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Advanced Semiconductor Engineering, Inc.’s (ASE) common stock price has appreciated significantly since our 4Q 08 and FY 2008 update report reflecting broader index movements during the period and an improved business outlook for the company. On 06 May 2009 the company announced an 11.3% m-o-m increase (-27.1% y-o-y) in April 2009 total net revenues with [...]

Earning Release Domtar Corporation (NYSE:UFS) reported its 1Q 09 results on 01 May 2009, with revenue growth falling in line with our expectations, but with a greater net loss than we had forecast. We remain concerned about the weak demand outlook for paper and pulp over the near-to-medium term. Considering this, as well as the [...]

Siliconware Precision Industries Ltd.’s (SPIL) common stock price has rallied since our 4Q 08 and FY 2008 update report, in line with broader index movements during the period. We continue to believe that stronger demand from China will benefit SATS companies including SPIL and Advanced Semiconductor Engineering, Inc. (ASE) in the near term. While SPIL [...]

Earning Release ASM International N.V.’s (NASDAQ:ASMI) 1Q 09 net sales and operating performance fell short of our expectations while bottom-line outperformed. With global equipment demand showing no signs of improvement in the near term, Management has not provided any guidance. However, the company has initiated a new program to further accelerate its cost-reduction efforts and [...]

Despite reporting significant deterioration, Advanced Semiconductor Engineering, Inc.’s (ASE) 1Q 09 operating income and adjusted net income outperformed our expectations. Going forward, it is likely that we will improve our margin estimates to reflect better-than-expected cost efficiency in 1Q 09. Hence, at current price levels, we moderate our rating for the common stock from a [...]