罗曼公司财务分析(pdf 20)英文版

Turnaround Story Continues in 2004
In evolving from an OEM to a brand manufacturer, DBTel has surprised the
handset market in China with strong sales momentum in 2H03. Its aggressive
FY04 plans would boost results further, driven by expansions in SE Asia, India and
China. We are initiating coverage with a 1-Overweight rating on the shares and a
price target of NT$67, or 12x our FY04 EPS estimate.
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