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NoteBooks Sales Drop in Feb-2013 – Globally

March 15th, 2013

LaptopFebruary top five NoteBook ODMs shipments were 9.4mn units (-18% MoM, -26% YoY), missing our estimate by 7%. Combined January and February shipments dropped 9% YoY, which was the second YoY decline since 2010 due to ongoing soft end demand. Quanta was the only ODM to post in-line NB shipments in February (-12% MoM/-36% YoY), while Wistron, Compal, Pegatron and Inventec came in below our forecasts by 4-12%. Compal’s tablet PC shipments were around ~350K units, -13% MoM. SmartPhone Shipments was also little weaker than expected in Fe-2013

Industry lowered 1Q NetBook shipments growth expectation to down 19% QoQ (-13% YoY) from the previous -13% QoQ (-7% YoY), reflecting downward projections for each of the top 5 ODMs. Our projection of 19% QoQ decline for NB ODM shipments is larger than Greater China PC brands’ down 10-15% QoQ, which we attribute to likely inventory controls for PC brands due to ongoing sluggish demand and the weakness at non-Greater China PC brands.

The total NB shipments to stay flattish QoQ (-19% YoY) in 2Q.

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