Mais conteúdo relacionado
5388
- 1. f
3Q13
(5388.TW/5388 TT)
4Q13
3Q13
QoQ (%)
2014
EBIT
NT$42.6
( )
(%)
(%)
(%)
EBIT
1
2 886.2.2181.8725
3 vincent.liao@kgi.com
1
2 886.2.2181.8770
3 james.lin@kgi.com
3Q13
16.4%(2Q13
(0.4)
3.5
12.7
(105.0)
(17.5)
(17.5)
0.6 ppts
0.6 ppts
(0.9) ppts
5,073
830
276
(4)
228
1.15
16.4
5.5
4.5
4Q13F
YoY (%)
(%)
(8.4)
1.3
(7.9)
(52.8)
(5.7)
(9.0)
1.6 ppts
0.0 ppts
0.1 ppts
5,100
801
296
(1)
241
1.22
15.7
5.8
4.7
QoQ (%)
(0.5)
3.7
(6.5)
295.3
(5.6)
(5.2)
0.7 ppts
(0.4) ppts
(0.2) ppts
5,080
813
249
7
211
1.07
16.0
4.9
4.2
3Q13
(QoQ-7.3%
16%
YoY-5.7%)
2.28
IAD
EPS 1.15
)
4Q13
4Q13
4Q13
EPS 1.07
YoY+69.5%)
1Q14(
(QoQ-17.5%
2.3%
50.8
(QoQ+0.1%
YoY+19%)
3Q13
(QoQ-7.3%
16%
PON
EPS 1.07
4Q13
YoY+69.5%)
4Q13
2014
2.1
(
4Q13
(QoQ-7.3% YoY+75.6%) EPS 1.07
19.88
CB
EPS
23
)
)
2014
IP Surveillance
11.7 / 9.5
21.7%
2014
EPS 4.48
53.8
3Q13
(
12
46.6
16.4%(2Q13
24%
2014
)
IAD
PON
IP Surveillance
15.7%)
small cell
5.6%
YoY-5.7%)
2.28
(QoQ-0.4%
16.4%(2Q13
IP Surveillance
Home gateway
convergence
50.7
YoY-8.4%)
2014
(QoQ-17.5%
EPS 1.15
3Q13
SMB
15.7%)
20%
15%
50%
2014
24%
4.5
1.7
3.5
(
0.8
3.1
5.6%
6.23
0.7
2.1
YoY-2%
1.7
1.2
1.3
0.6
2.4
1.6
EPS 3.13
11
1.5
0.0
1.0
0.0
10.4
2.9
10.4
3.2
1.0
0.0
12.5
1.6
2.1
2.0
2.3
2011
2012
2013F
2014F
Fixed mobile convergence
Home router
SMB products
2013
3.0
4.8
2010
http://research.kgi.com
YoY
2014
)
1Q-3Q13
10%
21.7%
Home gateway
(QoQ-17.5% YoY-5.7%) EPS 1.15
11%
Fixed-mobile
Smart home&surveillance
2.28
19.88
(
24%
2013/2014
3.63/4.48
16%
3Q13
IP Surveillance
21.7%
19.0
21.9
21.6
(115.6)
75.6
69.5
0.4 ppts
0.1 ppts
1.3 ppts
4Q13
15.7%)
5.6%
YoY (%)
0.1
(2.1)
(10.0)
(245.7)
(7.3)
(7.3)
(0.4) ppts
(0.6) ppts
(0.3) ppts
13
Home Gateway
Connectivity
Smart Home control and IP surveillance
1
- 2. f
3Q13
4Q13
2013
6.6%
2014
2014
5.7%
2013F
19,501
932
1,075
892
4.50
15.4
4.8
4.6
EBIT
( )
(%)
(%)
(%)
EPS
19,354
851
1,004
834
4.22
15.6
4.4
4.3
2014F
(%)
(0.8)
(8.7)
(6.6)
(6.6)
(6.1)
0.2 ppts
(0.4) ppts
(0.3) ppts
23,960
1,311
1,318
1,094
5.49
15.4
5.5
4.6
23,560
1,235
1,242
1,031
5.20
15.3
5.2
4.4
(%)
(1.7)
(5.8)
(5.7)
(5.7)
(5.3)
(0.1) ppts
(0.2) ppts
(0.2) ppts
19.8
