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Chinese to English: Growth momentum to turn stronger next year on booming IP camera demand General field: Bus/Financial Detailed field: Investment / Securities
Source text - Chinese 奇偶4Q11受惠IP攝影機需求強勁，故營收優於原先預估QoQ成長5%~10%水準，因此我們將2011年獲利由原先預估的4.64億元上調至4.68億元，並因1Q12展望優於預期，故調升2012年營運；我們認為奇偶受惠IP攝影機經濟規模放大，2012年營收YoY將成長28%，且目前本益比處歷史區間下緣，因此給予的投資建議維持增加持股，目標價因營運優於預期，故由原先的112元調高至122元，為2012年的的12倍P/E。短線上公司12月營收因客戶年終盤點，預估營收MoM將下滑20%，不過此狀況1月就可逐步改善，故建議股價有因此拉回，皆可逢低佈局。
2012年營收將維持高幅度成長，YoY 28%
奇偶表示1Q12受惠IP攝影機佈局完成，且3月開始工作天數回復正常，公司IP攝影機出貨量將以單月9000台開始起跳，故可望帶動1Q12淡季不淡，我們預估單季合併營收為4.64億元，QoQ-1.7%，YoY 27.2%，稅後EPS 2.27元。展望2012年，奇偶受惠IP攝影機產業需求強勁，出貨量YoY將挑戰50%，GV-Card產品受惠新銷售策略發酵，也將重回成長軌道，因此我們預估奇偶2012年合併營收為21.35億元，YoY 28%，稅後EPS 10.18元，獲利受惠IP攝影機出貨大幅成長而持續提升，全年可望賺進一個股本。
奇偶為國內安控大廠，主要產品包含GV-Cards（影像擷取卡）、IP產品（視訊網路監控）、DVR& Accessories（數位監控系統及安控配件）和Application（應用程式）四大類，預估2011年前三季佔營收比重分別為50%、41%、5%和4%，且公司產品完全以自有品牌GeoVision來銷售，包含硬體系統整合組裝，並自行研發多功能安控軟體，因軟體銷售毛利率極高，因此毛利率優於同業。
Translation - English GeoVision’s 4Q11 sales growth is expected to beat the previous guidance of 5~10% QoQ on booming IP camera demand. As a result, we revise up our FY11 earnings projection to NT$468mn from NT$464mn. At the same time, GeoVision will likely see a 28% YoY surge in FY12 sales, buoyed by increasing economies of scale in its IP camera business. Given these positive catalysts, we raise our target price to NT$122 from NT$112, based on 12x FY12F PE, and retain our Add call on this counter. However, in the short term, clients’ year-end stocktaking may weight down GeoVision’s December sales by 20% MoM. Since we see limited downside out of this, we suggest that investors enter on weakness.
FY12 sales to jump 28% YoY
GeoVision guided to a bullish shipment outlook in 1Q12 with monthly shipments starting from 9k units, even during the historical low season. This is mainly driven by diverse IP product lines and normal working days from March. As such, we predict 1Q12 consolidated sales of NT$464mn, down 1.7% QoQ but up 27.2% YoY, translating into EPS of NT$2.27. On expectations that strong demand for IP cameras will boost GeoVision’s FY12 shipments by 50% YoY and the GV card business will return to a growth track because of the company’s new marketing strategy, we believe that FY12 consolidated sales could hit NT$2.13bn, up 28% YoY, translating into EPS of NT$10.18. A continuous uptrend in the IP camera business will be the major contributor for the company’s earnings to top NT$10 per share next year.
As Taiwan’s leading digital surveillance system provider, GeoVision is mainly engaged in the manufacture and distribution of image capture board GV cards, IP products, and DVR and accessories (digital video recorders and accessories) and applications, with 1-3Q11 respective sales weights of 50%, 41%, 5% and 4%. In addition, GeoVision’s self-branding strategy is the key factor for its outperformance.
As of 3Q11, GeoVision has sold 9.52mn units of DVR and NVR and 68k units of megapixel IP cameras globally. Moreover, since the company concluded its IP product line expansion plan this year, its IP product shipments have been growing at a remarkable pace. The monthly shipment volume jumped to 9k units in November compared with 2k~3k in early FY11. We believe that worldwide demand for IP cameras will continue to trend up heading into 2012, a development that will drive up GeoVision’s IP product shipments 50% YoY going forward, and the company’s IP products may account for more than 50% of sales in the future.
GeoVision distributes its products in the Americas, Europe, Asia (including Japan), Oceana and Africa, and Taiwan, with 1-3Q11 respective sales weight of 46%, 34%, 15%, 3% and 2%. We therefore consider GeoVision’s sales performance to be closely tied to economic growth in the US and Europe.
New market norm: IP cameras
Going online: future trend in surveillance industry
An increasing number of terrorist attacks has brought the security issue to the center of attention around the globe. At the same time, burgeoning demand for surveillance systems from the public and private sectors and increasing internet penetration have triggered a broad-based awareness in the surveillance industry that developing networking, digital and smart solutions is an inevitable trend, pushing IP cameras to outperform analog cameras.
IP camera output value to challenge analog cameras next year
Statistics from research groups show that shipments of surveillance products have been growing year on year worldwide, with IP cameras the biggest seller. IP camera shipments are expected to hit 4.5mn, 6mn and 8.7mn units in 2010, 2011 and 2012, respectively, up 28.6%, 33.3% and 45% YoY, much higher than analog camera’s YoY growth of 2~5%. Since the ASP of IP cameras is much higher than that of analog cameras, the global IP camera output value jumped 30.9% YoY and 45.8% YoY in 2010 and 2011, respectively, to US$1.44bn and US$2.10bn. At the same time, we forecast 2012 global IP camera output value at US$2.65bn, beating that of analog cameras.
Megapixel IP camera shipments to spike 96.4% YoY next year
Increasing demand for high-definition cameras bolstered the shipment momentum of megapixel IP cameras. Statistics indicated that shipments of megapixel and non-megapixel IP cameras will grow 115.94% YoY and 12.7% YoY in 2011, respectively, to 1.68mn and 5.07mn units. Prospective resolution upgrade cycles may help sustain the high growth in megapixel IP camera shipments going forward, with 2012 and 2013 shipments expected to reach 3.3mn and 5.1mn units, respectively, up 96.4% and 54.6% YoY. On expectations that megapixel IP cameras will continue to be the spotlight in the surveillance market, we favor GeoVision and Vivotek (3454 TT).
