06.14.2001
Expect ACM to rebound in second half

• Development: ACM (2352 ‘Ming Ji’) reported disappointing handset shipment in May of 350,000 units, which is below our expectation of 400,000 units.

• Analysis: We believe ACM will still achieve our yearly forecast of 5.5m units, as high demand for low-end GSM remains strong, especially in China.

• Primasia View: We maintain a recommendation of TRADING BUY in the short-term on back of strong expected shipments for Motorola in 2H01.

BennyLo@Primasia.com +886-[0]2-2547-8875