08.30.2001
CMC's 1H results reach 48% of our '01 estimates

• Development: CMC’s 1H01 net profit reached NT$1.41bn with EPS of NT$0.65, achieving 36.7% of firm’s forecast, and 47.7% of our ‘01 estimates.

• Analysis: While the results are in-line with our expectations, deflated CD-R prices coupled with unclear status of IA products remain primary concerns.

• Primasia View: We see accelerated development in supply within Taiwan, China and India. In addition, an effective catalyst is lacking for profit growth in the mid-term.