Merrill Lynch Taiwan Investor Forum. October 3, 2007 Hong Kong October 4-5, 2007 Singapore

Transcription

1 Merrill Lynch Taiwan Investor Forum October 3, 27 Hong Kong October 4-5, 27 Singapore 1

2 Industry & Corporate Updates 2 1

3 US$ M 2 18 SMBs demands relatively stronger than consumers WW SMB and SOHO Networking Market Incremental subscription for Broadband & WLAN in emerging markets CAGR 16% SMB/SOHO Networking Equipment Demand Source:IDC, FY26 3 2

4 Unit: NT$ million Net Sales Cost of Goods Sold Gross Profit Operating Expenses Operating Income Total Non-Op. Inc. (Loss) Income Before Tax Tax (Exp.) / Income Net Income Minority Interest Consolidated Income EPS (NT$) 1H7 Income Statement & YoY Comparison 1H7 AMT 15,345 1,5 5,34 4,148 1, , ,947 (19) 1, H6 % AMT % (.1) ,717 9,292 4,425 3, ,167 (163) 1,4 (17) (1.2) 7.3 (.1) 7.2 YoY % Change (134.4) * Calculated by fully diluted basis of 683.8mln shares * The numbers are pro forma 4 3

5 Quarterly Revenue by Regions Brand Only 2Q7 revenue up 4% QoQ Emerging markets & AsiaPac jumped 15% Europe decreased 7% NT$ mln N.A. dropped 2% 1, 7,5 5, 47% 47% 42% 45% 5% 2,5 24% 27% 32% 32% 28% 29% 26% 26% 23% 22% 2Q6 3Q6 4Q6 1Q7 2Q7 North America Europe Asia Pacific & Others 5 4

6 Quarterly Revenue by Products Brand Only 2Q/7 revenue QoQ comparison: Switch down 2% WLAN increased 12% Broadband inched 3% Digital Home up 13% NT$ mln 1, 8, 6, 4, 6% 12% 2% 38% 4% 11% 21% 38% 3% 12% 2% 39% 5% 11% 21% 36% 4% 11% 21% 39% 2, 26% 26% 27% 25% 24% 2Q6 3Q6 4Q6 1Q7 2Q7 Switch WLAN Broadband Digital Home NIC & Others 6 5

7 D-Link Switch NT$ Million SMB demands for switches seasonally strong Deferral shipments in Russia being processed % 33% 32% 36% 37% 43% 44% 44% 45% 5% 5 69% 67% 68% 64% 63% 57% 56% 56% 55% 5% 1Q5 2Q5 3Q5 4Q5 1Q6 2Q6 3Q6 4Q6 1Q7 2Q7 F.E. GigE 7 6

8 D-Link WLAN NT$ Million Back-to-school for Pre-N in N.A. & Europe Commenced to ship Pre-N in major cities in emerging markets & APAC % 8% 7% 7% 4% 5% 9% 7% 11% 4% 12% 4% 15% 7% 17% 5% 15 82% 86% 89% 9% 89% 84% 85% 84% 78% 78% 1 5 1% 5% 4% 3% 2% 1Q5 2Q5 3Q5 4Q5 1Q6 2Q6 3Q6 4Q6 1Q7 2Q b 82.11g 82.11a+g MIMO/82.11n draft 8 7

9 D-Link Broadband NT$ Million 18 Remaining cutting down low margin business for ADSL VoIP/IAD/VDSL projects launched worldwide % 12% 11% 8% 12% 15% 23% 27% 28% 31% % 88% 89% 92% 88% 85% 77% 73% 72% 69% Q5 2Q5 3Q5 4Q5 1Q6 2Q6 3Q6 4Q6 1Q7 2Q7 ADSL VoIP/IAD/VDSL 9 8