Extensive IP camera product lines propel operations to grow YoY
Poised to launch more than 50 IP camera models by the end of this year
Instead of tapping into the VGA market which is facing fierce price competition, GeoVision shifted its sales focus to megapixel IP cameras in 4Q10 and launched several models of higher-resolution cameras in 2011. In addition, the company has gradually upgraded its resolution cycle to 2.0MP from 1.3MP. As such, we expect the sales weight of high-definition cameras to grow back to back QoQ heading into FY12.
Meanwhile, GeoVision is aggressively expanding its foothold in the 3.0MP and 5.0MP markets by launching several IP camera models, including fixed-dome IP cameras and all kinds of IP speed-dome and fisheye IP cameras. Among these, the resolution of fisheye IP cameras can reach up to 5.0MP. Because the fisheye IP cameras are more cost effective, we expect shipments to gain traction going forward, lending support for the company to tap into the IP camera market. As of today, GeoVision has released more than 50 models of IP cameras. As a result, we are upbeat on further upside to its shipments.
New marketing strategy: sell hardware and software together
As a relatively new player in the IP camera industry, GeoVision changed its original marketing strategy to sell its iconic image monitoring software and IP cameras together. By bundling software and hardware, GeoVision enjoys higher ASPs compared to peers, although its product prices are still 10~20% lower than international vendors’. Coupled with its leading position in image processing technology and good track record, we believe that GeoVision will ride strong shipping momentum going forward.
English to Chinese: Have you “PChomed” today? General field: Bus/Financial Detailed field: Internet, e-Commerce
Source text - English Initiate with Add rating and TP of NT$245
We initiate coverage on PChome, with an Add rating and a TP of NT$245, implying a 26.3% share price upside. With the growing on-line and broadband penetration rate in Taiwan, PChome is situated in a good position to benefit from the secular growth trend in the on-line retail space. We believe that PChome has a winning formula, where it will be hard for new entrants to overtake the leader any time soon. Meanwhile, the gloomy macro outlook is causing consumers to be more conservative about their spending, creating another opportunity for lower-cost online retailers to prosper, compared to higher-cost brick-and-mortar stores. Riding on the promising online retail outlook ahead with its solid leading position, we see PChome as a long-term survivor in Taiwan’s booming e-commerce space.
Riding on Taiwan’s online retail secular growth trend
Taiwan’s online retail segment (B2C e-commerce) accounts for around 2% of total retail sales, compared to 4.3% in the US and 9.1% in South Korea, implying substantial upside potential for online retail to further prosper. With the increasing internet penetration rate growing from current’s 73.2% to 80% by 2016, if refer to U.S. online retail developing experience, this may implies for a 17.5% CAGR in Taiwan online retail growth in the next five years. As the leading e-commerce provider, we see PChome as well positioned to benefit from the online retail secular growth rate trend ahead.
Winning formula hard to overcome: speed scale innovation
In our view, as the leader in Taiwan e-commerce space, PChome’s winning formula is backed by its speedy 24-hour online delivery service, its increasing e-commerce scale obtaining good bargaining power with merchants, and strong innovations capable of providing leading e-commerce services. These factors create high obstacles for competitors trying to overtake its leading position. Furthermore, PChome is the only e-commerce provider in Taiwan to manage B2C, B2B2C, C2C, and O2O business models within one entity.
A beneficiary of the rising comparison-shopping trend
The gloomy macroeconomic outlook has pushed consumers toward bargain-hunting, which provides an opportunity for online retailers to further outgrow physical retailers, as the cost advantage of shopping online compares favorably to shopping at a physical retail establishment. For consumers, people tend to be more price-sensitive during downturns, which may benefit online retailing due to its lower-priced offerings. From the SME perspective, operating under the “virtual store” on company’s B2B2C model, namely PChome Store (4965 TT, NR), offers substantial cost savings and access to a broader market, compared to physical store establishment.
New project initiatives provide long-term growth upside. Buy before 1Q12 uptrend.
PChome plans to launch two new business initiatives, namely “PChome U.S.,” a B2C e-commerce model, and “Paylink,” an online payment service, in 1H12. Along with the recent launch of its on-line to off-line model, called “Liker,” we expect the new projects to provide long-term growth for the company, although we foresee limited contributions in the near term. From a stock trading perspective, we suggest that investors buy ahead of the 1Q12 hot season, as evidence shows that share prices for e-commerce providers correlate positively with the annual growth rate in sales.
Investment summary
Buy the industry leader. Initiate with Add and TP at NT$245
We initiate coverage on PChome with an Add rating, and our TP is NT$245, based on our DCF valuation, which represents 32x FY12F PE, a 26.3% share price upside. Benefitting from the increasing internet penetration rate in Taiwan and a promising online retail development outlook, we believe PChome, as Taiwan’s e-commerce leader, is in a good position to benefit from the secular growth trend ahead. In our view, PChome’s new project initiatives, including Liker (O2O model), PChome U.S. (B2C model) and Paylink (on-line payment service), will further boost the company’s long-term growth.
Share price catalysts:
1. Increasing internet and online retail penetration rate: The increasing internet penetration rate provides a more open online environment which may increase consumers’ willingness to purchase online, another positive to e-commerce development.
2. Increasing SKU offerings to attract consumers to purchase online: A higher number of online SKU (stock keeping unit) merchants offering lower-priced products will help to attract consumers to purchase online.
3. Stronger sales growth to prompt earnings and share price upside: The increasing revenue scale will help online retailers gain stronger bargaining power with merchants, thus improving margins. Furthermore, past experience suggests that e-commerce providers’ share prices correlate positively with sales growth.
Risk to our view
1. Over-expansion and slower-than-expected profitability from new projects
2. Increasing competition from physical retailers themselves going online
3. Worse-than-expected macroeconomic outlook
Valuation
Our TP of NT$245, which is derived from 32x FY12F PE and has a 26.3% share price upside, is based on DCF valuation. We apply a 13.7% WACC to factor in the uncertain macro risk and a 3% terminal growth rate to reflect the company’s promising outlook. Our TP also represents 32x FY12F EV/EBITDA, and 1.5x PEG, which we believe is justifiable, considering the company’s 24.9% earnings growth outlook for FY12F, with ROE reaching 38.6%, compared to an average consensus ROE of 19.8% and 21.4% for global e-commerce and internet portal/media providers, respectively.
