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PET - HOLD - Strong sales, weakened margins - Update

Thanks to Samsung, PET’s 9M13 sales improved by 12.4% compared with 9M12’ sales. However, net profit over the same period dropped 6.9% due to: (1) PET’s reduced ownership by 15% in PSD, the main profit contributor from Samsung distribution and (2) Further gross margin (GM) weakening, from 7.6% last year to 6.3% this year, amid a competitive smart phone market. Although sales still grew as strong as expected, the increase in sales could not compensate.