02.09.2001
Picvue revenue surges YoY, while Wintek sees fall in growth

• Two STN-LCD makers, Picvue (2333 'Bi You') and Wintek (2384 'Shen Hua'), recorded Jan. revenue declines of 14.7% and 8.8% MoM to NT$704m and NT$371m, respectively. These results were expected, and were mainly caused by the Chinese New Year holiday long shut-down.

• Yearly growth shows a very different pattern. Picvue's Jan. revenue surged 66% YoY, while Wintek's growth fell 16% YoY. This shows the strength of recent PDA demand growth.

• Picvue STN-LCD is mainly used for PDA, and accounts for around 40% of the global PDA market. Wintek STN-LCD is used exclusively in handsets.

• We expect continued PDA growth of over 50% this year, with Picvue to benefit from the PDA boom. We forecast Picvue's 2001 profit to see growth of 41% and EPS of NT$1.64, while Wintek should see 2001 profit growth of 20% and an EPS of NT$3.2.

MarthaChen@Primasia.com +886-[0]2-2547-8878