Riding on Taiwan’s online retail secular growth trend
In FY10, Taiwan’s online retail sales (B2C e-commerce only) accounted for around 2.5% of total physical retail sales. Compared to countries such as the US and South Korea, which we consider to be more developed in the e-commerce area, online retail sales accounted for 4.3% and 9.1% of total retail sales, respectively, during the period. We believe the development of Taiwan’s e-commerce business is still at a preliminary stage, which implies great upside growth potential for online retailers to prosper in the future.
From the cyber-infrastructure perspective, Taiwan’s internet and broadband penetration rate reached 73.2% and 62.0%, respectively, growing at 5.7% and 7.4% CAGR from FY02 to FY10. Compared to developed countries such as Japan, South Korea and the US, where average internet usage is between 78% and 80%, we believe there is still room for Taiwan’s internet usage to become more widespread. The continuously increasing internet and broadband penetration rates, accompanied with low online retail sales base, will not only provide a friendlier environment for consumers to purchase online, but may also stimulate and accelerate the growth of online retailing, in our view. Based on our estimation, Taiwan internet penetration rate may reach to 80% level by 2016. By referring to U.S. on-line retail developing experience, this may imply for a 17.5% CAGR in Taiwan online retail growth in the next five years. That said, as the leading e-commerce provider in Taiwan, we see PChome as well-positioned to benefit from the prospering online retail secular growth trend ahead.
Winning formula hard to overtake: speed scale innovation
As the leading e-commerce provider in Taiwan, PChome has a solid winning formula, including it speedy service, increasing economies of scale, and strong innovation capability, which we believe has created high obstacles for competitors to overtake its leading position in the near term.
Speed: 24 hour on-line service
With the traditional e-commerce “order transfer” business model, where e-commerce providers receive an order from online shoppers and transfer it to merchant vendors who process the goods for shipment, consumers need to bear with the drawback of longer delivery times. PChome initiated a competitive new “24-hour service consignment” model in 2007, which has won positive feedback from online shoppers because of its efficient and timely service. The 24-hour service consignment model is built on an open inventory warehouse management system. With the self-designed and sophisticated ERP system, PChome and vendors are able to monitor the merchant inventory level in an accurate and timely way, therefore greatly shortening the time for inventory rebuilding. Under this consignment model, inventory risk is mostly taken on by the merchant vendor itself, while PChome holds less than 10% of the most popular inventory on hand, which lowers its working capital burden considerably.
In order to further shorten the merchant delivery time, PChome also simplified the entire work flow process, and systematized and reclassified merchant order-placing within the warehouse, thus enabling multiple order collection and processing at one time. Benefitting from the success and popular 24-hour online service concept, the business quickly built up its order quantity and reached breakeven in 2009. With an increasing online retail growth trend and the rising popularity of the 24-hour service, we believe the business will help PChome further accelerate its top line and earning growth going forward. At present, the 24-hour online service business accounts for 80% to 85% of PChome’s sales.
Scale: long-term margin expansion expected on rising scale and bargaining power
With the increasing popularity of PChome’s 24-hour online service, the company has seen stellar growth since the debut of the business, with sales reaching NT$10.3bn by 2010, equivalent to the scale of domestic retailers such as E-life Mall (6281 TT, NR), the second-largest 3C retailer, and OK CVS (non-listed), the fourth-largest convenience store operator. With the company’s strong top-line growth outlook at 20% annually going forward, we expect PChome’s magnitude to reach 50% of Tsann Kuen’s (2430 TT, NR) the leading 3C retailer, scale by 2012.
With its increasing economies of scale, PChome is likely to enjoy stronger bargaining power with its merchant vendors, which would lead to further margin expansion going forward. In addition, we also expect margin expansion to come from the change in the company’s product mix by increasing the amount of daily necessity products, which enjoy higher product margins compared to 3C products. Because the company has increased its scale, product SKUs (stock keeping unit) have now reached 600k units, which is around eight times larger than Carrefour, according to the company.
Innovation: multi-business model within one entity
Backed by its strong innovation capability, PChome is the leader in introducing new e-commerce business models and transaction services to customers. The company is the first e-commerce provider in Taiwan to introduce an on-line shopping installment payment method and to provide 24-hour online service. Furthermore, PChome invented the consignment model with its self-built merchant warehouse, and is the only e-commerce provider in Taiwan that runs 4 different e-commerce business models, including B2C (PChome On-line and 24-hour service), B2B2C (PChome Store), C2C (Ruten), and the recently-launched O2O e-commerce model (Liker, an on-line to off-line model). With the company’s strong innovation capabilities, we expect PChome to continue to outpace and lead its competitors in new online service initiatives, in turn strengthening its leading position within the Taiwan e-commerce space.
A beneficiary of comparison-shopping trend ahead
With rising risks in the macroeconomic outlook, a possible economic slowdown may drive a trend toward comparison-shopping, which creates the opportunity for on-line e-commerce to further prosper, because of the lower-cost advantage in e-commerce vs. physical retailers. From an enterprise perspective, PChome’s B2B2C e-commerce model, namely PChome Store (4965 TT, NR), uses the “Platform as a Service” concept by offering an on-line “virtual store.” This provides a cheaper alternative suitable for SME companies to join and set up their own cyber-shop through the platform, a model which is well-suited to benefit from the rising comparison-shopping trend, in our view. At the same time, PChome Store offers a complete and user-friendly back-end system, with services ranging from payment, logistics, on-line marketing, and training, while generating revenue by charging one-time set-up fees, maintenance fees, commissions and value-added fees from its members. At present, PChome has 10,812 SMEs or individual clients, which account for only 1.7% of domestic retail-related SME companies, implying tremendous upside potential for this type of e-commerce in the future.
From the consumer perspective, consumers tend to be more price-sensitive during gloomy economic times. We see this as an advantage that may benefit PChome Online and its 24-hour online service (the B2C e-commerce model) because of its ability to offer lower prices compared to physical retail prices. Based on a survey conducted by the Taiwan Network Information Center (TWNIC), cheaper prices and time savings are the two major reasons why consumers choose on-line shopping, reinforcing our bullish view on e-commerce.