1.1%
2013/2014
CB
EPS 3.63/4.48
23
)
11.7 / 9.5
2014
Surveillance
(
IP
Small cell
2014
12
EPS 4.48
53.8
(
46.6
)
12 31
(
)
13,242
19,268
19,354
23,560
EV/sales
(x)
0.6
0.4
0.3
0.2
2011A
2012A
2013F
2014F
12 31
2011A
2012A
2013F
2014F
(
) (
)
1,980
562
2,986
1,033
3,022
851
3,604
1,235
EV/EBIT EV/EBITDA
(x)
(x)
12.6
9.0
7.4
5.3
7.3
5.8
6.7
3.8
(
(
/
)
(%)
(percentile, %)
-12/13 (%)
-12/13 (NT$)
-12/13 (x)
-12/13 (%)
53.8
26.3
77
6.5
20.9
2.0
http://research.kgi.com
(
(x)
11.7
10.8
52
12
EBITDA
)
826
1,348
1,068
1,489
(
10.1
8.2
( / ):
/
(
)
583
755
834
1,031
EV/Inv. C
(x)
0.9
1.0
0.9
0.8
):
):
(
(
3
):
):
(
% (3,6,12
% (3,6,12
):
)
)
( )
3.66
3.96
4.22
5.20
(%)
19.9
21.2
20.8
23.8
33 - 43.5
8.7 / 294
205
205
24
3.6
3.9; 11.2; 23
1.1; 15.1; 8.3
2013
11
13
2
- 3. f
1Q13A
2Q13A
3Q13A
4Q13F
1Q14F
2Q14F
3Q14F
4Q14F
2013F
2014F
4,108
3,532
576
496
80
73
16
168
9
0
67
76
15
15
141
23
118
0
118
0.71
0.60
5,093
4,291
802
557
245
76
20
342
9
0
96
104
14
14
336
59
276
0
276
1.70
1.40
5,073
4,243
830
554
276
(6)
22
293
16
0
(3)
14
18
18
272
44
228
(0)
228
1.38
1.15
5,080
4,267
813
564
249
(6)
22
265
16
0
9
25
18
18
255
44
211
(0)
211
1.29
1.07
4,950
4,198
752
535
218
42
22
281
13
0
15
28
14
14
232
53
179
0
179
1.17
0.90
5,500
4,653
847
550
297
42
22
360
13
0
4
17
14
14
300
53
248
0
248
1.51
1.25
6,100
5,161
939
598
342
42
22
405
13
0
(9)
4
14
14
332
53
279
0
279
1.67
1.41
7,010
5,944
1,066
687
379
42
22
442
13
0
0
13
14
14
378
53
325
0
325
1.90
1.64
19,354
16,332
3,022
2,171
851
137
80
1,068
49
0
169
218
65
65
1,004
171
834
0
834
5.09
4.22
23,560
19,956
3,604
2,369
1,235
168
86
1,489
52
0
10
62
55
55
1,242
211
1,031
0
1,031
6.26
5.20
14.0
1.9
4.1
3.4
2.9
15.8
4.8
6.7
6.6
5.4
16.4
5.5
5.8
5.4
4.5
16.0
4.9
5.2
5.0
4.2
15.2
4.4
5.7
4.7
3.6
15.4
5.4
6.6
5.5
4.5
15.4
5.6
6.6
5.4
4.6
15.2
5.4
6.3
5.4
4.6
15.6
4.4
5.5
5.2
4.3
15.3
5.2
6.3
5.3
4.4
(3.8)
(13.6)
(60.9)
(41.7)
(13.4)
(1.7)
24.0
39.3
206.8
103.3
137.9
133.7
(0.4)
3.5
12.7
(14.4)
(19.0)
(17.5)
0.1
(2.1)
(10.0)
(9.4)
(6.1)
(7.3)
(2.6)
(7.4)
(12.5)
6.1
(9.1)
(15.1)
11.1
12.6
36.4
28.2
29.4
38.0
10.9
10.9
15.0
12.4
10.5
12.8
14.9
13.4
10.8
9.1
13.8
16.5
(0.9)
(10.5)
(61.6)
