Ju Teng International (3336HK): Margin improved on sales mix change-BUY (Unchanged)

Key points:

- Gross margin improved surprisingly in 1H due to relatively steady margin for each single product and sales mix change.

- Better-than-expected PC shipment worldwide in 2Q.

- Metal casing expansion on schedule.

- To obtain market share from Hon Hai in 2H.

- Forecast revised up by 8.1%, 7.7% and 1.4%, respectively, for FY12/09F, FY12/10F and FY12/11F.

-Target price unchanged at HK$8.37.

Ju Teng Interantioanl: Margin improved on sales mix change

Ju Teng International (3336HK): Expanding in an energetic market-BUY (Int. coverage)

Key points......Global portable PC shipment anticipated to increase 7.0% in 2009, 14.9% in 2010 and 21.4% in 2010. Solid industry position of JTI, capturing ~25% notebook casing market in 2008. ~40% occupancy in the heating netbook sub-market. Ramping-up metal casing production line with 40-50% products to be absorbed by Compal.

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Juteng International (3336 HK, HK$3.77) – Increase stake in Wah Yuen

Updated on Tuesday, May 12, 2009 at 9:19AM by VAYUE.com Team

The company will increase its stake in Wah Yuen from 53.4% to 55.56% at US$3.0m consideration. Wah Yuen is a private company engaged in manufacturing magnesium alloy casing for laptops. In FY12/08A, it made a net loss of US$4.35m. Compal, a leading PC OEM manufacturer, is another substantial shareholder of Wah Yuen with 31.5% interest (will increase to 33.6%).

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Industrial sector – Names in oblivion

HSI touched its 6M high at16,835 yesterday. The market likely is expecting a recovery story, which might drive sentiment back to cyclic players. We picked two names, which may attract market attention.

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