Asustek Storms Global Computer Mkt |
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| WHILE computer maker Acer recently made a splash with a big acquisition, another Taiwanese company is quietly storming the global personal-computer market. Asustek Computer has long operated behind the scenes of the computer world, as the largest producer of motherboards, the main circuit boards of PCs. The company is also a major contract manufacturer, churning out high-end notebook computers for brands like Apple and Sony. Now, Asustek (pronounced uh-SOOSE-teck) is ramping up sales of its own Asus brand computers, planning an eventual split into three separate publicly traded companies -- and sparking new interest from investors. The company has vowed to become one of the world's top five notebook brands in the next three years. Already, the Asus brand sells nearly as many computers as Apple does world-wide and controls about 8% of laptop computer sales in the Asian-Pacific region, according to research firm IDC. Some analysts see parallels between Asustek and Acer, the Taiwan outfit that agreed to acquire U.S.-based Gateway for US$710 million. That deal will let Acer displace Lenovo Group of China as the world's third-largest computer company, behind Hewlett-Packard and Dell. 'Asustek is where Acer was five years ago,' says Kirk Yang, an analyst for Citi Investment Research in Hong Kong. 'It's our top pick among Asian technology companies.' Asustek's shares, which closed yesterday at NT$96.60 (US$2.92), have risen 14% this year. while those of Acer have declined 16%. In Citigroup's view, Asustek stock is trading at about 15 times estimated 2007 earnings, slightly higher than Acer's price/earnings ratio and slightly lower than the P/E of Hon Hai Precision Industry, another leading Taiwanese contract manufacturer. But some analysts say there is room for growth. Mr. Yang of Citi, who has a 'buy' rating on Asustek shares, has a 12-month target price of NT$130. Also having buy ratings on Asustek are UBS Investment Research, with a 12-month target of NT$118, and ABN Amro, with a price target of NT$115. For the second quarter, Asustek reported net profit of NT$6.8 billion (US$ 205 million), which was 136% higher than a year earlier and well above analysts' expectations. Revenue rose 76% to NT$370 billion. Some analysts feel Asustek shares have come up too much. Gokul Hariharan of J.P. Morgan, which has an NT$88 target and an 'underweight' rating, says he thinks the valuation is stretched after the stock's summer rally. He believes the company's PC contract manufacturing business is overvalued. 'They are smaller than their competitors, and it's a very competitive industry,' Mr. Hariharan says of Asustek. 'They are basically trying to compete on price, which will affect profitability.' Also, some fund managers warn that a potential recession in the U.S. could threaten Taiwan's tech sector on the whole. 'Some caution is in order with tech stocks,' says Nidhi Mahurkar, of Pictet Asset Management in London, who says she is still positive on Asustek. 'Dependence on the U.S. has been declining with the rise of emerging markets, but it remains the single largest end market for technology products.' Asustek's share of the U.S. market for notebook computers is tiny, amounting to about 0.2% of total shipments, according to IDC. But the company is still dependent on its overall American revenue, as it makes components such as graphics cards and motherboards that wind up in computers sold in the U.S. The growth of companies like Asustek and Acer reflects the rising clout of Asian players in the global PC business, as consolidation sweeps the industry. Acer's announcement about buying Gateway came two years after Lenovo acquired the PC arm of International Business Machines. One major advantage for the Taiwanese and Chinese players is proximity to the entire supply chain -- the vast majority of the world's laptop PCs, for example, are manufactured by Taiwanese companies at factories in China -- and their close relationships with suppliers, which let them speed deliveries and raise margins. While Asustek benefits from the cost advantages of its Taiwan home base, it isn't a low-cost player. Acer's rise was predicated to a significant degree on rapidly gaining market share by undercutting prices of companies like Dell and H-P. The Asus brand, on the other hand, is focused on sales of high-end computers that compete with brands like Apple and Sony, known for strong design. The company is gradually breaking into the U.S. market by selling in retailers such as Best Buy. While some Asustek products cost less than laptops made by Apple and Sony, they sell for 10% to 20% more than the average notebook. Analysts say Asustek's growth in the notebook market has generated friction with some key customers, who now see the company as a direct competitor. As sales of Asus notebooks have grown, both Apple and Sony have shifted business from Asustek to other Taiwanese contract manufacturers such as Hon Hai Precision and Quanta Computer. Asustek recently announced a restructuring plan to ease tensions with its customers and reduce perceived conflicts of interest between its branded-business and contract-manufacturing arms. The company intends to split into three parts. Asustek will continue to handle the company's brand business, including the production of Asus-brand notebooks, desktops and motherboards. It will place its contract PC manufacturing operations in a new company called Pegatron Technology Corp. Its non-PC component manufacturing will be handled by the new Unihan Technology Corp. If approved by regulators, the restructuring would take effect next year. Acer underwent a similar change several years ago, in an effort to separate its brand business from contract manufacturing. Initially, Asustek's restructuring will have little impact on investors, as Asustek itself will continue to own the vast majority of the two split-off units. But over time, Asustek will reduce those holdings by at least 30% to allow the new companies to have initial public offerings. Even then, some analysts say, the impact on investors will be minimal, as Asustek will have significant stakes in the units, and more than half of Asustek's revenue already comes from the branded business. While Asustek is focused on higher-end PCs, the company is also entering the highly competitive low-cost PC industry, targeting low-income customers in the developing world. Asustek has developed a US$199 notebook called eee PC. The product is in direct competition with One Laptop Per Child, a nonprofit association aimed at providing low-cost notebooks to children in the developing world. Asustek aims to ship three million eee PCs in 2008. But the low-cost PC market is growing increasingly competitive, as companies including Dell and Lenovo launch low-cost models for the developing world. |
