Company Update

Taiwan: Electronic Components Action

HOLD (Unchanged)
TP upside (downside) (15.9)% Close 6 March, 2012
Price 12M Target Previous Target TAIEX NT$38.05 NT$32.00 NT$33.00 7,938.0

7 March, 2012 Our view

Camera modules and power supply are the two brighter portfolio. We recommend investors wait for a better entry point. spots in Lite-On Techs product

Whats new?
We expect 4Q11 results to come in below consensus expectations. We cut our 2012/13 net profit forecasts by 7%/6%, on lower operating margin assumptions.

Company profile: Lite-On Tech manufactures a wide range of computer components and peripheral equipment, including power supplies, LEDs, imaging devices, PC barebones and casing.
Share price performance relative to TAIEX
43 41 39 37 35 33 31 29 27 25 Mar-11 Jun-11 Sep-11 Dec-11 -6 -11 -16 14 9 4 -1
Share Price (NT$) Performance relative to TAIEX (%)

Lite-On Tech (2301 TT)

19

Wait for a better entry point

Maintain HOLD: Lite-On Techs share price has risen 33% since we published our last report Good parking for hefty yield on Oct 31; however, we no longer view the stock as a good parking spot, as we are cutting our earnings forecasts. Despite solid prospects for its camera earnings growth is likely to be moderate in 2012, while we expect module and power supply business, Lite-On Techs overall revenue and several other businesses to remain sluggish. Our TP of NT$32 is based on the avg. of P/E and DCF valuations, and implies 16% downside. Lowering expectations for 4Q11 results: We trim our 4Q11F OPM from 5.8% to 5.5%, as 4Q11 revenue was 2% below our estimate. We also cut our investment income forecast to lower our forecast risk, given the diversified nature of its investments. In all, we cut our 4Q11F net profit by 17% to NT$1.8 bn, from our previous forecast of NT$2.1 bn (which is also the current consensus expectation). Softness in a few areas: In 4Q11, Lite-On Techs LED revenue fell 30% QoQ, while Connected Device and System (motherboard and floods in early Oct. We are concerned that the two businesses networking) revenue also dropped 19% QoQ, both impacted by Thai remain sluggish and may drag its revenue growth outlook for 2012. Bright spots camera module and power supply: Lite-On Tech has this advantage onto tablet camera modules. For handset camera modules, the company has also added a customer in Korea and Europe, aside from key customer HTC (2498 TT; BUY). In power obtained a 30% NB camera module market share, and is leveraging

Market cap 6M avg. daily turnover Outstanding shares Free float FINI ownership Major shareholders Net debt/equity BVPS (2011F) P/B (2011F)
Financial outlook (NT$ mn) Year to Dec Sales Op. profit Net profit EPS (NT$) EPS growth (%) DPS (NT$) P/E (X) Div. yield (%) ROE (%) 2010 123,456 7,264 8,986 3.91 26.8 2.87 9.7 7.5 13.6 2011F

US$2,979.7 mn US$7.0 mn 2,310.0 mn 77.5% 43.5% Board of directors, 8.3% (23.3%) NT$28.74 1.3x

2012F 118,413 6,263 7,770 3.36 3.4 2.49 11.3 6.5 11.5

2013F 126,056 6,593 8,191 3.55 5.4 2.62 10.7 6.9 11.8

118,889 6,536 7,513 3.25 (16.9) 2.37 11.7 6.2 11.2

Primary Analyst: Vincent Chen +886 2 3518 7903 vincent.chen@yuanta.com With significant contribution from:

supply, it has increased market share in server power supply from 15% in 2010 to 20% in 2011, on the back of new customer additions.

Jessie Chen
+886 2 3518 7908 jessie.chen@yuanta.com

ANALYST CERTIFICATION AND IMPORTANT DISCLOSURES BEGIN ON PAGE 8.

Yuanta does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision.

Earnings revisions
We lower our 2012F and 2013F revenue by 2% and 1%, respectively, on a weaker demand outlook for a few of Lite-On techs product lines, such as LED and We cut our 2012F/2013F net profit by 6.5% and 6.2% Connected Device and System. Meanwhile, we also cut our 2012F OPM from 5.7% to 5.3% and our 2013F OPM from 5.7% to 5.2% on a lower-than-expected revenue scale. We keep our non-op forecasts unchanged, but we highlight downside risk here as Lite-On Tech has a diversified investment portfolio, and the overall demand situation is not particularly strong. Net-net, we cut our 2012 net profit forecast by 6.5% and 2013 by 6.2%. Figure 1: Our 2011-13F forecast revisions for Lite-On Tech
NT$ mn New Revenue Gross Profit OPEX Operating Profit Non-op PBT PAT Margin (%) Gross Margin OPEX Op Margin Net Margin 12.3% 6.8% 5.5% 6.3% 12.4% 6.8% 5.6% 6.5% 12.6% 7.3% 5.3% 6.6% 12.8% 7.1% 5.7% 6.9% 12.6% 7.4% 5.2% 6.5% 12.8% 7.2% 5.7% 6.9% 118,889 14,662 8,127 6,536 2,151 8,687 7,513 2011F Old 120,363 14,902 8,167 6,735 2,376 9,111 7,877 Change -1.2% -1.6% -0.5% -3.0% -9.4% -4.7% -4.6% New 118,413 14,942 8,679 6,263 2,776 9,039 7,770 2012F Old 121,072 15,503 8,610 6,893 2,776 9,669 8,311 Change -2.2% -3.6% 0.8% -9.1% 0.0% -6.5% -6.5% New 126,056 15,923 9,330 6,593 2,936 9,529 8,191 2013F Old 127,523 16,386 9,159 7,227 2,936 10,163 8,736 Change -1.2% -2.8% 1.9% -8.8% 0.0% -6.2% -6.2%

