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Stock Research Report ─ ASUS (2357)

Stock Research Report ─ ASUS (2357). 班級：碩研財金一甲 指導教授：張上財 學號： MA180101 姓名：劉芷綾. Financial Statements - Balance sheet. Financial Statements - Income Statement . K-chart analysis - Monthly data. 8/29. 8/1. 7/12. 8/16. 12/10. 9/14. 10/11. 8/30. 10/31. K-chart analysis - Monthly data.

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Stock Research Report ─ ASUS (2357)

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  1. Stock Research Report─ASUS(2357) 班級：碩研財金一甲 指導教授：張上財 學號：MA180101 姓名：劉芷綾

  2. Financial Statements-Balance sheet

  3. Financial Statements-Income Statement

  4. K-chart analysis-Monthly data 8/29 8/1 7/12 8/16 12/10 9/14 10/11 8/30 10/31

  5. K-chart analysis-Monthly data • July 12 • at the low of 259.5 • Financing from ascending tops reduce slowly • KD upward from low-end • Thetrading volume is a large number of 8456 • The closing priceisslow up to283 inAugust 1

  6. K-chart analysis-Monthly data • Aug16 • Theascending tops is259 • The trading volume is decreasing to 4838 • departure from volume and price • Correction has been to August 29

  7. K-chart analysis-Monthly data • The trading volume shrink in August 29 • The closing pricefrom 275.5(August 30) rose to 294.5(August 29) • Asus hits limit-up in trade • Asushas a large numberof trading volume in August 30 • Thepriceslowly rose to 324 and the closing price is 315in September 14 • The trading volume is decreasing to 4852 • But the closing price is rising and the financing is decreasing • Thenthe price has fallen toOctober11

  8. K-chart analysis-Monthly data • The lowest price is 286.5 in October 11 • The price is low and a large number of trading volume • The index, KD and financing are rising • The pricehas risen to 327 in October 31 • The closing priceis313in October 31 • Securities Lending isslow down from ascending tops • Theprice has been correction to December • The closing priceis 313 in December 10 • The trading volume is decreasing to 2393 in December 10 • Therefore, I forecast that the price will rise slightly.

  9. Basic Information

  10. Basic Information

  11. Basic Information

  12. Basic Information

  13. Basic Information

  14. notebookIn dustry Analysis • Taiwanese manufacturers have experience in miniaturization. • Taiwan can obtain the notebook industry advantage by the miniaturization technology. • Taiwan has a complete industrial network, so Taiwan will have an advantage in the development of new products. • Due to the miniaturization extension and the advantage to develop new products can make Taiwanese manufacturers to undertake orders from brand manufacturers. • Economies of scale in production product R & D, design and production can make manufacturers further to obtain the advantages of low cost.

  15. notebookIn dustry Analysis • Ultrabook is a opportunities for NB industry. • Intel declare that Ultrabook sales is 40% of the consumer notebook before the end of 2012. • Intel promoted vigorously Ultrabook. • Because of the erosion of the Tablet PC, Apple's ultra-thin netbook prices has gone down. • Lower prices led to substantial growth in sales. • Intel hopes that more brands join the production of ultra-thin laptop in order to reduce the oppression of the Tablet PC.

  16. notebookIn dustry Analysis-SWOT • Strength • Good technology and design of ability • Low cost and the global strategizing ability • Fast and flexible production, manufacturing ability isstrong, andhaving a large number of production ability • Industrial structure of integrity

  17. notebookIn dustry Analysis -SWOT • Weakness • The key components can not be self-produced, the price is controlled by international companies • Product sales dominance in international brands • Market growth tends to be slow, manufacturers sell cheap, so affect profitability

  18. notebookIn dustry Analysis -SWOT • Opportunity • Computer increased demand, create new business opportunities. • Internet smoothly • High-tech industries • OEM orders released by the Japanese manufacturer. • ASP low-cost trend, increased international manufacturers orders to release

  19. notebookIn dustry Analysis -SWOT • Threat • The threat of foreign well-known manufacturers • The threat of emerging industrial countries • The alternative of desktop • The impact of low-cost computers • Hon Hai Group enter the netbook OEM

  20. notebookIn dustry Analysis- Michael Porter's Five Forces Model • The competition in companies • (a) Slowdown in industrial growth • Notebook computer manufacturer to take low-cost competition for OEM orders, so that the decline in gross margin. • Domestic firms only increase the number of shipments in order to maintain a certain profit level. • (b) high concentration of competitors • The top ten brand manufacturers have more than 80% of the global market share • It can obtain an absolute advantage in the foundry of choice. • (c) Low difference in the product • The domestic manufacturers have a good design and manufacturing capabilities. • International manufacturers have a high probability of conversion orders.

