03.19.2001
Quartz components play TXC to list on the Taisdaq today

• TXC (5472 'Taiwan Jing Ji'), Taiwan's largest domestic quartz component manufacturer (quartz crystals and oscillators), lists on the Taisdaq today at NT$50 per share. The company was founded in late 1983 and has paid-in capital of NT$820m.

• Client-side applications include information, networking, communication and others, each representing 36%, 19%, 34% and 11% of total 2000 revenue, respectively. TXC is gradually shifting production to communications from the poorly performing PC-related information field.

• The board of directors and management reported medium-level holdings of 26.25% and 7.86%, respectively, of total issued shares as of the end of January 2001. It is expected that the coming re-election of the board later this year will pretty much sustain the stock price above a certain level.

• The company has forecast net 2001 EPS of NT$4.82. We are also positive on prospects in 2002 as TXC rides the trend of capacity outsourcing from Japan. ACCUMULATE.

VincentChen@Primasia.com +886-[0]2-2547-8868