Source: Yuanta Research estimates

Yuanta
Taiwan: Electronic Components 7 Mar, 2012

Lite-On Tech (2301 TT) Company Update Page 2 of 9

Valuation
Our TP is down from NT$33 to NT$32, which implies 16% downside Our TP is down from NT$33 to NT$32 and our target price is derived from the average of our P/E and DCF valuation methodologies. Our valuation methods remain unchanged from our last report.

We use a P/E-based valuation, as it is usually adopted for downstream tech companies because of their relatively stable profitability. We continue to apply a historical average P/E multiple since 2008. We also use a DCF valuation to reflect the companys ability to consistently generate free cash flow. Our DCF TP is NT$29.7, assuming 7.4% weighted average cost of capital (WACC) and 0% perpetuity growth rate. Figure 2: Peer valuation comparison table
Company Lite-On Local peers Delta Chicony Dynapack Simplo Shin Zu Shing KYE Ju Teng Average 2308 TT 2385 TT 3211 TT 6121 TT 3376 TT 2365 TT 9136 TT BUY HOLD BUY BUY SELL Not rated BUY 4.8 6.9 10.4 12.9 2.6 1.0 HK$0.21 6.0 5.0 13.7 16.6 2.9 N.A. HK$0.22 6.8 2.6 16.0 19.4 3.4 N.A. HK$0.29 16.5 8.4 16.6 16.9 32.4 13.9 12.6 16.8 13.1 11.7 12.6 13.1 29.1 N.A. 12.3 15.3 11.5 22.6 10.8 11.2 25.2 N.A. 9.1 15.1 -27.6% 20.5% 30.6% 8.3% -43.1% -33.6% -30.1% -10.7% 25.5% -27.7% 31.9% 29.0% 11.1% N.A. 2.9% 12.1% 13.9% -48.3% 16.9% 16.8% 15.6% N.A. 34.4% 8.2% Ticker 2301 TT Rating 2011F HOLD 3.3 EPS 2012F 3.4 2013F 3.5 2011F 11.7 PER (x) 2012F 11.3 2013F 10.7 2011F -16.9% EPS growth (%) 2012F 3.4% 2013F 5.4%

target P/E of 10x to our 2012F EPS and derive a P/E-based TP of NT$34. 10x is the

Source: Company data, Yuanta Research, Bloomberg Notes: EPS figures are denominated in local currency

Figure 3: Peer valuation comparison table (continued)

Company Lite-On Local peers Delta Chicony Dynapack Simplo Shin Zu Shing KYE Ju Teng Average 2308 TT 2385 TT 3211 TT 6121 TT 3376 TT 2365 TT 9136 TT BUY HOLD BUY BUY SELL Not rated BUY 13.2% 27.2% 29.2% 23.6% 6.1% N.A. 5.1% 17.4% 16.0% 18.2% 32.8% 24.9% 6.3% N.A. 5.0% 17.2% 16.9% 9.4% 32.3% 24.8% 7.1% N.A. 6.4% 16.1% 4.5% 6.8% 4.1% 2.8% 2.1% N.A. 0.0% 3.4% 5.7% 6.0% 4.9% 3.2% 2.1% N.A. 0.0% 3.7% 6.5% 2.6% 5.5% 3.7% 2.1% N.A. 37.6% 9.7% 2.6 2.3 4.0 3.6 1.9 N.A. 0.6 2.5 2.4 2.2 3.4 3.0 1.8 N.A. 0.6 2.2 2.2 2.3 2.8 2.6 1.8 N.A. 0.6 2.1 Ticker 2301 TT Rating 2011F HOLD 11.2% ROE (%) 2012F 11.5% 2013F 11.8% 6.2% Dividend yield (%) 2011F 2012F 6.5% 2013F 6.9% 2011F 1.3 PBR (x) 2012F 1.3 2013F 1.2

