MorganStanley 最新手机产业链报告

MorganStanley 最新手机产业链报告MORGAN

STANLEY

RESEARCH

ASIA/PACIFIC

Morgan Stanley & Co. International Limited, Taipei Branch+

Jasmine Lu
Jasmine.Lu@morganstanley.com +886 2 2730 2870

Sharon Shih
Sharon.Shih@morganstanley.com +886 2 2730 2865

July 5, 2006

Stock Rating Equal-weight Industry View In-Line

Cheng Uei Precision
Initiation of Coverage: An Emerging Handset Vertical Contender
Initiating coverage with an Equal-weight rating and a price target of NT$140 based on a US GAAPadjusted residual income model and a 15x multiple of 12-month-forward EPS. Starting as a connector and cable maker in the consumer area under its own-brand “Foxlink,” Cheng Uei has recently expanded vertically (widening its component lineup and assembly service) and, to a lesser extent, horizontally (from consumer business to communicatio