10.11.2001
Best performing first-tier play in Sept

• Asustek, a leading global motherboard manufacturer, reported Sept. sales up 16% MoM (to NT$7.1bn (including overseas subsidiaries)), in line with our expectations for a seasonal gain and making it the top performer among first-tier plays in the month. Giga-Byte (2376.TT) revenue was down 9% on Aug. and Micro-Star (2377.TT) declined 11%, while Elitegroup (2331.TT) posted a 8% MoM rise. Asustek’s strong Sept. figures come on the back of increasing motherboard (1.4m pieces) and notebook PC (70k units) shipments. Looking into Oct., the firm expects motherboard shipments to grow 25% MoM, also better than previous forecast of 10% growth. We believe Asustek has the clearest visibility on orders among first-tier motherboard makers.