Epistar Corp. (2448 TT/ Hold/ NT$96.0)
Entering solar industry with trial production of GaAs solar cells (Neutral.) |
| TAIEX Level: | 8989.53 | +159.48 | (+1.8%) |
| Electronics Level: | 342.11 | +5.78 | (+1.7%) |
| Finance Level: | 1183.19 | +31.69 | (+2.8%) |
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Event: Entering solar industry with trial production of GaAs solar cells (Neutral.) Primasia Comment Epistar Corp. has announced plans to enter the solar industry, according to media reports. Since some of its LED capacities are currently running at ultra-low utilization as a result of weak demand for four-element LEDs, Epistar says it will begin trial production of GaAs solar cells by the end of 2008. We take a neutral view on this news, as we don’t expect to see a meaningful earnings contribution in 2008. Unlike current mainstream crystalline solar cells, GaAs solar cells are produced by similar processes and equipment as LEDs are, and conversion efficiency can reach 30% vs. 16%-17% for crystalline-based solar cells. However, we don’t expect this new business to bring meaningful earnings to Epistar this year, due to the long customer qualification period (around one year) and its small capacity of 1MW/year. In addition, while the price differential between GaAs solar cells and crystalline solar cells is around 3x, whether or not demand for GaAs LEDs will pick up remains uncertain. |
| EPISTAR (2448 TT) : Institutional Money Flow, '000 shares | |||||||||
| 2448 | Brokers | FINI | SITC | Prop. | Sum | Margin Loan |
Short Interest |
||
| Major | Foreign | Minor | |||||||
| Balance | 121,446 | 13,711 | 6,821 | 141,978 | 45,290 | 6,487 | |||
| 1 day | -2,000 | 1,456 | -797 | 3,330 | 370 | 1,342 | 5,042 | -687 | 425 |
| 5 days | -2,021 | 1,595 | -797 | 3,033 | 853 | 1,223 | 5,109 | 1,769 | 495 |
| 20 days | 1,607 | -7,713 | 1,609 | -10,758 | 933 | 4,487 | -5,338 | 6,504 | 3,751 |
| 60 days | 1,084 | -6,128 | 2,137 | -12,896 | -9,635 | 2,898 | -19,633 | 11,263 | 4,312 |
| TAIEX | FINI (NT$mn) |
SITC (NT$mn) |
Prop. (NT$mn) |
Sum (NT$mn) |
Margin Loan (NT$mn) |
Short Interest ('000 shares) |
Brokers | ||
| Major (NT$mn) |
Foreign (NT$mn) |
Minor (NT$mn) | |||||||
| Balance | 7,567,704 | 511,575 | 117,321 | 8,196,601 | 434,459 | 471,048 | |||
| 1 day | 13,655 | 1,566 | 1,998 | 17,219 | -213 | 11,752 | -7,562 | 8,045 | -1,828 |
| 5 days | -12,790 | 2,766 | 4,817 | -5,207 | 6,683 | 30,309 | 4,618 | -8,806 | 1,604 |
| 20 days | -42,863 | 14,269 | 14,373 | -14,221 | 34,656 | 241,632 | 17,336 | -38,228 | 11,714 |
| 60 days | -174 | 32,892 | 40,701 | 73,419 | 69,386 | -140,589 | -11,585 | -29,537 | 14,230 |
| DoD | 97/03 | MoM | |||
| Overnight rate (%): | 2.1030 | -0.0110 | CBC O/S CDs (NT$bn): | 4,172 | -19 |