Translation - Chinese 納入追蹤，給予增加持股評等，目標價245元
我們將網家納入追蹤，並給予增加持股評等，目標價245元隱含股價有26.3%上漲空間。隨著台灣網路和寬頻普及率不斷上升，網家可望受惠於線上零售產業強勁成長動能。我們認為網家營運模式結合眾多優勢，從而拉大產業進入門檻，使得競爭者難以與之匹敵，加上景氣趨緩之際，消費者態度轉趨保守，為營運成本較低的線上零售業者開創另一片商機，因此我們認為網家不僅穩坐市場龍頭地位，且在產業前景樂觀加持下，可望成為台灣電子商務蓬勃發展下的受益者。
新投資案帶動長期成長性，應在1Q12旺季來臨前佈局
網家預計在1H12推出兩項新業務，一是PChome US B2C綜合網路商城服務，另一項則是Paylink線上付款服務，加上近期旗下O2O (on-line to off-line) Licker團購網也已正式上線，雖然新業務短期內對公司貢獻不大，但仍可望帶動公司長期營運發展。我們建議投資人應搶在1Q12旺季來臨前佈局，因為數據顯示電子商務族群股價走勢與營收年成長率呈正向連動關係。
Chinese to English: Global Macro, Market Watch Weekly General field: Social Sciences Detailed field: Economics
Source text - Chinese G20會議無具體結論與實質行動 希臘將組成聯合政府
11/4-5的G20高峰會與會的各國領袖一致認為全球經濟復甦已經放緩，尤其是已開發國家，失業率處於高位；金融市場的壓力上升，主要受到歐洲主權債務風險的影響。且歐債危機已經蔓延到歐洲以外地區，使新興市場也出現了負面影響。G20領袖同意制定出促進經濟增長的計劃，不過尚未公布相關細節。同時，會中也承諾建立更有代表性、更穩定和更有彈性的國際貨幣體系；解決大宗商品價格波動和刺激農業發展，避免保護主義和加強多邊貿易體系，並重申加強金融監管的計劃，以確保未來再發生危機的情況下避免由納稅人來承擔救助銀行的成本。
Translation - English G20 leaders fail to reach concrete conclusions, Greece to form new coalition government
Leaders of the G20 countries on November 4-5 agreed that the global economic growth is slowing down, as developed countries are suffering from high unemployment rate, and that the European debt woes have put the global financial system into jeopardy and have started to imperil growth in emerging markets. In addition, G20 leaders promised to reform the international monetary system to make it more representative, stable and resilient. They also pledged to address challenges created by commodity price volatility and emerging protectionism while continuing their efforts to promote agricultural development and strengthen multi-lateral trading system. On top of the above commitments, the G20 leaders emphasized the importance of an enhanced financial supervisory mechanism to protect taxpayers from bearing the costs of resolutions.
Nevertheless, the officials of G20 failed to agree how to boost IMF firepower to help with the eurozone debt crisis, which has in turn dampened the prospect of EFSF as a tool to curb the debt turmoil. Along with mounting pressure from other countries, the overarching theme has shifted to progress in the EU financial minister meeting this week.
Even so, the leaders did propose several approaches to beefing up the IMF firepower, including launching an euro Special Drawing Rights (SDR) or setting up an international trust fund, which will be managed by IMF. The G20 will hold another meeting next February to discuss IMF resources.
There are still several important meetings through the end of this year, such as eurozone Financial Ministers Meeting in Brussels on November 29, EU Financial Minister Meeting in Brussels on November 30 and EU leaders summit in Brussels on December 9.
Greece to form new coalition government
Greek Prime Minister George Papandreou met with the leader of the country's main opposition party Antonis Samaras to discuss who would be the leader of the new government after both parties agreed to form a new coalition government last Saturday. The main task for this new government is to push through the second round of €130bn bailout fund in the parliament before the presidential election next February. Government Spokesman of Greece Elias Mossialos said that if everything goes as planned, the new leader will be sworn in within a week and the parliament will hold a confidence vote.
The possible candidates for the new leader include the former Finance Minister Evangelos Venizelos and ECB Vise President Lucas Papademos. However, the latter stands a better chance.
Since the debt crisis broke out, the Greece government has launched 7 rounds of austerity measures and faced strong opposition. However, according to a poll, majority of people in Greece are in support of the new coalition government.
Fed could expand MBS purchase when necessary; Australia’s central bank, ECB cut rates
At last week’s monetary meeting, Fed kept its interest rate unchanged but slashed its 2012 economic projection, noting that the eurozone woes and fragile banking system remain a downside risk to US economy. Fed cut its 2012 GDP estimate to 2.5~2.9% from its June forecast of 3.3~3.7%. At the same time, Fed predicts 2012 unemployment rate of 8.5~8.7%, higher than its previous forecast of 7.8~8.2%. Fed indicated that the near-zero rate policy will likely last through 2013 as long as the inflation pressure is in check. Besides, Fed did not rule out the possibility of another new fiscal stimulus package.
At the press conference after the monetary meeting, Fed Chairman Ben Bernanke noted that the housing sector holds the key to a stronger US economy and the US central bank is mulling buying more mortgage debt to jolt the boarder economy onto a robust growth path. Fed unveiled a plan to exchange short-term debt for longer ones and reinvest MBS proceeds in September.
Mario Draghi chaired his first policy meeting as president last Wednesday. At the meeting, the new ECB president announced that the central bank would cut its interest rate by 25ppts to 1.25% from 1.5% in order to bolster the bickering regional economy, despite the fact that eurozone inflation rate currently stands at a high level of 3.0%. Draghi indicated that the eurozone would experience moderate economic growth in 2H11 but the inflation rate will likely drop to below 2% next year, which will ease concerns over soaring consumer prices and stagnant wage growth. Draghi emphasized that ECB’s bond purchase program is only temporary. The responsibility of beefing up the fiscal health falls into the hands of each member state.
Elsewhere, Australia’s central bank lowered its interest rate by 25ppts to 4.5% last Wednesday, the first rate-cut since April 2009, adding that increasing global uncertainties have dampened the country’s export growth and reduced firms’ willingness to hire people. As such, the central bank trimmed its economic, CPI and core CPI growth projections for the fiscal year 2011 ending next June to 4%, 2% and 2.5%,respectively, from its August’s projections of 4.5% , 2.5% and 3%. Australia’s central bank will adopt a neutral monetary policy for 2012 and 2013, as a strong Australian dollar may alleviate the inflation pressure.
US October non-farm payroll rises by 80k, unemployment rate little changed at 9%. US manufacturing expands while that of eurozone continues to contract
US non-farm payrolls added 80k jobs in October, missing the consensus forecast, while the private sector hired 104k people. The US Labor Department also revised up August and September non-farm employment to 104k and 158k, respectively. As such, October unemployment rate was little changed at 9%. By sector, manufacturing employment remained flat for the third straight month while employment in the construction sector and the government declined by 20k and 24k, respectively. On the other hand, employment in professional and business services and the health care sector continued to trend up, with 32k and 12k jobs added, respectively. Overall, the initial jobless claim and employment figures in October show signs of recovery even though the number of newly-added jobs is not sufficient enough to bring down the unemployment rate. In addition, the hourly wage only rose by 1.8%, much lower than the inflation rate of 3.8%. The stagnant wage growth has weighed on the consumer confidence.
