TSL analysis

2008 Q1
  --Revenue $120.67 million
  --Gross profit $31.07 million, margin 25.7%
  --operating expense: $10.87 million admin overhead 34.98%
  --operating income $21.2 margin, 17.5%
  -- net income before income tax $13.94 million, tax $1.07million, tax rate 7.6%
  --net income $12.87 million, margin 10.66%, if excluding $4million exchange loss, net income is $16.87million, margin 13.9%

2008 Q2 outlook:
  -- Revenue $200-$205 million
  --net income will be $21.32-21.85million assuming margin 10.66%
                          or $27.8-28.9 million assuming margin 13.9%
  $10million may need to be deducted for debt expense. So the net income may be $11million - 18million.
-- number of shared $29.6million, 
-- eps is 37c-60c

2008 Q2 results
-- Revenue $204.1million
--gross profit  $47.37million, gross margin 23.2%
--operating profit $18.2 million admin overhead 38.42%
--net profit  $17.1 million, net margin 8.3%
--eps 68c

2008 outlook:
-- Revenue: $850-900million,
-- net income $70(min)-83(mean)million ,
-- eps is $2.39-2.84 (assume 29.2million shares)
-- p/e ratio at current price 31.9 is 11.2-13.3

Comments:
--Very high management overhead 38%!!!

[whymax]

2008 Q2 TSL result:
--Revenue $204.2million
--Gross profit $47.4million, margin 23.2%
Operating expenses: $18.2million, overhead 38.4%
--net income $17.1 million net margin 8.3%
--eps 0.68
--Overall, high operating expenses