DBTelCorporation(英文版)(pdf20页)分析.pdf

TELECOMMUNICATIONS GLOBAL EQUITY RESEARCH Telecom Equipment ASIA Initiation of Coverage DBTel Corporation STOCK RATING: 1-OVERWEIGHT Turnaround Story Continues in 2004 SECTOR VIEW: 1-POSITIVE In evolving from an OEM to a brand manufacturer, DBTel has surprised the Ticker: 5304.TWO handset market in China with strong sales momentum in 2H03. Its aggressive Price (NT$): 49.80 FY04 plans would boost results further, driven by expansions in SE Asia, India and Price Target: 67.00 China. We are initiating coverage with a 1-Overweight rating on the shares and a Exchange: Taiwan price target of NT$67, or 12x our FY04 EPS estimate. CN Index: 6,818 DBTel is a fast-growing handset manufacturer with solid systems development and integration expertise from Taiwan and low-cost manufacturing in China. It markets its own brand and has an expanding portfolio of about 30 models sold through distributors and retailers. DBTel’s combination of a sales-marketing focus and solid technology sets it apart from other local ve