1) The document provides financial information and forecasts for a Taiwanese company for 2013-2015. Key metrics like revenue, earnings per share (EPS), and EBITDA are presented on a quarterly and annual basis. 2) EPS is forecast to increase from NT$2.06 in 2013 to NT$2.23 in 2014. Revenue is projected to grow by 6.5% annually from NT$34.7 billion in 2013 to NT$37.9 billion in 2014. 3) EBITDA margins are expected to remain stable around 10% for both 2013 and 2014.

1. f
6
(2006.TW/2006 TT)
3
6~9
H
2014~2015
NT$25.6
1
2
3
1
2 886.2.2181.8749
3 chienan.lai@kgi.com
886.2.2181.8727
marc@kgi.com
200
150
100
2013
1~3Q
50
25%
19%
2014~2015
0
(50)
4Q09
3Q10
2Q11
1Q12
4Q12
3Q13
2
10%
2
2013
4Q13
2014
H
1.1
39.3
2Q14
0.9~2.4
(QoQ+6.4%)
40
1Q14
42
2014
BOT
5.4%
2014
33
(
27.2
)
2014
(YoY+6.7%)
1.4
H
11
29
10
680
2017
7%)
2013
2013
85.0
80.0
75.0
70.0
65.0
60.0
55.0
50.0
45.0
40.0
Jan-13
16
2%
8,000
(
2
158
May-13
1~2Q14
Sep-13
Jan-14
May-14
Sep-14
10.5
11
71.2%
2015
76%
81%
2012
5
NT$500-600
2013
1~3Q
25%
19%
9~10%
3Q13
5%
2
1.5
http://research.kgi.com
1.2
2015
7/1
2013
12
03
1

2. f
14.0
12.0
10.0
8.0
6.0
4.0
2.0
0.0
(2.0)
(4.0)
(6.0)
4Q11
2014
1.1
(2002 TT, NT$25.45,
)
1.3~1.9
2014
1Q12
2Q12
3Q12
4Q12
1Q13
2Q13
~2015
3Q13
2014
5.4%
33
2013
3Q13
79.1
10.3%
EPS 0.51
23.6
5.09
80%
2012
(
4Q13
4Q13
5.2
88.9
EPS 0.52
2013
2012A
2013F
2014F
2015F
(
2013
3Q13
4Q13F
( )
(%)
(%)
(%)
YoY (%)
(10.5)
(9.2)
(10.5)
0.8
0.8
0.1 ppts
(0.0)ppts
0.7 ppts
(14.4)
2.1
10.9
80.9
80.9
1.7 ppts
1.3 ppts
3.4 ppts
QoQ (%)
8,896
925
525
520
0.52
10.4
5.9
5.8
(
)
1.2
)
YoY (%)
12.4
13.2
15.3
2.2
2.2
0.1 ppts
0.1 ppts
(0.6)ppts
(5.5)
(5.7)
(5.7)
26.2
26.2
(0.0)ppts
(0.0)ppts
1.5 ppts
(
) (
)
3,950
2,275
3,549
2,027
3,821
2,288
4,261
2,692
EV/EBIT EV/EBITDA
(x)
(x)
16.6
9.7
17.6
10.3
15.2
9.2
12.7
8.1
(
)
(%)
(percentile, %)
-12/13 (%)
-12/13 (NT$)
-12/13 (x)
-12/13 (%)
33.0
28.9
91
5.5
22.7
1.1
43.6
2014
EBITDA
)
3,900
3,471
3,805
4,228
(
(x)
14.5
12.4
52
12
/
QoQ (%)
)
39,683
34,653
37,870
41,278
EV/sales
(x)
1.0
1.0
0.9
0.8
2012A
2013F
2014F
2015F
12 31
2013
7,915
817
456
509
0.51
10.3
5.8
6.4
27.2
12 31
5
10.4%
1.4
(
(
11.5
10.1
( / ):
/
(
)
1,748
2,045
2,212
2,511
EV/Inv. C
(x)
1.0
1.0
0.9
0.9
):
):
(
(
3
):
):
(
% (3,6,12
% (3,6,12
):
)
)
( )
1.76
2.06
2.23
2.53
(%)
7.8
8.9
9.3
10.2
23 - 30.5
25.6/863
998
998
121
3.0
4.7; -9.7; -12.9
0.9; -12; -22.1
(%)
9,888
935
485
421
0.42
9.5
4.9
4.3
(10.0)
(1.1)
8.2
23.5
23.5
0.9 ppts
1.0 ppts
1.6 ppts
2013
EPS
2.06
EPS
2014
2.23
2013
2014
2013F
EBIT
( )
(%)
(%)
(%)
37,076
1,805
268
1,796
1.81
9.5
4.9
4.8
34,653
2,027
313
2,045
2.06
10.2
5.8
5.9
http://research.kgi.com
2014F
(%)
(6.5)
12.3
16.9
13.9
13.9
0.7 ppts
0.9 ppts
1.1 ppts
37,870
2,288
298
2,212
2.23
10.1
6.0
5.8
(%)
9.3
12.9
(4.9)
8.1
8.1
(0.1)ppts
0.2 ppts
(0.1)ppts
2013
12
03
2