  21. notebookIn dustry Analysis - Michael Porter's Five Forces Model • Threat of new entrants • (a) Korea • Actively enter the low-end manufacturing. • (b) EMS manufacturers • EMS mainly is a large number of manufacturing. • Lack of design capabilities • (c) the mainland • Taiwan businessmen move the production of notebookto the mainland. • (d) Japan • Own brand manufacturing is positive todevelop in the fast-growing emerging Asia-Pacific markets. • (e) the Hon Hai Group • Understanding of the global electronic information OEM.

  22. notebookIn dustry Analysis - Michael Porter's Five Forces Model • the threat of substitutes • Notebook stressed can carry,so some light, thin products have alternative effects, such as Ipad. • However, the functionality of these products are still not fully satisfy the user,therefore is limited to be substituted. • But notebook still has space to grow.

  23. notebookIn dustry Analysis - Michael Porter's Five Forces Model • The bargaining powerof Customer • The international brands mastered notebook customers, so Taiwan's notebook manufacturers of bargaining power in the Weaknesses. • Taiwanese manufacturers have a considerable level of manufacturing quality. • As long as the price is low and the quality is good, customers purchase probability becomes higher. • International companies can depress the purchase price, making the notebook manufacturers is not greatly improved in Taiwan's gross margin.

  24. notebookIn dustry Analysis - Michael Porter's Five Forces Model • The bargaining power of distributorship • Notebook computer manufacturer with economies of scale has the advantage of the prices of some key components procurement, such as TFT-LCD panel.

  25. notebookIn dustry Analysis - Michael Porter's Five Forces Model • Conclusion • (a) the high density competition • Example: product homogeneity, intense competition, switching costs, purchase components. • Therefore, domestic manufacturers need economies of scale and a lot of production. • It can reduce procurement costs and increase competitiveness.

  26. notebookIn dustry Analysis - Michael Porter's Five Forces Model • (b) the relative bargaining power is weak • Intel still dominates the CPU price, Taiwanese manufacturers of CPU price bargaining power is weak. • (c) the high cost of funds • International manufacturers is only to focus on core competencies in marketing. • Taiwanese manufacturers must prepare large capital in inventory allocations, procurement and global management.

  27. Stocks Future Prospects • Asus will have the opportunity to become Ultrabook leader. • Asus launched a laptop thinner than the Macbook Air in September. • The price is only 80% of the Macbook Air. • The Ultrabook conform ASUS emphasis on design innovation. • Asus performance will lead the industry inthe future.

  28. Stocks Future Prospects • ASUS released the highest quarterly profit in four years. • Asus forecast that the shipments of notebook and tablet PCs will increase in the fourth quarter.

  29. Stocks Future Prospects • The Asus internal has high expectations for 2013. • Asus set a target for tablet and notebooks. • It is world's second on next year . • Asus has high expectations for tablet. • Asus have adjusted shipments to 12 million units. • The notebook reasonable estimated 24 million units by 9% over the previous year.

  30. StocksFuture Prospects • Asus opportunities in Japan • Asus issue the Windows 8 product in Japan. • It contains TAICHI, VivoBook, VivoTab, Tranformer Book and ET ​​2300. • Asus announced that the Ultrabook "ZENBOOK" is Japan's first Ultrabook.

  31. Stocks Future Prospects • The Asus netbook enter the Japanese market • The NB industry growth concentrated on Lenovo, Asus in this year. • Asus and Google launch Nexus 7 to promote  sales of notebook computers. • The Nexus 7 sales increased to make Asus Japanese flat-panel market share rising to 37.1% in October. • Asus find a lot of people to participate in product development, hoping to produce innovative products such as TAICHI.

  32. Stocks Future Prospects • Asus launched the world's first Win 8 dual-screen NB • Asus launched dual-screen notebook computer called TAICHI. • TAICHI combine tablet and notebook. • TAICHI is dual screen notebook of the world's first Windows8. • TAICHI is a high-performance Ultrabook, closing automatically switch to tablet. • Its dual-screen can synchronous operation.

  33. Stocks Future Prospects • Salesin2013 • Asus Financial Officer expected that Android Tablet PC sales is 120,000 in 2013. • Tablet PC sales will increase 9.5% in 2013. • Asus expected that Windows notebook and Tablet PC sales will increase 7.6% in 2013.

  34. Stocks high-lowTarget

  35. Thankyoufor your attention !

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