US manufacturing expands while that of eurozone continues to contract
US ISM manufacturing index in October declined to 50.8 from September’s 51.6. The result was disappointing compared with the average reading of 56.1 for the past year. Among sub-indices, the new orders index snapped its losing streak, climbing back to the expansion zone for the first time in 4 months to 52.4 from September’s 49.6. On the other hand, employment, production, export, inventories readings retreated to 53.5, 50.1, 50, and 46.7, respectively. Elsewhere, the ISM non-manufacturing index dropped slightly to 52.9 in October from last month’s 53, lower than the average reading of 55.2 for the past year. Specifically, the employment index was the biggest winner, jumping to 53.3 from September’s 48.7, marking a 6-month high. The exciting result could be attributed to firms’ increasing willingness to hire, in which 8 out of 18 industries added more jobs in October. However, the new orders and prices indices decelerated to 52.4 and 57.1, respectively, from 56.5 and 61.9. In conclusion, the non-manufacturing gauges suggested that the wobbling global economy has dampened the pace of US economic growth.
Compared with US, European services and manufacturing industries in October contracted more than expected. The PMI fell to 46.5 in October from 49.1, reaching a 28-month low. At the same time, the manufacturing gauge posted the biggest lost since July 2009 to 47.1 from 48.5. By country, Germany’s PMI retreated to the contraction zone for the first time since June 2009 with a reading of 49.1 in October from 50.3 a month earlier. Italy’s PMI posted the worst regional drop to 43.3 from 48.3, touching a new low since June 2009. As for France, although the manufacturing reading still pointed to contraction, the index in October slightly improved to 48.5 from 48.2.
Moving into the services industry, the 17-member region’s services PMI contracted for the second straight month with a reading of 46.4, compared with 48.8 a month earlier. The number hit a new low since July 2009. By country, Germany’s services industry showed relatively high resistance as its equivalent PMI index reversed its losing streak, climbing to 50.6 from 49.7 in October while the services PMI indices in France and Italy retreated to 44.6 and 43.9, respectively, from 51.5 and 45.8. To sum up, the above figures all points to a more gloomy economic outlook for Europe.
China’s manufacturing PMI fell unexpectedly to 50.4 in October from 51.2 in the previous month, falling short of the consensus forecast of 51.8. Regarding the sub-indices, the indices of new export orders, backlog of orders and imports registered bigger losses in October, weighed down by slowing external demand growth. New export orders contracted for the second time since May 2009, signaling a dimming outlook for China’s export growth.
Banks’ loan-to-deposit ratios close to regulatory limit in 3Q11
Statistics from China’s listed banks showed that most of the shareholding banks saw their loan-to-deposit ratios (LDR) exceeding or approaching the threshold of 75%, suggesting that rising deposit growth could crimp loan growth for China’s banks. Specifically, the LDRs of China Merchants Bank and China Mingsheng Banking Corp. have surpassed 75% while those of Bank of China and Bank of Communications exceeded 70%. The cumulative loan volume for the first 9 months came in at RMB5.69tn, with mid- to large-sized firms accounting for the majority of applications. However, we believe that the slowing economic growth will shift the target groups of lending facilities to small- to mid-sized firms.
Micro-control policies linger, focus on small- to medium-sized firms, domestic consumption
China will raise its tax-exemption threshold in November after launching several loan programs for mid- to small-sized enterprises last week. In addition, Bank of China issued 3-year notes for the past two weekends.
On the other hand, we expect to see little changes to China government’s macro-control policies unless the external risks exacerbate.
DGBAS revises down 3Q11 GDP forecast to 3.37%
The Directorate General of Budget, Accounting, and Statistics (DGBAS) trimmed 3Q11, 2011 and 2012 GDP forecast to 3.37%, 4.56%, and 4.38%, respectively, from its August’s projections of 3.48%, 4.81% and 4.58%. In addition, DGBAS expects 2011 and 2012 CPI to expand by 1.51% and 1.12%, respectively.
In 3Q11, Taiwan’s exports values denominated in US dollars grew by 11.63%, compared with 1.06% if calculated in NT dollars. The difference was due mainly to the strong NT dollar. The growth rate of exports in goods and services slowed to 2.21%, much lower than the average of 8.1% in 1H11. In addition, the investment in fixed assets further declined by 13.45%, posting the biggest drop among all gauges. DGBAS predicts that 2011 capital formation will contract by 5.73% and the market’s investment sentiment will further weaken. For 4Q11, DGBAS further cut its economic growth estimate to 3.87% from its August projection of 4.1%.
In comparison, private consumption growth will likely retain the same momentum on the back of stable job recovery. DGBAS forecast 2011 and 2012 private consumption growth rates of 3%. However, the dwindling external demand has prompted 12 firms to institute unpaid leave scheme. We believe that the stable job market holds the key to the continuing uptrend in private consumption.
At the same time, we noted that DGBAS’s CPI projections are relatively low. DGBAS expects 2011 and 2012 CPI to expand by 1.51% and 1.12%, respectively. Moreover, the central bank halted the rate hike cycle from 3Q11. Decelerating CPI expansion and rate hike suspension give officials more room to support growth.
English to Chinese: Taiwan Upstream Tech General field: Bus/Financial Detailed field: IT (Information Technology)
Source text - English Standing on the shoulders of thrifty consumers
Overweight on Taiwan’s foundry & OSAT sectors: We maintain our Overweight view on Taiwan’s foundry and OSAT sectors in 2012, on the back of proliferating smart-devices and inventory replenishment slated for 2Q12. We believe the rising penetration of ARM-based ICs and open ecosystem will boost demand for Taiwan’s semiconductor manufacturing services, aided by vendors’ attempts to reduce their manufacturing costs at leading-edge technology nodes amid the global economic slowdown. We also expect low-price smart-devices – devices such as low-priced smartphones and content-driven tablets – will set the trend of IC functional integration in an effort to reduce BOM cost, spurring demand for 40/28nm fabrication at foundries and flip-chip packaging at OSATs. We maintain our view that inventory corrections, in particular at IDMs, will last into 1Q12, and a select few foundries and OSATs will see demand for seasonal inventory buildup in 2Q12. We reiterate our Add ratings on TSMC (foundry, 2330 TT), ASE (OSAT, 2311 TT), and Kinsus (substrate, 3189 TT) in light of their strong positioning for smart-device growth.