3. f
(
2006 TT
2002 TT
2015 TT
X US
NUE US
MT NA
600019 CH
002075 CH
347 HK
5401 JP
005490 KS
)
978
14,331
1,019
3,784
16,105
21,400
11,598
988
4,212
19,622
27,699
EPS
2013F
2014F
2.06
2.23
1.14
1.48
2.59
2.76
(1.35)
1.03
1.42
3.09
(0.41)
0.84
0.41
0.46
0.02
0.05
0.13
0.16
(16.42)
24.94
20930.30
29410.61
(x)
2013F
12.4
22.2
20.6
N.A.
35.6
N.A.
10.6
159.2
36.6
N.A.
16.1
2014F
11.5
17.1
19.3
25.4
16.4
20.8
9.4
74.9
29.5
13.3
11.5
2013F
1.1
1.3
2.0
2.0
2.1
0.6
0.6
2.6
0.7
1.4
0.7
(x)
2014F
1.1
1.3
1.9
1.9
2.0
0.6
0.6
2.5
0.7
1.2
0.7
ROE (%)
2013F
2014F
8.9
9.3
5.6
6.9
9.5
10.1
(5.8)
8.5
6.0
12.7
(1.8)
2.8
5.5
6.4
1.6
3.3
1.9
2.4
(4.6)
9.0
4.4
5.9
Bloomberg
1Q13A
2Q13A
3Q13A
4Q13F
1Q14F
2Q14F
3Q14F
4Q14F
2013F
2014F
9,002
8,095
907
369
537
330
18
885
5
28
69
102
39
39
600
91
509
3
512
0.60
0.52
8,840
7,940
900
391
509
330
15
854
4
(5)
127
126
35
35
600
103
497
8
505
0.61
0.51
7,915
7,098
817
362
456
293
14
763
5
24
101
130
33
33
552
48
504
5
509
0.56
0.51
8,896
7,971
925
400
525
420
23
968
23
44
61
128
68
68
585
71
514
5
520
0.59
0.52
9,357
8,421
936
375
561
347
17
925
14
17
52
83
42
42
601
72
529
6
535
0.61
0.54
9,701
8,682
1,019
400
619
362
18
998
15
18
52
85
41
41
662
80
582
6
588
0.67
0.59
9,649
8,781
868
347
521
369
18
908
15
17
52
84
43
43
562
69
493
6
499
0.57
0.50
9,163
8,164
999
411
588
369
18
974
15
18
87
120
46
46
662
77
585
6
591
0.67
0.60
34,653
31,104
3,549
1,522
2,027
1,374
70
3,471
37
91
358
486
176
176
2,338
313
2,024
21
2,045
2.36
2.06
37,870
34,048
3,821
1,533
2,288
1,446
70
3,805
59
69
243
371
172
172
2,487
298
2,189
23
2,212
2.51
2.23
10.1
6.0
9.8
6.7
5.7
10.2
5.8
9.7
6.8
5.7
10.3
5.8
9.6
7.0
6.4
10.4
5.9
10.9
6.6
5.8
10.0
6.0
9.9
6.4
5.7
10.5
6.4
10.3
6.8
6.1
9.0
5.4
9.4
5.8
5.2
10.9
6.4
10.6
7.2
6.4
10.2
5.8
10.0
6.7
5.9
10.1
6.0
10.0
6.6
5.8
(4.4)
(7.6)
(3.5)
(8.0)
21.9
24.4
(1.8)
(0.7)
(5.3)
(3.5)
0.0
(1.5)
(10.5)
(9.2)
(10.5)
(10.7)
(7.9)
0.8
12.4
13.2
15.3
26.9
6.0
2.2
5.2
1.1
6.8
(4.5)
2.7
2.9
3.7
8.9
10.3
7.9
10.1
9.9
(0.5)
(14.7)
(15.7)
(9.0)
(15.0)
(15.1)
(5.0)
15.0
12.7
7.3
17.7
18.3
(10.9)
(10.0)
(15.4)
(14.2)
2.0
5.4
(NT$
(19.0)
(22.5)
(24.3)
(20.4)
(6.6)
(11.3)
(14.4)
2.1
10.9
(8.3)
71.6
80.9
(5.5)
(5.7)
(5.7)
0.6
19.0
26.2
3.9
3.2
4.3
4.5
0.2
4.4
9.7
13.2
21.5
16.8
10.3
16.4
21.9
6.3
14.5
19.0
1.8
(1.9)
3.0
8.0
11.9
0.7
13.1
13.7
(12.7)
(10.2)
(10.9)
(11.0)
14.3
17.0
9.3
7.7
12.9
9.6
6.4
8.2
)
EBITDA
(
)
EPS
EPS
(%)
EBITDA Margin
(%)
EBITDA
(%)
EBITDA
http://research.kgi.com
2013
12
03
3

