07.11.2001
Stabilized Taiwanese handset shipment for 1H01

• Development: ACM, the market leader in Taiwanese handset manufacturing, has reported shipment of 2.2m units in 1H01, up 40% YoY.

• Analysis: Going forward, we expect ACM to report even stronger shipment figures in 2H01 on the back of new orders from Motorola, with shipment beginning in September.

• Primasia View: We expect ACM to ship 5.5-6m units for FY01.The company trades at P/E of 15-16x and we believe downside on the share is limited.

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