08.16.2001
Compeq may arrive short of FY01 target

• Development: Compeq’s Flip-Chip substrate for Intel P3 CPU shipment may be decreasing in 2H01 while Intel Corp. (INTC) plans to expand P4 market share and phase out their P3 CPU.

• Analysis: Flip-Chip substrate shipment will likely remain flat with 2H01 monthly average of 3.2m units (20% YoY decline), as substrate suppliers may re-release P3 substrate orders to Compeq to make up for shortages from Intel.

• Primasia View: Low visibility for handset use in PCB, and a one to two week order lead time, indicates Compeq may miss its FY01 financial target. We have revised our ’01 estimated EPS downward to $NT2.04 from the official forecast of NT$2.97.