4. f
2013~2014
1962
EPS
99.2
0.52
230
0.51
0.51
0.52
2Q13
3Q13
4Q13F
0.60
0.59
0.54
1Q13
H
1Q14F
0.50
2010
2Q14F
3Q14F
4Q14F
30
(4)
28
16.7
0
29
[1.0]
(8)
27
(12)
26
13.9
(16)
25
24
68.5
2014
(20)
23
(24)
22
Dec-12
378
Feb-13
Apr-13
Jun-13
Jul-13
(28)
Nov-13
Sep-13
9.0%
21.0x
12
45
10
40
8
35
6
30
4
25
11.0x
2
20
9.0x
19.0x
17.0x
15.0x
13.0x
15
0
1Q13
2Q13
3Q13
4Q13F
2014
10.1
10.2
1Q14F
2Q14F
3Q14F
2Q13
2010
2011
2012
2013
10%
10.3
10.4
10.0
10.9
10.5
9.0
1Q13
2009
4Q14F
3Q13
4Q13F
http://research.kgi.com
1Q14F
2Q14F
3Q14F
4Q14F
35
33
31
29
27
25
23
21
19
17
15
1.5x
1.4x
1.3x
1.2x
1.1x
1.0x
0.9x
2009
2013
2010
12
03
2011
2012
2013
4

