1. f
H
PMI
(1531.TW/1531 TT)
…
PMI
2014
NT$21.65
從
Juki
1
2
3
Quarterly yoy sales growth, percent
886.2.2181.8747
280
jesper.chu@kgi.com
210
140
Juki
70
2014
0
2016
2013
1.48
2.41
(70)
2014
14.6
1Q07
4Q07
3Q08
9.0
2Q09
1Q10
4Q10
3Q11
2Q12
1Q13
Juki
2014
22.0
33.7
2014
14
56%
Juki
PMI
2014
Juki
11
11
2.15
Juki
36.3%
11.5%
11
12
11.2%
25.9%
11
2011
15-20%
12
5.85
6.0%
PMI
Juki
PMI
PMI
Juki
PMI
30.8%
12%
PM
I
EBIT
8.1%
Juki
PMI
16
Juki
42%
(
(
)
(
)
450
400
350
300
250
200
150
100
50
0
55
50
45
40
PMI
PMI
Apr-99
May-01
Jun-03
Jul-05
http://research.kgi.com
)
250
Aug-07
Sep-09
200
25,000
60
30
Mar-97
(
30,000
65
35
Juki
35,000
PMI
PMI
)
Oct-11
20,000
150
15,000
100
10,000
50
5,000
0
0
Mar-12 May-12 Aug-12 Oct-12 Dec-12 Mar-13 May-13 Jul-13
Oct-13 Dec-13
Nov-13
2013
12
16
1

2. f
H
2014
2014
2015
Juki
2014
20%
xx
100
300
2016
350
80
60
250
40
200
Juki
2014
20
0
150
100
2012
Juki
Juki
1.3%
Juki
0.8%
(20)
(40)
50
0
(60)
2005
Juki
2013
2006
2007
2008
2009
2010
2014
2013F 2014F
Juki
2014
2014
2012
2014
2015
TPP
2016
Juki
2014
4,000
4,000
18%)
2011
PMI
(
2013
2014
2013F
2011
2014F
2,974
3,001
(%)
0.91
678
701
3.39
293
299
316
287
7.85
(4.01)
1.54
22.8
1.48
23.4
(3.90)
0.6 ppts
(12.3)
(%)
9.9
10.5
(%)
10.0
9.5
59.4
EPS (
)
(%)
2015
(TPP)
YoY (%)
10.4
3174.0
3,604
(%)
13.5
YoY (%)
20.1
11.3
723.0
968
33.9
38.1
114.7
(12.3)
323.0
317.0
542
465
67.8
46.7
71.4
62.2
1.6
22.8
2.41
26.9
47.0
4.1 ppts
62.2
0.6 ppts
10.2
15.0
4.8 ppts
0.5 ppts
10.0
12.9
2.9 ppts
17%
(FTA)
TPP
TPP
18.6
2014
2015
3
1
(9.8%)
70%
5.1%
TPP
11
2013
1.48
2013
2.41
Juki
2,000
2014
14.6
9.0
8-22
2014
2014
2016
22.0
polo
33.7
2014
14
56%
Juki
2014,
http://research.kgi.com
2013
2013
12
Juki
23
16
4.1
2