(42.0)
(26.7)
(26.2)
(NT$
(4.2)
(6.2)
(23.2)
(12.4)
16.4
18.7
(8.4)
1.3
(7.9)
(22.8)
(6.5)
(5.7)
19.0
21.9
21.6
(8.1)
56.7
75.6
20.5
30.6
172.3
67.2
64.5
51.7
8.0
5.6
21.0
5.4
(10.5)
(10.4)
20.2
13.1
23.6
38.4
22.0
22.5
38.0
31.1
52.1
66.7
47.9
53.9
0.4
1.2
(17.6)
(20.8)
7.5
10.4
21.7
19.3
45.2
39.4
23.7
23.7
)
EBITDA
(
)
EPS
EPS
(%)
EBITDA Margin
(%)
EBITDA
(%)
EBITDA
http://research.kgi.com
2013
11
13
3
- 4. f
2014 年 EPS
1992
1.41
1.40
2012
1.15
193
11%
1.25
1.07
0.90
54%
0.63
9%
IP surveillance
0.60
4Q12
18%
1Q13
8%
2Q13
3Q13
4Q13F
1Q14F
2Q14F
3Q14F
EPS
Home gateway
Cable DOCSIS 3.0
51
28
37
15
7
54
2010
18
12
6
8
8
23
18
20
47
55
15
45
13
9
24
53
25
49
11
9
2011
10
43
6
15
11
10
39
0
15
2012
4
15
16
37
(5)
1H13
Smart home control&IP surveillance
SMB
Connectivity products
5
41
3Q13
Fixed mobile (incl. Femtocell and carrier products)
Home router
Home gateway
35
May-12
Jun-12
Aug-12
Sep-12
Nov-12
Dec-12
Feb-13
Mar-13
(10)
May-13
2014
6,500
6,000
5,500
5,000
4,500
4,000
3,500
3,000
2,500
2,000
1,500
16.0x
60
14.0x
12.0x
50
10.0x
40
8.0x
30
6.0x
20
4.0x
10
0
4Q12
1Q13
2Q13
3Q13
(
3Q13
4Q13F
1Q14F
2Q14F
2009
3Q14F
(
2012
2013
)
6.0
60
5.0
16
50
4.0
14
3.0
12
2.0
1.0
10
1Q13
2011
2H13
)
18
4Q12
2010
2Q13
3Q13
http://research.kgi.com
4Q13F
1Q14F
2Q14F
3Q14F
2.3x
2.0x
40
30
1.7x
1.4x
20
0.8x
10
0.5x
1.1x
0
2009
2013
2010
11
13
2011
2012
2013
4
- 5. f
12
12
(
2014F
12,440
10,483
5,268
2,535
2,315
365
1,957
188
1,569
200
7,911
6,754
4,305
1,399
1,050
1,157
1,145
12
4,529
1,984
618
1,927
0
2011A
2012A
2013F
45.5
83.8
63.2
29.5
8.3
0.4
(17.6)
(20.8)
10.4
6.6
21.7
45.2
39.4
23.7
23.1
14.9
4.2
6.2
4.4
5.8
19.9
15.5
5.4
7.0
3.9
6.1
21.2
15.6
4.4
5.5
4.3
6.7
20.8
126.4
7.0
11.7
0.2
11.2
0.2
1.2
0.9
269
92.3
Net cash
12.1
0.5
29.6
1.2
1.3
0.9
(464)
70.2
Net cash
16.5
0.6
4.3
0.2
1.5
1.2
(1,687)
56.2
Net cash
23.8
0.9
24.4
0.9
1.6
1.2
(2,472)
3.66
5.31
19.29
78.03
3.52
2.56
3.96
5.62
19.79
99.04
5.42
2.75
4.22
5.32
20.93
97.55
4.31
3.30
5.20
6.48
22.83
118.75
6.22
3.80
1.3
75.6
55.6
90.6
40.7
1.3
72.3
52.6
92.5
32.5
1.5
34.4
43.1
77.0
0.5
1.6
38.0
44.4
73.6
8.8
1.9
35.9
39.3
66.7
8.4
2010A
2011A
2012A
2013F
2014F
2012A
