Equity Research About Asus

NCU Equity Research

林聖筑

張嘉⽂文

郭道儒

ASUS Tek.

Business Description

Rating: BUY

The

 main

 product

 of

 ASUS

 is

 consumer

 electronics,

 and

ASUS

  is

  admired

  for

  its

  ability

  to

  consolidate

  the

electronic

  products,

  which

  is

  unique

  in

  the

  industry

domes;cally

  and

  overseas.

  Till

  2013,

  ASUS

  has

  won

4,256

  prizes

  given

  by

  media

  and

  professional

  evalua;on

ins;tu;ons

  all

  over

  the

  world.

  As

  to

  the

  opera;on,

ASUS’s

 revenue

 reached

 421.4

 billion

 NT

 dollars

 in

 2013,

coming

  from

  the

  20.7

  million

  unit

  shipments

  of

  its

motherboard,

 18.8

 million

 unit

 shipments

 of

 its

 NB

 and

12.1

 million

 unit

 shipments

 of

 its

 tablets.

Date: Jan 4, 2015

Figure1. Motherboard

Market Share in 2012

11%

18%

Core Business:

Dominating MB market with 46.2% market

share

46%

6%

19%

ASUS

GIGABYTE

ASRock

Others

MSI

source: IDC

Top 5 NB vendor in the world and take 7.3%

market share

Figure2. market share of

notebook

With its advantage and technology of MB and display

card, ASUS began to produce notebook (NB) in 1997. In

the 2004, ASUS jumped into the top 5 vendors of NB in

the world, and till 2014, ASUS’s NB shipment has

reached 19 million units each year, accounting for the

7.3% of the 3Q14 market share, with the YoY of 16.9%,

which is the top 5 in the world.

20%

34%

18%

Smartphone is growing fast

7%

9%

Lenovo

ASUS

HP

Others

source: IDC

13%

Dell

Founded in 1990, ASUS is the biggest motherboard

(MB) manufacturer in the world with the shipment of 20

million units each year, enjoying a total market share of

46.2%. ASUS is then listed in...