10 #1 in SOHO/SMB Market 1Q/7 Netgear 17.5% Linksys 18.3% Allied Telesyn HP Procurve 3Com 2.8% 7.8% 12.2% Netgear 17.5% Linksys 18.3% 21.9% Motorola 2.1% Zyxel.9% Siemens 1.1% Thomson 1.2% Belken 1.4% Others 12.8% Source: Compiled from In-Stat Q1 27 Wireless LAN Equipment Market Share Report In-Stat Q127 Ethernet LAN Switch Market Share Report In-Stat Q1 27 Broadband Equipment Market Share Report 1 9

11 High Dividend Payout NT$ Per Share Payout more cash over stock Limited employees bonuses impact High yield rate 89% Dividend & EPS 1% 9% 8% % 56% 47% 4% 41% 44% 35% 31% 23% 12% 1% 2.8% 4.7% 4.1% 4.81% 3.% 3.15% % 6% 5% 4% 3% 2% 1% % Stock Dividend EPS Payout ratio Employees' Bonuses as % of Net Income 11 Cash Dividend Adjusted EPS Yield rate 1

12 Longer Term Business Model FY5 FY6 FY7 Model Sales Growth(%) 5% 14% 12% 1-15% Gross Margin (%) 31% 34% 35% 35-36% Operating Margin (%) 5% 8% 9% 9-1% Tax Exp. (% of PBT) 2% 15% 17% 18-2% ROE (%) 14% 18% 19% 18-2% * All of the figures are pro forma & brand only ** FY7 & Model s figures are estimated 12 11

13 Safe Harbor Statement All numbers are consolidated. Except for statements in respect of historical matters, the statements contained in this release are "forward-looking statements" within the meaning of Section 27A of the U.S. Securities Act of 1933 and Section 21E of the U.S. Securities Exchange Act of Such forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual performance, financial condition or results of operations of D-Link Corporation to be materially different from any future performance, financial condition or results of operations implied by such forward-looking statements. 13

14 Q & A For complete financial and press releases, please visit 14

15 美林證券 台灣投資人論壇 27 年 1 月 3 日, 香港 27 年 1 月 4-5 日, 新加坡 1

16 產業 & 公司近況 2 1

17 US$ M 2 18 SMB 市場的需求相對較消費者市場強勁 新興市場對寬頻及無線網路的使用率持續增加 全球 SMB and SOHO 網路市場概況 CAGR 16% SMB/SOHO Networking Equipment Demand Source:IDC, FY26 3 2

18 1H7 損益表 今年上半年與去年同期比較 Unit: NT$ million 1H7 AMT 1H6 % AMT % YoY % Change 銷貨收入淨額銷貨成本營業毛利營業費用營業收益總營業外費用 & 損失稅前淨利所得稅費用淨利少數股權合併淨利每股紅利 ( 台幣 $) 15,345 1,5 5,34 4,148 1, , ,947 (19) 1, (.1) ,717 9,292 4,425 3, ,167 (163) 1,4 (17) (1.2) 7.3 (.1) (134.4) * Calculated by fully diluted basis of 683.8mln shares * The numbers are pro forma 4 3

19 2Q7 營收較上一季成長 4% 各區域每季營收概況品牌營收 新興市場 & 亞太地區成長 15% 歐洲下降 7% NT$ mln 北美下降 2% 1, 7,5 5, 47% 47% 42% 45% 5% 2,5 24% 27% 32% 32% 28% 29% 26% 26% 23% 22% 2Q6 3Q6 4Q6 1Q7 2Q7 North America Europe Asia Pacific & Others 5 4

20 每季營收概況 產品別區分品牌營收 2Q/7 營收與上一季百分比較 : 交換器下降 2% 無線網路產品成長 12% 寬頻產品持平成長 3% 數位家庭產品成長 13% NT$ mln 1, 8, 6, 4, 6% 12% 2% 38% 4% 11% 21% 38% 3% 12% 2% 39% 5% 11% 21% 36% 4% 11% 21% 39% 2, 26% 26% 27% 25% 24% 2Q6 3Q6 4Q6 1Q7 2Q7 Switch WLAN Broadband Digital Home NIC & Others 6 5