19,268
16,282
2,986
1,953
1,033
(50)
34
84
1
(49)
0
935
180
755
1,348
3.96
2013F
19,354
16,332
3,022
2,171
851
(15)
49
65
0
169
0
1,004
171
834
1,068
4.22
2014F
23,560
19,956
3,604
2,369
1,235
(3)
52
55
0
10
0
1,242
211
1,031
1,489
5.20
)
2010A
2011A
2012A
2013F
2014F
2011A
13,242
11,262
1,980
1,418
562
(42)
24
66
1
181
0
701
118
583
826
3.66
2010A
(39)
314
200
(553)
(1)
(887)
(665)
(59)
(163)
(926)
987
(153)
2011A
734
583
264
(112)
(1)
(834)
(703)
(80)
(51)
(100)
1,947
92
2012A
2,490
755
315
1,420
(1)
(840)
(761)
5
(84)
1,650
(850)
(177)
2013F
279
834
217
(772)
0
1,322
1,359
0
(37)
1,601
(1,175)
(531)
2014F
1,335
1,031
254
50
0
(177)
(207)
(4)
34
1,158
(1,026)
(655)
1,763
91
1,847
(583)
(91)
799
(639)
(4)
426
(372)
1
132
15.3
5.2
6.3
4.4
8.5
23.8
91.4
12.0
13.0
0.3
(1.2)
(0.0)
1.2
0.9
(224)
2010A
8,640
7,193
1,447
1,094
352
(20)
12
32
1
54
0
387
72
314
553
1.97
2014F
53.3
59.4
49.4
85.4
85.5
)
1,131
9
61
2013F
11,905
9,871
5,136
2,355
2,015
365
2,034
184
1,530
320
7,752
6,429
3,905
1,604
920
1,323
1,312
11
4,153
1,984
618
1,551
0
2010A
)
2012A
12,903
9,330
4,710
2,276
1,815
529
3,573
184
3,027
363
9,052
7,437
4,067
1,954
1,416
1,616
1,600
15
3,851
1,973
618
1,260
0
1.97
3.23
16.27
54.14
2.21
1.52
31
)
2011A
12,024
8,977
3,911
1,908
2,624
535
3,047
188
2,497
363
8,752
7,772
3,354
3,264
1,153
980
874
106
3,273
1,828
471
973
0
16.7
4.1
6.4
3.6
4.6
12.5
(
2010A
7,980
5,503
2,064
1,317
1,790
332
2,477
107
1,977
393
5,382
4,494
2,144
1,501
849
888
874
15
2,597
1,761
178
658
0
21.9
34.2
20.1
53.0
45.8
31
12
31
(
(
)
31
(
EBITDA
12
(% )
EBITDA
Free Cash Flow
(%)
EBITDA
/
(%)
(%)
(X)
(X)
Cash Flow Int. Coverage (X)
Cash Flow/Int. & ST Debt (X)
(X)
(X)
(NT$
)
(NT$
EBITDA/shr
)
ROIC
12 31
(Return on Invested Capital)
1-
2010A
2011A
2012A
2013F
2014F
12 31
+
80.9%
83.1%
82.9%
83.3%
83.6%
1/
+
0.1
0.1
0.0
0.0
0.0
http://research.kgi.com
2013
4.1%
4.2%
5.4%
4.4%
5.2%
11
13
=
12.7%
10.7%
10.1%
11.2%
10.1%
+
0.2
0.2
0.2
0.1
0.1
2.7
3.2
5.5
7.1
8.4
4.1%
4.2%
5.4%
4.4%
5.2%
=
0.0
0.0
0.0
0.0
0.0
x 1-
x
12 31
(X)
+
2.3%
2.0%
1.6%
1.1%
1.1%
2.7
3.2
5.5
7.1
8.4
=
81.3%
83.1%
80.8%
83.0%
83.0%
ROIC
8.8%
11.4%
23.9%
25.9%
36.5%
5