3. f
H
12
31
(
)
4,244
2,719
3,001
3,604
EV/sales
(x)
0.6
0.7
0.6
0.5
2011A
2012A
2013F
2014F
12 31
2011A
2012A
2013F
2014F
(
) (
)
1,265
646
630
147
701
316
968
542
EV/EBIT EV/EBITDA
(x)
(x)
3.8
3.4
16.2
6.0
6.2
3.9
3.1
2.3
(
(
/
33.7
55.7
99
5.1
24.0
0.9
)
(%)
(percentile, %)
-12/13 (%)
-12/13 (NT$)
-12/13 (x)
-12/13 (%)
(
(x)
8.0
12.8
52
12
EBITDA
)
805
335
495
716
(
14.6
9.0
( / ):
/
(
)
524
327
287
465
EV/Inv. C
(x)
0.5
0.4
0.4
0.3
):
):
(
(
3
):
):
(
% (3,6,12
% (3,6,12
):
)
)
( )
2.71
1.69
1.48
2.41
(%)
11.0
6.8
6.2
9.8
16.4 - 26
4.2/141
193
193
18
1.3
-7.9; 4.9; 29
-8.6; 1.1; 18.5
1Q13A
2Q13A
3Q13A
4Q13F
1Q14F
2Q14F
3Q14F
4Q14F
2013F
2014F
814
635
180
105
75
42
1
118
7
0
75
82
2
2
156
63
93
1
94
0.81
0.49
860
643
217
108
109
43
1
153
10
0
13
23
2
2
130
41
89
(5)
84
0.67
0.43
740
569
171
86
86
42
1
128
0
0
35
35
0
0
120
21
99
(2)
97
0.62
0.50
587
454
133
87
46
33
5
84
16
0
(71)
(55)
3
3
(12)
(38)
26
(15)
11
(0.06)
0.06
932
680
252
116
136
35
6
177
9
0
8
16
(0)
(0)
153
(12)
165
(6)
159
0.79
0.82
982
712
270
110
160
35
6
201
10
0
12
21
1
1
181
55
126
(6)
120
0.93
0.62
933
681
252
111
141
39
6
186
11
0
16
26
3
3
165
49
116
(6)
110
0.85
0.57
757
563
194
89
105
39
6
150
10
0
20
29
4
4
131
48
83
(6)
77
0.68
0.40
3,001
2,300
701
385
316
159
7
482
33
0
51
84
6
6
394
87
308
(21)
287
2.04
1.48
3,604
2,636
968
426
542
150
24
716
38
0
54
92
6
6
628
138
490
(25)
465
3.25
2.41
22.1
9.2
14.5
19.2
11.6
25.2
12.7
17.7
15.1
9.8
23.1
11.6
17.3
16.2
13.1
22.7
7.8
14.2
(2.1)
1.9
27.0
14.6
19.0
16.4
17.0
27.5
16.3
20.5
18.4
12.2
27.0
15.1
20.0
17.6
11.8
25.6
13.9
19.9
17.3
10.1
23.4
10.5
16.1
13.1
9.5
26.9
15.0
19.9
17.4
12.9
48.6
12.0
77.5
37.4
(2.0)
(23.8)
5.6
20.8
45.4
29.3
(16.6)
(11.1)
(13.9)
(21.1)
(21.7)
(15.9)
(7.7)
15.9
(20.8)
(22.4)
(46.3)
(34.9)
N .A.
(88.8)
59.0
89.5
195.7
112.6
N.A.
1,353.4
5.3
7.1
17.6
13.5
18.4
(24.6)
(5.0)
(6.7)
(11.9)
(7.4)
(8.9)
(8.4)
(18.9)
(23.0)
(25.5)
(19.3)
(20.7)
(30.1)
(1.5)
(7.1)
(11.5)
(11.2)
64.0
38.2
(NT$
23.0
68.1
1,978.7
152.0
(27,165.3)
(2,069.3)
14.8
16.7
482.0
129.6
(46.5)
(29.8)
7.0
(17.1)
8.5
(2.8)
(107.6)
(91.2)
14.5
40.2
80.8
50.4
(2.3)
68.1
14.2
24.4
46.3
32.1
38.7
42.7
26.0
47.1
64.6
45.3
36.9
12.8
29.0
45.9
128.3
80.2
(1,172.2)
602.6
10.4
11.3
114.7
43.9
(17.6)
(12.3)
20.1
38.1
71.4
48.4
59.3
62.2
)
EBITDA
(
)
EPS
EPS
(%)
EBITDA Margin
(%)
EBITDA
(%)
EBITDA
http://research.kgi.com
2013
12
16
3

4. f
H
2014
1965
Siruba
89
300
0.70
0.64
31%
20%
33%
0.49
10%
0.55
0.50
0.43
0.35
3%
Juki
Brother
0.11
4Q12
1Q13
2Q13
3Q13
4Q13F
1Q14F
2Q14F
3Q14F
27
25
10
17
30
20
19
20
30
21
35
40
23
15
50
0
15
Dec-12
Jan-13
Mar-13 Apr-13 May-13
Jul-13
(10)
Aug-13 Sep-13 Nov-13 Dec-13
2014
1,000
50
45
40
35
30
25
20
15
10
5
0
800
600
400
200
0
4Q12
1Q13
2Q13
3Q13
4Q13F
1Q14F
2Q14F
3Q14F
29.3
25.2
22.1
4Q12
1Q13
2Q13
27.0
23.1
3Q13
http://research.kgi.com
27.5
27.0
22.7
4Q13F
1Q14F
2Q14F
3Q14F
17.0x
15.0x
13.0x
11.0x
9.0x
7.0x
5.0x
2008
2009
2010
2011
2012
2013
45
40
35
30
25
20
15
10
5
0
1.5x
1.3x
1.1x
0.9x
0.7x
0.5x
0.3x
2008
2013
2009
12
16
2010
2011
2012
2013
4