5. f
12
12
(
2015F
42,936
21,229
4,415
12,587
3,845
383
21,707
4,588
15,857
1,262
17,820
11,016
1,695
7,017
2,304
6,804
6,114
690
25,115
9,918
6,449
8,748
0
2012A
2013F
2014F
(12.7)
(10.9)
(11.0)
17.0
17.0
9.3
12.9
9.6
8.2
8.2
9.0
17.6
11.1
13.5
13.5
10.0
5.7
9.8
4.4
4.2
7.8
10.2
5.8
10.0
5.9
5.0
8.9
10.1
6.0
10.0
5.8
5.4
9.3
59.9
54.4
12.0
0.3
13.4
0.3
1.6
0.5
12,902
55.7
43.6
14.3
0.4
28.5
0.7
1.6
0.6
11,296
53.9
38.9
15.4
0.4
15.4
0.4
1.8
0.7
9,843
52.3
34.7
17.8
0.4
17.0
0.4
1.9
0.8
9,085
1.76
3.40
22.60
40.01
2.29
1.30
2.06
3.52
22.70
34.94
2.04
1.40
2.23
3.76
23.60
38.18
2.31
1.70
2.53
4.08
25.32
41.62
2.71
1.80
1.1
32.9
99.2
22.0
110.1
1.0
34.0
111.8
15.1
130.7
0.9
34.0
111.4
15.0
130.4
0.9
34.0
111.6
15.0
130.6
1.0
34.0
111.3
15.0
130.3
2011A
2012A
2013F
2014F
2015F
2013F
34,653
31,104
3,549
1,522
2,027
(138)
37
176
91
358
21
2,338
313
2,045
3,471
2.06
2014F
37,870
34,048
3,821
1,533
2,288
(113)
59
172
69
243
23
2,487
298
2,212
3,805
2.23
2015F
41,278
37,017
4,261
1,569
2,692
(99)
73
173
75
240
(19)
2,908
378
2,511
4,228
2.53
)
2011A
2012A
2013F
2014F
2015F
2012A
39,683
35,733
3,950
1,675
2,275
(163)
23
187
36
(104)
34
2,044
331
1,748
3,900
1.76
2011A
2,107
2,679
1,538
(1,981)
(129)
(1,685)
(1,332)
91
(445)
422
(960)
(1,108)
2012A
2,503
1,748
1,625
(837)
(33)
(357)
(815)
567
(109)
2,146
(2,226)
(1,209)
2013F
4,997
2,045
1,444
1,596
(88)
(1,584)
(1,514)
(0)
(70)
3,413
(1,810)
(1,289)
2014F
2,647
2,212
1,516
(1,016)
(66)
(477)
(407)
(0)
(70)
2,169
(1,372)
(1,388)
2015F
2,942
2,511
1,536
(1,032)
(72)
(520)
(450)
0
(70)
2,422
(1,652)
(1,686)
(1,169)
153
(80)
(520)
0
1,604
16
0
797
34
0
770
10.3
6.5
10.2
6.1
5.9
10.2
66.6
60.6
17.1
0.3
11.2
0.2
1.3
0.4
12,997
2011A
44,124
39,413
4,711
1,776
2,936
(168)
20
188
140
116
15
3,024
361
2,679
4,474
2.76
2015F
(10.1)
(22.5)
(12.8)
(34.8)
(36.2)
)
361
(213)
(538)
2014F
41,751
19,100
3,645
11,577
3,527
351
22,651
4,516
16,873
1,262
17,461
10,672
1,559
6,999
2,114
6,788
6,099
690
24,291
9,918
6,449
7,924
0
2011A
)
2013F
40,597
16,973
2,848
10,576
3,227
321
23,624
4,450
17,912
1,262
17,130
10,349
1,424
6,990
1,934
6,781
6,091
690
23,467
9,918
6,449
7,100
0
2.76
4.35
22.85
45.47
3.03
1.60
31
)
2012A
40,854
17,458
1,244
12,150
3,696
368
23,396
4,362
17,772
1,262
18,143
11,120
1,636
7,269
2,215
7,023
6,333
690
22,711
9,918
6,449
6,344
0
10.7
6.7
10.1
6.1
6.4
12.5
(
2011A
42,549
17,918
1,324
11,995
3,973
626
24,631
4,896
18,482
1,252
20,376
14,101
2,661
9,033
2,407
6,275
5,738
537
22,172
9,809
6,195
6,168
0
27.4
108.9
76.7
103.5
101.1
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-
2011A
2012A
2013F
2014F
2015F
12 31
+
85.8%
86.0%
85.6%
85.9%
86.0%
1/
+
0.3
0.3
0.4
0.4
0.4
http://research.kgi.com
2013
6.7%
5.7%
5.8%
6.0%
6.5%
12
03
=
4.0%
4.2%
4.4%
4.0%
3.8%
+
0.4
0.4
0.5
0.4
0.4
1.4
1.2
1.1
1.2
1.3
6.7%
5.7%
5.8%
6.0%
6.5%
=
0.0
0.0
0.0
0.0
0.0
x 1-
x
12 31
(X)
+
3.5%
4.1%
4.2%
4.0%
3.7%
1.4
1.2
1.1
1.2
1.3
=
88.1%
83.8%
85.0%
84.0%
87.0%
ROIC
7.9%
5.8%
5.4%
6.0%
7.3%
5

6. f
歷
45
40
35
30
25
20
Apr-09
Aug-09
Dec-09
Apr-10
Aug-10
Dec-10
Apr-11
Aug-11
Dec-11
Apr-12
Jul-12
Nov-12
Mar-13
Jul-13
Nov-13
歷
(
)
2-Dec-13
25.60
27.2
33.0
30-May-13
28.25
27.6
27.2
18-Apr-12
28.35
36.5
27.6
31-Oct-11
27.10
40.5
36.5
23-Aug-11
30.50
42.0
40.5
12-Aug-11
30.50
42.0
42.0
3-Jun-11
32.55
41.5
42.0
9-Feb-11
34.70
38.5
41.5
21-Dec-09
33.35
38.5
38.5
14-Sep-09
24-Aug-09
23-Jun-09
7-May-09
13-Mar-09
34.20
34.20
30.20
29.55
23.55
35.4
36.5
35.0
27.2
28.5
38.5
35.4
36.5
35.0
27.2
http://research.kgi.com
2013
12
03
6

7. 500
A
2703B-2704
104
201103
700
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 )
/
*
http://research.kgi.com
=(
/
2013
12
)–1
03
7