03.09.2001
Well Communication to list today

• Well Communication Corp. (5479 'Hon Chuan') lists on the Taisdaq exchange today at a price of NT$12.8. Well reported 2000 revenue of NT$0.26b, for EPS of NT$0.94. The company forecasts revenue to be around NT$0.32b this year, leading to EPS of around NT$1.50.

• Well focuses on Intelligence Appliances like STB and VoIP and wire-line communications equipment such as ADSL modem. While we expect steady growth in the STB market in 2001, Well says it has yet to finalize a contract on ADSL modem.

• We do not expect any major surprises from Well, although the share price has plenty of ceiling room as the company will be trading at a P/E of only around 10x.

BennyLo@Primasia.com +886-[0]2-2547-8869