11.02.2001
Result - P4X266 shipments exceed 1m units

• VIA reported Oct. revenue of NT$3.04bn, up 17% MoM and 0.3% YoY, slightly above our expectations. P4X266 shipments exceeded 1m units, with firm suggesting the impressive result was largely due to demand from EGC (2331 TT) and second-tier MB makers and is minimally related to VPSD. Company also indicated that P4X266 solution was doing better than expected in late Oct., which led to a shortage of inventory. Going forward, VIA expects to resolve legality concerns of first-tier MB makers on its P4 solutions through various VPSD programs. We believe the firm's improved 4Q01 outlook will benefit stock performance and maintain our Trading Buy opinion. However, long term we maintain a Neutral stance on the counter due to micro and macro uncertainties facing VIA.