| 90day CP Rate: | 2.2125 | -0.0125 | OBU non-bank deposits (NT$m): | 26,476 | -912 |
| 10-yr TGB (%): | 2.5430 | 0.0270 | CBC FX Reserves (US$m): | 286,860 | 9,022 |
| NTD:USD exchange rate: | 30.8730 | 0.0000 | |||
| DoD | DoD | ||||
| 512Mb DDR2 DRAM (USD): | 1.05 | 0.00 | Crude oil (USD) | 125.90 | 0.10 |
| % TWSE | Performance % chg. | Vol. | Mkt.Cap. | ||||||
| DoD | WoW | MoM | QoQ | YTD | NT$mn | NT$bn | |||
| TWSE | 8,990 | 100.0 | 1.8 | 1.5 | 0.9 | 19.1 | 8.0 | 138,455 | 22,815 |
| TWOTC | 158 | 8.4 | 0.9 | 0.5 | 3.0 | 31.0 | 3.1 | 19,911 | 1,906 |
| TWN50 | 6,388 | 49.1 | 2.1 | 1.3 | 0.4 | 15.9 | 6.5 | 65,704 | 11,210 |
| MSCI | 346 | 80.5 | 2.1 | 1.2 | 0.7 | 17.0 | 6.2 | 92,977 | 18,374 |
| Electronics | 342 | 51.4 | 1.7 | 0.7 | 1.8 | 20.3 | -0.4 | 74,967 | 11,735 |
| Financials | 1,183 | 15.1 | 2.7 | 0.7 | -0.3 | 16.9 | 28.8 | 14,650 | 3,455 |
| Traditionals | 896 | 34.7 | 1.5 | 3.0 | -0.2 | 23.0 | 218.5 | 48,001 | 7,906 |
| Electronics | 342 | 51.4 | 1.7 | 0.7 | 1.8 | 20.3 | -0.4 | 74,967 | 11,735 |
| System assemblers | 7,951 | 6.5 | 2.9 | 2.5 | -10.1 | 7.3 | -13.0 | 14,947 | 1,478 |
| Notebook PC | 764 | 1.9 | 1.7 | 3.4 | 12.3 | 36.2 | 12.1 | 1,536 | 422 |
| Motherboard | 622 | 2.1 | 1.9 | -2.4 | 2.0 | 0.0 | 1.8 | 1,950 | 468 |
| Telecom system | 147 | 4.9 | 0.8 | -0.1 | 0.7 | 5.1 | 13.2 | 1,876 | 1,119 |
| IC manufacturing | 7,350 | 11.0 | 1.6 | 1.1 | 6.4 | 11.7 | 7.0 | 7,173 | 2,511 |
| IC design | 804 | 4.1 | 2.5 | -1.2 | 4.4 | 43.3 | -0.9 | 14,132 | 934 |
| IC packaging/testing | 695 | 2.3 | 2.4 | 3.8 | 1.4 | 0.0 | 1.6 | 2,962 | 524 |
| TFT-LCD | 105 | 4.2 | 1.1 | -2.5 | 4.1 | 35.4 | 15.6 | 4,986 | 961 |
| Monitor | 29 | 0.2 | 0.6 | 1.1 | 1.5 | 18.1 | -10.6 | 359 | 53 |
| IT channels | 1,029 | 1.4 | 0.8 | -0.3 | 4.2 | 0.0 | 10.9 | 2,466 | 326 |
| Financials | 1,183 | 15.1 | 2.7 | 0.7 | -0.3 | 16.9 | 28.8 | 14,650 | 3,455 |
| FHC | 168 | 12.3 | 2.7 | 0.2 | -0.1 | 14.5 | 27.8 | 10,166 | 2,802 |
| Banks | 922 | 1.9 | 1.2 | 2.4 | -0.5 | 57.9 | 57.1 | 1,839 | 444 |
| Traditionals | 896 | 34.7 | 1.5 | 3.0 | -0.2 | 23.0 | 218.5 | 48,001 | 7,906 |
| Plastics | 230 | 7.2 | 1.8 | 2.9 | -3.0 | 11.0 | -4.1 | 7,511 | 1,641 |
| Textile | 462 | 1.9 | 1.5 | 2.2 | -4.5 | 10.9 | 21.7 | 1,526 | 428 |
| Electrical | 93 | 0.9 | 0.5 | 2.1 | -0.7 | 15.0 | 6.8 | 969 | 201 |
| Chemicals | 130 | 1.9 | 0.4 | 5.0 | 9.9 | 28.8 | 29.9 | 4,116 | 429 |
| Steel | 167 | 3.9 | 1.9 | 1.3 | 6.7 | 20.3 | 23.0 | 6,949 | 890 |
| Transportation | 134 | 2.8 | 1.5 | 2.4 | -1.7 | 23.2 | 15.1 | 3,685 | 630 |
| (NT$mn) | 05/13 | 5 Days | 20 Days | 60 Days | |
| IC manufacturing | 3,648 | 6,217 | 24,557 | 48,834 | |
| Steel | 738 | 2,573 | 12,286 | 16,608 | |
| Notebook PC | 286 | 1,506 | 5,361 | 7,575 | |
