10.11.2001
Sept revenues slightly below expectations

• Compal and Quanta posted Sept. revenues of NT$6.09bn (up 9.3% MoM) and NT$9.35bn (down 1.7% MoM), respectively. Both sales results were slightly below our expectations. Compal shipped 220k NB PC (growth of 47% MoM), while Quanta shipped 380k (5% MoM decline). Compal indicated that revenue growth was lagging behind unit growth, due to rising bare bone shipments to Dell. Looking forward, Compal expects Oct. shipment to rise upward toward 300k. Quanta forecasts Oct. shipments will advance to 430k, mainly driven by increasing orders from Dell. We believe Compal and Quanta will both continue to benefit from their diversified customer bases and to further expand market share. We maintain our Outperform rating.