02.14.2001
Macronix bullish on 30% revenue growth in 2001

• Macronix's (2337 'Wang Hong') January revenue came in at NT$2.49b, down 30% MoM but up 45% YoY. The sequential decline is largely due to seasonal factors and flash memory ASP decline. The company's record shows that its peak season starts in 4Q and ends in December. Sequential revenue declines in the month of January were 48%, 25% and 23%, respectively, in 1998, 1999 and 2000.

• Going forward, Macronix remains bullish on its ability to deliver 30% revenue growth in 2001 and to maintain over 90% utilization in 1Q01, down from 4Q00's 117%.

• We believe its strong customer base and dominant position in the less competitive Mask ROM market will ease the pressures of sectoral downturn. We continue to recommend ACCUMULATE.

LindaLiu@Primasia.com +886-[0]2-2547-8867