| IC packaging/testing | 823 | 1,322 | -1,979 | 908 | |
| IT channels | -87 | 517 | 2,328 | 2,202 | |
| Motherboard | 523 | 385 | 7,215 | 20,406 | |
| TFT-LCD | 1,473 | 296 | 8,528 | -19,336 | |
| Transportation | -88 | 56 | -5,345 | -13,324 | |
| Electrical | -118 | -317 | -825 | 1,651 | |
| Monitor | -63 | -345 | -629 | -1,004 | |
| Banks | 196 | -502 | -938 | 4,409 | |
| IC design | 1,361 | -792 | -4,395 | 11,838 | |
| Textile | -54 | -847 | -1,781 | -5,023 | |
| Telecom system | 3 | -937 | -8,035 | -4,179 | |
| Plastics | 1,163 | -2,456 | -17,962 | -16,610 | |
| FHC | 2,250 | -8,142 | 16,850 | 22,130 | |
| System assemblers | 801 | -9,857 | -52,552 | -60,795 | |
| FINI Bought | '000 shares | (NT$mn) | SITC Bought | '000 shares | (NT$mn) | Prop. Bought | '000 shares | (NT$mn) | ||
| 2330 TSMC | 44879 | 3073.0 | 1102 ACC | 8376 | 461.0 | 2317 HONHAI | 1169 | 197.8 | ||
| 2498 HTC | 1695 | 1439.3 | 2317 HONHAI | 1806 | 304.3 | 2448 EPISTAR | 1342 | 127.5 | ||
| 2409 AUO | 15825 | 956.9 | 1301 FPC | 2475 | 218.8 | 2882 CATHAYHOLDINGS | 1407 | 113.6 | ||
| 2354 FTC | 4793 | 857.5 | 1326 FCFC | 2481 | 188.7 | 2454 MTK | 266 | 110.6 | ||
| 2002 CSC | 14566 | 736.2 | 2325 SPIL | 3385 | 178.9 | 3049 SINTEK | 5894 | 89.3 | ||
| 2454 MTK | 1725 | 709.0 | 2311 ASE | 5178 | 173.6 | 3009 CMO | 1973 | 84.4 | ||
| 2357 ASUSTEK | 5463 | 536.4 | 2485 ZINWELL | 1287 | 150.9 | 2002 CSC | 1601 | 80.8 | ||
| 2353 ACER | 6963 | 477.8 | 1710 OUCC | 3491 | 150.0 | 3227 PXI | 278 | 74.9 | ||
| 2882 CATHAYHOLDINGS | 5466 | 443.1 | 8081 GMT | 621 | 136.4 | 1710 OUCC | 1292 | 55.9 | ||
| 2888 SKFHC | 14328 | 386.3 | 1313 UPC | 5626 | 119.6 | 3518 PT Tech. | 211 | 49.0 | ||
| FINI Sold | '000 shares | (NT$mn) | SITC Sold | '000 shares | (NT$mn) | Prop. Sold | '000 shares | (NT$mn) | ||
| 1101 TCC | -15147 | -766.0 | 2347 Synnex | -2903 | -240.2 | 8926 TCC | -3604 | -89.7 | ||
| 3231 Wistron | -7312 | -386.1 | 6168 HARVATEKCORPOR | -3775 | -177.5 | 2498 HTC | -91 | -77.6 | ||
| 2347 Synnex | -4144 | -342.7 | 2891 CFHC | -5502 | -166.4 | 3014 ITE | -363 | -43.2 | ||
| 1722 TFC | -1763 | -273.2 | 3211 Dynapack | -1023 | -143.2 | 1216 UNI-PRESIDENT | -966 | -41.8 | ||
| 2854 Polaris | -11271 | -217.8 | 2015 FH | -1520 | -132.8 | 2704 AMBH | -509 | -27.3 | ||
| 2301 LTC | -5819 | -205.3 | 2371 TATUNGCO. | -7208 | -126.0 | 2889 NA | -2526 | -26.5 | ||
| 4904 FarEasTone | -4056 | -199.5 | 2892 FFHC | -3535 | -122.9 | 2883 CDIBH | -1858 | -25.4 | ||
| 6121 SMP | -1166 | -191.9 | 3514 Gintech | -425 | -120.5 | 2548 HUAKU | -207 | -24.9 | ||
| 6008 KGI | -7152 | -182.8 | 2002 CSC | -1995 | -100.7 | 1326 FCFC | -279 | -21.1 | ||
| 2903 FEDS | -4072 | -181.1 | 3231 Wistron | -1900 | -100.7 | 2028 WEICHIH | -1012 | -20.5 | ||