don see 65 6398 7955 donsee dbsvickers com 23 jun 2004 companyfocus singapore equity research www dbs v i c k e rs om refer to important disclosures at the end of this report ges international positive takeaways during a corporate luncheon hosted by vickers management detailed their strategy and reiterated group s outlook pos terminal orders continue rise while evidence is growing over its continued success in acquiring more odm customers we expect margin expand which will lead higher earnings growth cash flow generation low capex requirement should greater dividend payout maintain our estimates target price represents an attractive 44 upside from current levels model incorporates 50 reiterate buy recommendation supplies than ibm ncr & micros requirements key manufacturer terminals for but nec account larger share sales next two years replacement cycle also benefit due dominant position as market leader