2012 Outlook – Two investment spotlights: Though we expect 2012 to be characterized by stagnant global economic growth, we believe the trend of low-priced smart-devices, reinforced by seasonal inventory buildup, will lead to uneven growth across the foundry and OSAT sectors, benefiting a few select players.
Low-priced smart-devices to boost demand for 40/28nm and flip-chip packaging: We believe the penetration of low-priced smart-devices will accelerate in 2012 due to value-driven consumer behavior in emerging economies and a thrifty consumer mindset in mature economies, boosting the need to reduce BOM cost through IC functional integration, a trend that will drive demand for 40/28nm nodes at foundries and flip-chip packaging at OSATs. We expect TSMC (2330 TT), ASE (2311 TT), and Kinsus (3189 TT) to be the prime beneficiaries of this trend.
Seasonal inventory buildup to benefit a select few players: We expect inventory corrections at IDMs, in particular Analog IC vendors, to last into 1Q12 due to falling foundry utilization and declining vendor sales, setting the stage for inventory buildup in 2Q12 aided by easing impact from the floods in Thailand, a development that will benefit foundries and OSATs whose customers have dominant market positions, making UMC (2303 TT), SPIL (2325 TT), and Ardentec (3264 TT) the prime beneficiaries. In addition, MXIC (2337 TT) remains our contrarian top pick in the memory space, on the back of its robust growth in NOR Flash in handset applications and Nintendo’s increasing demand for ROM.
Our contrarian view – foundries to see demand uptick in 2Q12, followed by OSATs and finally IC distributors: We believe foundries’ sales will rise ahead of OSATs’ when vendors start replenishing their inventories in 2Q12, making foundries’ business outlook – in particular UMC’s – a leading indicator for broad-based inventory replenishment in 2012. As IC distributors are closer to end-markets than foundries and OSATs, IC distributors’ outlook reflects end-market demand more than foundries’ utilization trend. We thus expect foundries’ share price movements to precede OSATs’, followed by IC distributors’, due to the effect from inventory replenishment in 2Q12.
Spotlight #1: Booming low-priced smart-devices to boost demand for 40/28nm and flip-chip packaging
We believe Taiwan’s semiconductor manufacturing sector – namely foundry and OSAT – offers investors an opportunity to invest in the growing trend of “consumerization” in the context of proliferating electronic products. The key driver for semiconductor growth is the need for electronic equipment, with applications ranging from fashionable iPhones to simple, talking toys such as Angry Birds, and their sales are closely related to the disposable income level and consumer preference. As we expect 2012 to be characterized by lackluster growth in the US, recurring debt problems in Europe, and moderate growth in emerging economies, it is not surprising that we forecast only 3% semiconductor growth for the year. However, as the competitive landscape in semiconductors is being rapidly reshaped by consumer preferences for smart devices, a trend giving rise to ARM-based ICs and open OS platforms, we believe a select few foundries and OSATs will gain market share as their customers are positioned for growth through the new product life cycle, making TSMC (2330 TT), ASE (2311 TT), and Kinsus (3189 TT) the key beneficiaries.
New electronic products to continually drive semiconductor demand for 40/28nm fabrication
As we enter the post-PC era, electronic devices are proliferating on the back of the growing trend of open ecosystems, running on semiconductors, with an operating system, application software (apps), and cloud storage/computing, a process we call “consumerization” where technologies are no longer monopolized by one or two companies. During this process, the PC changes from a must-have to an option, as consumers can cherry-pick the devices that most fit their needs among smartphones, tablets, eReaders, notebook PCs, and desktop PCs. Against this backdrop of “consumerization,” Microsoft’s Windows is now competing with Google’s Andriod and Apple’s iOS, while Intel’s x86 architecture faces strong headwinds against ARM’s low-power solutions in mobile applications dominated by the ARM camp including vendors such as Apple, Qualcomm, and nVidia.
As it has become a cliché that smartphones and tablets will be the key demand drivers for semiconductors in the coming years (2010-2015 unit shipment CAGR = 30%, 78%, respectively), we believe both product categories will see stronger growth in lower price-point segments – growth of the former to be driven by penetration in emerging economies and the latter by content-driven, brand-name tablets. Gartner forecast that smartphones and tablets will contribute to 59% of total semiconductor revenue growth between 2010 and 2015.
Consumers to stay thrifty, a trend favoring growth of low-priced smart-devices where IC functional integration is the key to cost reduction
As the mature economies are slated for stagnant growth and the emerging economies are set to grow more slowly in 2012, we believe the low-priced trend in smart-devices – devices such as low-priced smartphones and content-driven tablets – will become predominant as their lower price points stimulate end-market demand, boosting the need for IC functional integration in semiconductor design. The trend of IC functional integration – cost-reduction solutions through System-on-Chip (SoC) and System-in-Package (SiP) to integrate selected functions in order to reduce power consumption and shrink package size – will become the growth drivers for those foundries and OSATs with the technological capability and ready capacity. For semiconductor vendors, Qualcomm is best-positioned to provide a complete wireless platform, forecasting minimum 10% annual top-line growth until 2015 and guiding to 12-21% shipment growth in 2012.
On the downside, the trend of IC functional integration will likely benefit only the leading semiconductor vendors due to their technological capability across devices and balance sheet strength, as the design of a high-end multi-core SoC will normally cost over US$160mn in the 32/28nm node – about 30% higher than US$120mn in 45/40nm. We expect large semiconductor vendors to continually gain market in 2012, directly benefiting their foundries and OSATs.
TSMC-ASE-Kinsus our top picks for the trend of low-price smart-devices
Following the trend of IC functional integration, foundries with technological capability, ready capacity, and customer demand for 40/28nm will see growth above the industry average in 2012, and so will OSATs with ready capacity for Flip-Chip (FC) packaging. While 28/40nm fabrication is essential to improve SoC performance from the foundries’ perspective, FC packaging is gaining solid traction as the dominant packaging method for thin form-factor devices from the OSATs’ perspective. In the foundry space, we believe TSMC (2330 TT) will continually gain market share through intensive capex investment on 40/28nm capacity, a development in line with its customers’ growing market shares. Building on its dominant position (over 80% market share) in the 40nm process node, TSMC will maintain its leadership position in 28nm with over 90% market share in that node in 2012.
