03.08.2001
Shipment starting to pick up

• Amtran (5405 'Rui Xuan') booked revenue last month of NT$650m, 42% growth MoM, as LCD monitor shipment doubled to 20k. (Note: January 2001 is a short working month due to the long Chinese New Year holiday). Revenue in the first two months increased 25% YoY. LCD monitor shipment is targeting 40k in March.

• LCD monitor shipment is expected to double to 470k this year, accounting for around 50% of total monitor shipment. For other monitor makers such as Acer Communications and Multimedia (ACM, 2352 'Ming Ji') and Lite-On (2346 'Yuan Xing'), LCD monitors account for only 10% of total monitor output, with CRT monitors the major product.

• Amtran's share price rose 25% to NT$45 after we issued an ACCUMULATE recommendation on February 14. The share price has benefited from Amtran's stable business performance as well as expectations on strong LCD monitor demand, driven by ASP decline. Given the current market price, we re-rate Amtran to HOLD. We maintain our target price of NT$48, with a forecast 2001 EPS of NT$3.18.

MarthaChen@Primasia.com +886-[0]2-2547-8873