5. f
H
12
12
(
2013F
6,046
4,519
2,592
1,000
839
88
1,527
45
1,269
213
1,414
1,008
397
295
316
406
65
341
4,632
1,932
783
1,917
0
2014F
6,436
5,163
2,872
1,146
1,037
108
1,273
45
1,017
211
1,552
1,116
469
293
353
436
69
367
4,885
1,932
783
2,170
0
2010A
)
2012A
5,938
4,431
2,526
1,054
763
87
1,507
45
1,235
227
1,341
995
320
354
321
346
12
334
4,597
1,932
783
1,882
0
2011A
2012A
2013F
2014F
0.7
(18.1)
(15.6)
1.1
1.1
(35.9)
(77.2)
(58.3)
(37.7)
(37.7)
10.4
114.7
47.7
(12.3)
(12.3)
20.1
71.4
44.5
62.2
62.2
29.8
15.2
19.0
12.3
8.2
11.0
23.2
5.4
12.3
12.0
5.2
6.8
23.4
10.5
16.5
9.5
4.8
6.2
26.9
15.0
19.9
12.9
7.5
9.8
12.3
Net cash
163.4
1.9
101.6
1.2
3.6
2.8
(1,764)
9.6
Net cash
105.4
1.8
(30.5)
(0.5)
4.4
3.1
(1,677)
8.0
Net cash
68.1
1.3
206.9
4.1
4.5
3.4
(1,793)
7.8
Net cash
64.9
1.3
83.5
1.7
4.5
3.5
(2,196)
7.4
Net cash
103.4
2.1
62.8
1.3
4.6
3.6
(2,371)
2.68
3.54
23.49
21.83
4.09
1.76
31
)
2011A
6,521
4,828
1,903
1,406
1,401
117
1,693
57
1,382
254
1,533
1,099
503
400
196
434
79
355
4,987
1,932
1,114
1,942
0
32.5
18.7
22.6
12.3
8.8
11.8
(
2010A
6,299
4,753
2,486
1,022
1,129
116
1,546
0
1,295
251
1,761
1,328
713
386
229
433
170
263
4,538
1,932
841
1,765
0
81.6
1019.3
288.8
352.7
352.7
31
2.71
3.56
25.83
21.98
3.35
1.96
1.69
2.66
23.80
14.08
0.76
1.30
1.48
2.41
23.98
15.54
1.64
1.10
2.41
3.31
25.29
18.66
2.81
1.80
2010A
2011A
2012A
2013F
2014F
0.7
97.7
88.5
61.7
124.5
0.7
120.5
120.9
43.3
198.1
0.4
102.4
141.5
43.0
200.9
0.5
102.0
121.6
48.3
175.3
0.6
105.0
116.1
47.5
173.5
2010A
2011A
2012A
2013F
2014F
12
31
(
(
(
2010A
4,216
2,844
1,372
582
789
23
28
5
0
(78)
(73)
734
143
519
954
2.68
2011A
4,244
2,979
1,265
619
646
32
39
7
0
67
(53)
745
168
524
805
2.71
2012A
2,719
2,090
630
482
147
34
41
7
0
297
(32)
479
121
327
335
1.69
2013F
3,001
2,300
701
385
316
27
33
6
0
51
(21)
394
87
287
495
1.48
2014F
3,604
2,636
968
426
542
32
38
6
0
54
(25)
628
138
465
716
2.41
)
2010A
459
519
164
(224)
0
56
34
0
22
515
(17)
(256)
166
73
498
2011A
(217)
524
159
(900)
0
(305)
(237)
(57)
(12)
(523)
(60)
(75)
(78)
92
(583)
2012A
1,476
327
188
962
0
(2)
(35)
12
21
1,474
(851)
(717)
(112)
(21)
623
2013F
515
287
179
49
0
(200)
(193)
0
(6)
315
(250)
(251)
(6)
7
65
2014F
385
465
174
(254)
0
80
102
0
(22)
465
(185)
(212)
2
26
281
)
31
)
EBITDA
12
(% )
EBITDA
Free Cash Flow
(%)
EBITDA
/
(%)
(%)
(X)
(X)
Cash Flow Int. Coverage (X)
Cash Flow/Int. & ST Debt (X)
(X)
(X)
(NT$
)
(NT$
EBITDA/shr
(X)
)
http://research.kgi.com
ROIC
12 31
(Return on Invested Capital)
1-
2010A
2011A
2012A
2013F
2014F
12 31
+
63.6%
66.5%
69.9%
70.7%
68.3%
1/
3.9%
3.7%
6.9%
6.0%
4.8%
+
0.4
0.6
0.5
0.5
0.5
18.7%
15.2%
5.4%
10.5%
15.0%
12
16
=
13.8%
14.6%
17.7%
12.8%
11.8%
+
0.3
0.3
0.5
0.4
0.3
1.4
1.0
1.0
1.1
1.3
18.7%
15.2%
5.4%
10.5%
15.0%
=
0.1
0.1
0.1
0.1
0.1
x 1-
x
12 31
2013
+
1.4
1.0
1.0
1.1
1.3
=
80.6%
77.4%
74.8%
78.0%
78.0%
ROIC
20.6%
12.3%
3.9%
8.7%
14.7%
5

6. f
H
45
40
35
30
25
20
15
10
Dec-10
Mar-11
Jun-11
Sep-11
(
Dec-11
Mar-12
Jun-12
Sep-12
Dec-12
Mar-13
Jun-13
Sep-13
Dec-13
)
16-Dec-13
21.7
22.0
33.7
14-Nov-13
21.6
30.0
22.0
18-Jul-13
24.8
N.A.
30.0
http://research.kgi.com
2013
12
16
6

7. 500
A
2703B-2704
104
201103
700
886.2.2181.8888
886.2.8501.1691
2014
A
24D1
518008
852.2878.6888
8th - 11th floors, Asia Centre Building
852.2878.6800
173 South Sathorn Road, Bangkok 10120, Thailand
66.2658.8888
66.2658.8014
(OP)
(Excessive Return)
(
)
40%
(N)
(
(
40%
)
)
40%
(U)
40%
(NR)
(R )
/
*
http://research.kgi.com
=(
/
2013
12
)–1
16
7