Summary 3
In stock-picking mode 3
Segment summaries 3
PC Hardware 8
Global PC shipments to see 2.5% y-o-y decline in 2009 8
Investment angles 9
Valuation and risks 10
Company forecasts 11
Handsets 12
Industry assumptions 12
Smartphones – intensifying competition 13
Component makers focus on market share, product mix 14
Valuation and risks 15
TFT-LCD 17
Better consumer demand. 17
Tight supply to last to Oct 09 18
Supply chain inventory should remain healthy 18
Upbeat earnings recovery would be catalyst 19
Valuation/rating and risk 19
Semiconductors 22
Questionable demand 22
Near-term trends and stock thesis 24
Favourite ideas 26
Upcoming catalysts 28
Valuation 29
PCB and Substrate 31
Industry assumptions 31
Recession-busting secular trends 32
Catalysts 32
Valuation and risk 32
Solar 34
Industry assumptions 34
Negative on all Asian names 35
Sector valuation and risks 36
Appendix of tables/charts 38
Disclosure appendix 48
Disclaimer 51