In the OSAT space, ASE (2311 TT) remains our top pick on the back of its higher penetration into the flip-chip CSP (FCCSP) market, while SPIL (2325 TT) has been focusing on flip-chip BGA (FCBGA) and just started ramping up capacity for FCCSP. Packaging under FCCSP is smaller than that under FCBGA, making FCCSP the ideal packaging type for thin form-factor smart-devices. ASE also provides a better hedge against rising gold prices as its revenue from copper wirebonding doubles SPIL’s.
In the substrate space, we expect Kinsus (3189 TT) to be the main beneficiary from the booming of smart-devices, with over 60% revenue (excluding Piotek) from substrate used for FC packaging – in particular 26% from substrate used for FCCSP – and over 25% revenue from Qualcomm, Kinsus’ largest customer.
Spotlight #2: Seasonal inventory buildup to benefit a select few
We believe Taiwan’s semiconductor manufacturing sectors will see the effect of broad-based inventory replenishment in 2Q12 due to seasonal inventory buildup on the back of lean downstream inventories, benefiting a few select foundries and OSATs. Though we forecast 3% semiconductor growth in 2012, we believe end-market demand is bottoming in 4Q11 but foundry utilization will see a further decline in 1Q12, an upstream correction that will further reduce inventories at semiconductor vendors in 1Q12 and set the stage for broad-based inventory replenishment in 2Q12. In addition, we expect the impact from floods in Thailand to diminish on PC shipments in 1Q12, normalizing semiconductor demand for PCs and digital still cameras – two electronic end markets impacted the most by the floods. We believe the seasonal inventory replenishment in 2Q12 will make UMC, SPIL, and Ardentec (3264 TT) the prime beneficiaries.
ISM’s PMI pointing to lean inventory level amid tepid recovery
The Purchasing Managers Index (PMI) released by ISM was 50.8 in October, falling 0.8ppts from 51.6 in September, indicating lackluster growth in the US manufacturing sector. Despite the slower overall growth, leading indicators such as the New Orders and Backlog of Orders actually improved, with the former changing from contraction to meaningful growth for the first time in 2011. The Inventories and Customers’ Inventories are contracting, reflecting a conservative consumer mindset, in our view. We believe low inventories, coupled with rising new orders, indicate inventory replenishment ahead of the holiday season. We also expect inventory levels for electronic products to remain lean in 1Q12 due to the cautious economic outlook until seasonal demand starts to pick up in 2Q12, a development that will strengthen the bullwhip effect from inventory replenishment along the semiconductor supply chain.
Analog IC inventory level the key indicator for broad-based recovery
Days of Inventory (DOI) – a gauge of semiconductor inventory level at IDM/fabless vendors – trended up between 2Q10 and 2Q11, but started to diverge in different directions in 3Q11 as IDM’s DOI kept trending upward (8485d) but fabless’ DOI fell sharply (6861d). DOIs of most IDMs rose in 3Q11, except Renesas (8273d) due to Japan’s post-quake rebuild, while Texas Instruments (9299d) and STMicroelectronics (86100d) were the largest contributors to the rising DOIs. DOIs of most fabless design houses declined except Xilinx (105113d), with Qualcomm (5146d), Broadcom (5749d), and Nvidia (6961d) being the largest contributors to the declining DOIs. This development echoes with upward-trending Analog IC inventory (9397d) and abrupt correction of Communications IC inventory (6560d), as most IDMs have higher revenue contribution from less-specialized Analog IC than fabless design houses do.
We believe inventory correction for Analog IC will accelerate in 4Q11 and 1Q12, as most Analog IC vendors guided to 5-10% sequential revenue decline in 4Q11 ahead of the traditional low season 1Q12. Our checks with TSMC also lead to our conclusion that its utilization will likely drop 10ppts in 1Q12 compared to 4Q11, a continuous upstream correction that will further reduce inventory levels at vendors. On the contrary, Communications IC vendors guided to sequential revenue growth between up 5% and down 10% on top of their falling DOIs. Though the first quarter is traditionally the low season for handsets, we believe Communications IC vendors are in a better shape heading into 4Q11 with new products in the pipeline and lower inventory levels, which will also sustain order placing at their foundries and OSATs.
UMC-SPIL/Ardentec our top picks for 2Q12 seasonal inventory replenishment
We believe a falling Analog IC inventory levels will precede broad-based utilization recovery at foundries and OSATs, albeit the recovery being less pronounced for those without strong growth drivers in communications. In the foundry space, we believe UMC (2303 TT) will be an ideal play for the replenishment cycle, because 65nm and above technology nodes – nodes commonly seen for Analog ICs – will likely account for over 85% of its capacity in 2012. In the OSAT space, ASE (2311 TT), SPIL (2325 TT), and Ardentec (3264 TT) are well-positioned for the replenishment cycle, while Ardentec (3264 TT) will likely see higher upside as Texas Instruments is its largest revenue contributor (~40%).
類比IC廠庫存狀況為產業景氣復甦的風向球
庫存天數(Days of Inventory, DOI)為衡量半導體產業中IDM/IC設計廠庫存狀況的指標，而IDM/IC設計廠的DOI在2Q10和2Q11間呈上升趨勢，然在3Q11，IDM和IC設計廠DOI開始呈反向走勢。IDM廠的DOI仍持續爬升，從84天延長為85天，然IC設計廠的DOI卻從64天大幅縮短為61天。多數IDM廠第三季DOI均有上升趨勢，然瑞薩因適逢日本震後重建工程，DOI不升反降，從原本的82天縮短為73天。德州儀器以及意法半導體的DOI漲幅最大，德州儀器的DOI從92天延長為99天，意法半導體從86天延長為100天。相較之下，除Xilinx(DOI從105天延長為113天)外，多數IC設計廠的DOI均呈下滑趨勢，其中又以高通(從51天縮短為46天)、博通(從57天縮短為49天)以及Nvidia(從69天縮短為61天)跌幅最大。由於多數IDM廠的類比IC等較低階產品營收比重比IC設計廠高，造就今日類比IC產業DOI上升(從93天延長為97天)，通訊IC產業DOI下滑(從65天縮短為60天)的局面。
Chinese to English: Short-term momentum slackening, betting on mid- to long-term growth General field: Bus/Financial Detailed field: Gaming/Video-games/E-sports
On expectation that 4Q11 profit will trail expectations and the recent growth story has been priced in, we revise down our call on IGS to Neutral but scale up our FY11-12 EPS forecasts to NT$13.61 and NT$16.57, respectively, up 15.2% YoY and 21.7% YoY. However, we adopt an upbeat stance on IGS’ mid-to long-term operations given its robust outlook on the arcade business in China and Italy. In addition, we assign a new TP of NT$196, derived from 13x our average FY11-12F EPS, the mid-point of peer average.
