Download - 鑫永銓(2114)

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  • 1. $67 (2114) 2011.6.13 2011/6/10 54.1 11Q1 () 61 (NT$ ) 3,340 10Q4 18.94% 11Q1 QOQ 25%EPS 1.32 () 61 11Q2 QOQ 34%6.63%6.41% 4.79%4.97% 11Q2 11Q1 48.64% 44.20% 25.5% QOQ 10%EPS 1.46 11 11Q3 1.09% 11Q3 QOQ 11% 1.80% 11 YOY 20% YOY 0.05% 14%EPS 4.96 () 2,745253 12 15 12 42% 2.6 EPS 4.2 11 6~12 (%) 80 60 40 11Q3 2012 0-20 10-05 10-0810-11 11-02 11-05 6 67 (13.5X 11(F)PER) 24%+30%; +15%+30%; -15%+15%; -15%-30%-30%-1-

2. ROE PER PBR() YoY(%) () YoY(%) () YoY(%)() YoY(%) () (%)(X) (X)200913.3 -30.3 1.7 -14.8 1.530.63.01 -43.91.0 14.5 9.7 1.3201017.833.3 2.438.4 2.675.14.3544.41.5 21.2 7.7 1.32011(F) 21.319.9 3.442.3 3.014.44.9614.13.0 23.9 11.02.1CMoney 11Q1 1.3% 25.7%11Q1 34%26%23% 11% 95% 7 7 PCB 12 12 11Q1 QOQ 15%( ) 7 11Q1 10.5% 11Q1 25.7% 10Q4 27% 11Q1 ( 19% 28% 33% 36%)10 38%11Q1 34% 1,127 ( EPS 0.18 ) 10Q4 11Q1 QOQ 25% 0.8 EPS 1.32 +30%; +15%+30%; -15%+15%; -15%-30%-30% -2- 3. 100% 40% 12% 12%80%36%35% 19% 23% 34% 33%60% 30% 29% 23% 27% 28%40% 25%27%20%38% 34%20% 18% 18% 0% 15% 2010 2011Q120102011Q1 CMoney 11Q2 11Q1 25.5% 11Q2 5 YOY 45% (CIF) 5 5 11Q211Q2 11Q1 25.5% 11Q2 QOQ 34% 5.9 ( 12% 9%) 11Q2 11Q1 25.5% QOQ 10% 0.9 EPS 1.46 11Q2 QOQ 12% / ()SBR()BR() / 1504,0003,500 1303,000 1102,500 902,000 701,500 501,000Jul-10Sep-10 Oct-10 Nov-10 Dec-10 Jan-11 Feb-11Apr-11 May-11 Jun-11 CMoney+30%; +15%+30%; -15%+15%; -15%-30%-30%-3- 4. 11 11Q3 11Q3 11 11Q3 - 12SHELL QOQ 11% 11Q3 QOQ 11% 5.3 0.5 1~2 0.5 25% 25% PCB 11Q4 7,000 ( 3.3%) 11 YOY 20% 21.3 1.9 25.4% YOY 14% 3 EPS 4.96 12 EPS 4.2 12 EPS 4.2 6 3 PCB PCB EPS 9.13 4 1 PCB PCB PCB 1,300 15 55 107 PCB ( ) 12 PCB 11 (2 1 ) 12 15 12 42% 3 50% 12 2.6 EPS 4.2 12 YOY 70% 36 YOY 84% 5.6 EPS 9.13 12 EPS 9 EPS ()EPS() 4,000 10.0 9.0 3,200 8.0 7.0 2,400 6.0 5.0 1,600 4.0 3.08002.0 1.0 - - 2007 2008 2009 2010 2011(F) 2012(F) CMoney+30%; +15%+30%; -15%+15%; -15%-30%-30% -4- 5. 6 67 ( 13.5X 11(F)PER) 24% 11 6~12 11Q3 12 12 3 5.5% 6 6 67 67 (13.5X 11(F)PER) 24% (2114) P/E Band NT$ 6012.0 x 5010.0 x 40 8.0 x 30 6.0 x 20 4.0 x 10020082009 2010 2011 CMoney+30%; +15%+30%; -15%+15%; -15%-30%-30% -5- 6. 