5 80.0% (2.3%)
147.3 139.2 93.7 86.4 83.3 2010A 3.4% 0.7 87.2% 2.0%
20.6 21.0 19.7 19.2 19.1 2011F 8.1% 1.0 92.0% 7.3%
186.4 199.5 144.0 127.2 124.2 2012F 10.9% 1.1 91.0% 10.6%
2013F 11.3% 1.1 91.0% 11.5%
http://research.kgi.com 2012 03 26 4

5. f
歷
45
40
35
30
25
20
15
10
Mar-09 Jun-09 Sep-09 Dec-09 Mar-10 Jun-10 Sep-10 Dec-10 Mar-11 Jun-11 Sep-11 Dec-11 Mar-12
歷
( )
26-Mar-12 31.55 34.0 39.0
15-Mar-12 27.65 N.A. 34.0
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6. 100 A 1907-1909 104 700
200051 886.2.2181.8888
886.2.8501.1691
2014 A 24D1
518008
852.2878.6888 8th - 11th floors, Asia Centre Building
852.2878.6800 173 South Sathorn Road, Bangkok 10120, Thailand
66.2658.8888
66.2658.8014
(OP) (Excessive Return)
( ) 40%
(N) ( )
40% 40%
(U) ( )
40%
(NR)
(R ) /
* =( / )–1
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