Company update
Seasonal demand for arcade games concludes earlier than expected
IGS’ arcade business in China started to make contributions early this year and the wining streaks lasted through 2H11. Despite the rosy outlook on China’s arcade market, the early pull-in demand for Chinese New Year and slowing inventory replenishment in the US and European markets dampened IGS’ shipment growth in 4Q11. Even so, the growth momentum of IGS’ arcade segment will likely remain intact in 4Q11.
MMORPG business retreating, pins hopes on launch of self-developed game in FY12
IGS’ self-developed projects include “Oriental Legend” and “Planet Legend” and the company is hoping that the launch of the latter slated for FY12 can bolster top- and bottom-line growths. Even so, the lack of new games in 4Q11 bodes ill for its full-year MMORPG sales.
Earnings revision
After posting 1Q11 net profit of NT$195mn, or EPS of NT$2.76, up 11.9% QoQ but down 27.5%, increasing demand for arcade games in China drove up 2Q11 profit by 14.7% QoQ to NT$223mn, or EPS of NT$3.17. The company earned NT$3.77 in 3Q11, up 16.9% QoQ, on the back China’s arcade boom. However, the growth momentum may slow in 4Q11 as the hot-season effect concluded earlier than expected. 4Q11 EPS is expected to hit NT$3.82. As such, we forecast FY11 net profit, EPS and FY12 EPS of NT$944mn (up 15.2% QoQ), NT$13.61 and NT$16.57 (up 21.7% QoQ), respectively.
Valuation
We revise up our TP to NT$196, derived from 13x average FY11-12F EPS, in light of its relatively stable operations and solid long-term uptrend. IGS is now fairly traded at 12x. Even though we remain upbeat on the company’s future operations, fueled by sizzling sales momentum of China’s arcade business and potential gains from the new MMORPG game slated for release next year, we suggest that investors enter on weakness.
Downside risks
1) China’s arcade sales may trail expectations.
2) The launch of its self-developed game in FY12 may turn out to be a disappointment.
Operations overview
Solid growth in China’s arcade business, despite earlier-than-expected conclusion of high-season demand
After posting a record-high October sales of NT$150mn on early pull-in demand for the Chinese New Year, the company’s November sales retreated to NT$140mn, marking an end to pent-up demand. Coupled with slowing inventory replenishment in the European and US markets, the growth in IGS’ arcade segment decelerated. However, we still hold a positive stance on the company’s arcade business going forward, as the Chinese government will further increase the number of arcade game permits: 4,000 new permits in Hunan, 848 from 98 in Beijing, 2,131 from 318 in Shandong, and 661 from 261 in Sichuan. At the same time, the Italian government plans to double the issuance of C6A permits and issue new C6B permits to raise revenues, which will bolster the momentum of Italy’s arcade market. We expect China’s arcade business to contribute NT$1.37bn and NT$1.96bn to FY11 and FY12 sales, respectively, up 42.62% YoY. Our estimates translate into FY11 and FY12 arcade sales projections of NT$1.88bn and NT$2.32bn, respectively.
Launch of self-developed titles next year to stimulate dwindling online game business
The launch of the much-expected self-developed Planet Legend next year is expected to reverse the company’s losing streak in leisure game and MMORPG. China’s first-tire game makers have finished testing Planet Legend, which will be available on the market through direct sales or authorization. Coupled with the releases of Oriental Legend and Imperion 3 next year, the company hopes to leverage from the increasing contributions from the MMORPG segment, which enjoys a gross margin of as high as 95%. Despite our downward revision to FY11F MMORPG sales to NT$1.15bn from NT$1.16bn, we believe that the launch of new self-developed titles next year along with contributions from existing games will boost its top and bottom lines going forward. As such, we estimate FY11 and FY12 MMORPG sales of NT$1.15 and NT$1.23bn, respectively, up 6.7% YoY.
Earnings revision
After reporting 1Q11 net profit of NT$195mn, or EPS of NT$2.76, up 11.9% QoQ but down 27.5% YoY, IGS earned NT$223mn, or NT$3.17 per share (up 14.7% QoQ) in 2Q11, fueled by sizzling sales of China’s arcade business. Looking into 2H11, strong demand for arcade games in China may boost IGS’ strong growth momentum into 3Q11, sending the company’s EPS up 16.9% QoQ to NT$3.77. However, earlier-than-expected conclusion of seasonal demand and sagging MMORPG business will likely result into flat-to-moderate sales growth QoQ in 4Q11. As a result, we forecast FY11 net profit and EPS of NT$944mn and NT$13.61, respectively, up 15.2% YoY, while we expect the company’s EPS to grow 21.7% YoY to NT$16.57 in FY12.
Investment recommendation
In light of IGS’ relatively stable operations and solid long-term growth prospect, we revise up our TP to NT$196, derived from 13x FY11-12F PE, the mid-point of the peer average of 10-15x. While IGS is fairly traded at 12x FY11-12F PE, we believe that bargain hunting opportunities will re-emerge in the short-term.
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Translation education
Master's degree - University of Leeds
Experience
Years of experience: 14. Registered at ProZ.com: Jan 2012.
Multilingual specialist with professional trainings in translation and interpreting and versatile working experiences. Being able to accommodate different work tasks and to work with colleagues of different cultural backgrounds. Lately moving into the financial industry reinforces capabilities of self-motivation, detail and accuracy orientation, working under a tight schedule. Has worked in Harrogate ( The UK ) as project coordinator, responsible for managing TESCO product package translation into several Eastern European languages, using knowledge of translation project management and leverage interpreting skills to coordinate between clients and production teams across the Europe and Hong Kong; Beijing ( China ) as a project manager for a leading UK localization company, planning and executing localization projects, mainly for high-end automotive and IT clients; Taipei ( Taiwan ) as a project manager for a Dutch localization company and later as an international affair specialist at Center for Research on Econometric Theory and Applications, National Taiwan University, responsible for executing international conferences and liaising between local and international academic and financial institutions. The latest job was at Fubon Financial Holdings, the second largest financial institution in Taiwan, as a financial translator, mainly responsible for translating wide ranges of investment and securities reports into Chinese or vice versa, having solid knowledge of financial markets and different industries, also responsible for translating marketing and sales materials.
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