Asustek's 3Q Results Largely in Line, Maintaining Our FVE At TWD 304

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Morningstar, Inc.

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Equity Bottom-Up

Asus’ tenure as a motherboard developer spans more than 25 years. Now, the group is in the process of transitioning to the mobile business, while buoying its PC division with a diverse notebook lineup.Asus' PC business is capitalizing on its position in emerging markets as it broadens its product portfolio. The group has achieved growth through aggressive low pricing and heavy investment. However, as the price war escalates, the group seeks to persevere through outstanding innovation, rather than low pricing. It expects to sustain growth in its mainstream-product category and achieve explosive growth in its new-product category, including the ZenBook Pro, Chi, EeeBook, and Chromebook. Management forecasts its PC business to achieve 15% compound average growth from 2013 to 2017. However, given growing competition, declining average selling prices, and unfavourable foreign exchange trends, we think the group’s growth prospects in the PC business will be limited.Asus is expanding its mobile business rapidly, including smartphone and tablets, especially in Asia-Pacific. The firm aims to focus on innovation and the customer experience while controlling costs by reducing tablet model count.Analyst: Allen Cheng

Asus’ tenure as a motherboard developer spans more than 25 years. Now, the group is in the process of transitioning to the mobile business, while buoying its PC division with a diverse notebook lineup.Asus' PC business is capitalizing on its position in emerging markets as it broadens its product portfolio. The group has achieved growth through aggressive low pricing and heavy investment. However, as the price war escalates, the group seeks to persevere through outstanding innovation, rather than low pricing. It expects to sustain growth in its mainstream-product category and achieve explosive growth in its new-product category, including the ZenBook Pro, Chi, EeeBook, and Chromebook. Management forecasts its PC business to achieve 15% compound average growth from 2013 to 2017. However, given growing competition, declining average selling prices, and unfavourable foreign exchange trends, we think the group’s growth prospects in the PC business will be limited.Asus is expanding its mobile business rapidly, including smartphone and tablets, especially in Asia-Pacific. The firm aims to focus on innovation and the customer experience while controlling costs by reducing tablet model count.Analyst: Allen Cheng

Asus Is Shifting Its Product Mix from Netbooks to All-New Ultrabooks, Tablets, and Smartphones

Asustek Computer

Asus Is Shifting Its Product Mix from Netbooks to All-New Ultrabooks, Tablets, and Smartphones