10.30.2001
Accumulated net profit up 146% YoY

• Amtran reported accumulated net profit for the first three quarters of NT$484m (EPS of NT$2.43). Net profit surged 146% YoY, thanks to margin improvement and increased foreign exchange gains. Results are ahead of our expectations and represent 86% of our FY01 forecast. Meanwhile, firm suggests 4Q01 LCD monitor shipments will rise to 350k units (vs. previous forecast of 200k units). With better than expected LCD monitor shipments in 4Q01, we believe Amtran's '01 results will beat our forecast (est. EPS of NT$2.82), despite the current TFT-LCD panel price recovery, which will increase costs and result in some negative margin pressure in 4Q01.