21142009 10Q1 10Q2 10Q3 10Q4 2010 11Q1 11Q2(F) 11Q3(F) 11Q4(F) 2011(F)1,335 355404513506 1,779 445595 527 5652,1321,026 280331380370 1,360 331443 395 4221,59130976 73133136 419 114152 132 14354113538 41 52 46 17837 485557 37 9227 32 38 30 12826 354041142 41108 13 154710 121314 49 2 1111 3 11 2 26 135 38 41 52 46178 37 485557 198()1743832 81 90241 771047686 343 5 (10)(7)16 60 59 121(2) (2) 12 1000010 -0 10 222171 22 2 7 (1)(0)(0)(1)(1)(2)(0) -(1) (1) (2) 16 (8)(5)19 62 68 1331 1 185(10)(7)16 60 59 121(2) (2)9 1792725 97150301 891057484 352() 28 3713 14 36 816 11 1449 - ---- - - - 1512519 85136265 81 896370 303 502502502602608608610 610 610610 610()3.01 0.49 0.37 1.41 2.24 4.35 1.321.461.03 1.144.96(QoQ,%)-12.9 13.7 26.9 -1.3 -12.133.7-11.4 7.2-17.5 -3.0 80.82.7 -16.332.8-13.2 8.5-29.4-13.7149.4 11.3 -14.534.6-26.512.7-44.7 -8.3286.4 54.5 -41.018.0-29.113.0-46.5-24.8353.3 61.3 -40.810.3-29.110.4(YoY,%) -30.3 30.8 13.3 72.0 24.1 33.3 25.247.22.811.619.9 -19.8 34.3 -8.9 66.1 48.6 35.5 50.8 106.4 -0.9 4.729.2 -14.8 43.8-27.1 61.2 69.1 38.4104.8 219.6 -5.8-4.642.313.0-16.0-44.9 92.1203.0 68.1223.1 315.5-23.7 -44.217.030.6 -3.1-45.6 88.5194.6 75.1225.4 377.0-25.4 -48.914.4(%)23.1 21.3 18.2 25.9 27.0 23.5 25.725.525.0 25.325.413.1 10.68.0 15.8 17.8 13.6 17.317.414.5 15.216.113.47.76.2 19.0 29.7 16.9 20.017.614.1 14.916.511.37.04.6 16.5 27.0 14.9 18.115.012.0 12.314.2 15.59.7 26.0 13.19.3 12.09.115.015.0 17.014.0CMoney+30%; +15%+30%; -15%+15%; -15%-30%-30% -6- 7. NT$ 200920102011FNT$2009 2010 2011F 151 265303 374 399392101 107110 223 324312 206-132 56 127 2272511 22 6932 59 () 460 242471 793 9811,014 -2140 -323 -10 0 -7 8 610 -32 -24-24 1,097 960 1,196 () -6217 -354 505253 398 2591171,155 1,017 1,259 -5555 -1881,948 1,999 2,274-235-291 85 2 -264 233 237310 ()-288-261-99 19132 82 110-3 18 87 114138 264 374399 511 384530 374 399392CMoney 297 165200 5114 18 349 180218 2009 2010 2011F 860 563748 (%)-30.333.319.9 502 608610 -14.838.442.3 0 00 30.675.114.4 137 230230 (%) 435 574697 23.123.525.4 14-5-10 13.113.616.11,087 1,407 1,526 11.314.914.2 1,948 1,999 2,274 7.6 13.414.2CMoney14.521.223.9/(%) 44.914.018.5(X) 1.6 2.6 1.9(NT$)3.0 4.3 5.0(X)9.7 7.711.0(NT$) 16.723.125.1(X)1.3 1.3 2.1(NT$)1.0 1.5 3.0(%)3.4 4.5 5.5CMoney+30%; +15%+30%; -15%+15%; -15%-30%-30%-7-


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