21 交換器出貨 NT$ Million SMB 市場對交換器的季節性需求變強 蘇俄地區的遞延性出貨已獲解決 % 33% 32% 36% 37% 43% 44% 44% 45% 5% 5 69% 67% 68% 64% 63% 57% 56% 56% 55% 5% 1Q5 2Q5 3Q5 4Q5 1Q6 2Q6 3Q6 4Q6 1Q7 2Q7 F.E. GigE 7 6

22 無線網路產品出貨 NT$ Million 北美及歐洲市場 Pre-N 產品將於 9 月返校潮引發買氣 Pre-N 產品將於新興市場及亞太區主要城市上市 % 8% 7% 7% 4% 5% 9% 7% 11% 4% 12% 4% 15% 7% 17% 5% 15 82% 86% 89% 9% 89% 84% 85% 84% 78% 78% 1 5 1% 5% 4% 3% 2% 1Q5 2Q5 3Q5 4Q5 1Q6 2Q6 3Q6 4Q6 1Q7 2Q b 82.11g 82.11a+g MIMO/82.11n draft 8 7

23 寬頻產品出貨 NT$ Million 18 ADSL 出貨持續減少低利潤之業務 預計推出 VoIP/IAD/VDSL 等新產品 % 12% 11% 8% 12% 15% 23% 27% 28% 31% % 88% 89% 92% 88% 85% 77% 73% 72% 69% Q5 2Q5 3Q5 4Q5 1Q6 2Q6 3Q6 4Q6 1Q7 2Q7 ADSL VoIP/IAD/VDSL 9 8

24 SOHO/ 中小型企業市場的領導品牌 1Q/7 Netgear 17.5% Linksys 18.3% Allied Telesyn HP Procurve 3Com 2.8% 7.8% 12.2% Netgear 17.5% Linksys 18.3% 21.9% Motorol a 2.1% Zyxel.9% Siemen s 1.1% Thomso n Belken 1.2% 1.4% Others 12.8% Source: Compiled from In-Stat Q1 27 Wireless LAN Equipment Market Share Report In-Stat Q127 Ethernet LAN Switch Market Share Report In-Stat Q1 27 Broadband Equipment Market Share Report 1 9

25 NT$ Per Share 現金股利發放高於股票股利 控制員工分紅配股衝擊 高報酬利潤 89% Dividend & EPS 高股息政策 1% 9% 8% % 56% 47% 4% 41% 44% 35% 31% 23% 12% 1% 2.8% 4.7% 4.1% 4.81% 3.% 3.15% % 6% 5% 4% 3% 2% 1% % Stock Dividend EPS Payout ratio Employees' Bonuses as % of Net Income 11 Cash Dividend Adjusted EPS Yield rate 1

26 長期營運模式 FY5 FY6 FY7 Model 營收成長率 (%) 5% 14% 12% 1-15% 毛利率 (%) 31% 34% 35% 35-36% 營益率 (%) 5% 8% 9% 9-1% 所得稅率 (% of PBT) 2% 15% 17% 18-2% 股東權益報酬率 (%) 14% 18% 19% 18-2% * All of the figures are pro forma & brand only ** FY7 & Model s figures are estimated 12 11

27 Safe Harbor Statement All numbers are consolidated. Except for statements in respect of historical matters, the statements contained in this release are "forward-looking statements" within the meaning of Section 27A of the U.S. Securities Act of 1933 and Section 21E of the U.S. Securities Exchange Act of Such forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual performance, financial condition or results of operations of D-Link Corporation to be materially different from any future performance, financial condition or results of operations implied by such forward-looking statements. 13

28 問題與建議 關於友訊科技完整的財務與公開資訊, 請參考下方網址 14