Source: Company data, Yuanta Research, Bloomberg

Yuanta
Taiwan: Electronic Components 7 Mar, 2012

Lite-On Tech (2301 TT) Company Update Page 3 of 9

Figure 4: Quarterly highlights (core business on a pro forma basis)

(NT$ mn) Sales COGS Gross profit Opex Operating profit Non-operating profit Pre-tax profit Minority interest Income tax Net income FD WA EPS (NT$) Wtd. avg. no. of shares Margin analysis Gross margin Operating margin Pre-tax margin Effective tax rate Growth (% QoQ) Sales Operating profit Net income EPS Sales breakdown (NT$mn) Power Optoelectronics Mechanical Competence Connected devices and system Total Sales breakdown (%) Power Optoelectronics Mechanical Competence Connected devices and system Total 1Q2011A 28,379 (25,235) 3,145 (1,706) 1,438 258 1,696 0 (251) 1,445 0.63 2,310 11.1% 5.1% 6.0% 14.8% (7.2%) (9.9%) (33.9%) (34.3%) 11,072 5,962 8,448 2,897 28,379 39.0% 21.0% 29.8% 10.2% 100% 2Q2011A 30,195 (26,476) 3,719 (2,085) 1,634 280 1,914 0 (210) 1,704 0.74 2,310 12.3% 5.4% 6.3% 11.0% 6.4% 13.6% 17.9% 17.9% 10,984 8,053 7,896 3,262 30,195 36.4% 26.7% 26.2% 10.8% 100% 3Q2011A 31,239 (27,139) 4,100 (2,235) 1,866 1,136 3,002 0 (422) 2,580 1.12 2,310 13.1% 6.0% 9.6% 14.0% 3.5% 14.2% 51.4% 51.4% 11,088 8,705 7,956 3,490 31,239 35.5% 27.9% 25.5% 11.2% 100% 4Q2011F 29,076 (25,378) 3,699 (2,101) 1,598 477 2,075 0 (291) 1,784 0.77 2,310 12.7% 5.5% 7.1% 14.0% (6.9%) (14.3%) (30.9%) (30.9%) 11,532 7,302 7,451 2,792 29,076 39.7% 25.1% 25.6% 9.6% 100% FY2011F 118,889 (104,227) 14,662 (8,127) 6,536 2,151 8,687 0 (1,174) 7,513 3.25 2,310 12.3% 5.5% 7.3% 13.5% (3.7%) (10.0%) (16.4%) (16.9%) 44,676 30,022 31,751 12,440 118,889 37.6% 25.3% 26.7% 10.5% 100% 1Q2012F 26,291 (22,983) 3,309 (1,937) 1,371 512 1,883 0 (265) 1,619 0.70 2,310 12.6% 5.2% 7.2% 14.0% (9.6%) (14.2%) (9.2%) (9.2%) 10,840 6,484 6,754 2,213 26,291 41.2% 24.7% 25.7% 8.4% 100% 2Q2012F 28,253 (24,711) 3,542 (2,082) 1,460 650 2,110 0 (296) 1,814 0.79 2,310 12.5% 5.2% 7.5% 14.0% 7.5% 6.5% 12.1% 12.1% 11,165 7,329 7,296 2,462 28,253 39.5% 25.9% 25.8% 8.7% 100% 3Q2012F 31,331 (27,381) 3,950 (2,286) 1,664 861 2,525 0 (355) 2,170 0.94 2,310 12.6% 5.3% 8.1% 14.0% 10.9% 14.0% 19.6% 19.6% 12,281 8,237 7,803 3,009 31,331 39.2% 26.3% 24.9% 9.6% 100% 4Q2012F 32,537 (28,396) 4,141 (2,374) 1,768 753 2,521 0 (354) 2,167 0.94 2,310 12.7% 5.4% 7.7% 14.0% 3.9% 6.2% (0.2%) (0.2%) 12,895 8,807 7,694 3,141 32,537 39.6% 27.1% 23.6% 9.7% 100% FY2012F 118,413 (103,470) 14,942 (8,679) 6,263 2,776 9,039 0 (1,270) 7,770 3.36 2,310 12.6% 5.3% 7.6% 14.0% (0.4%) (4.2%) 3.4% 3.4% 47,181 30,857 29,548 10,826 118,413 39.8% 26.1% 25.0% 9.1% 100%

Source: Company data, Yuanta Research estimates Note: A represents historical data reconciled by Yuanta

Yuanta
Taiwan: Electronic Components 7 Mar, 2012

Lite-On Tech (2301 TT) Company Update Page 4 of 9

Figure 5: 12-month forward looking P/E band chart

NT$

110

29.9x P/E

90

23.9x P/E

70 17.8x P/E 50 11.8x P/E 30 5.7x P/E 10 Mar-07 Mar-08 Mar-09 Mar-10 Mar-11

Source: Company data, Yuanta

Figure 6: 12-month forward looking P/B band chart

NT$

83 2.5x P/B 73 63 53 1.6x P/B 43 33 23 0.6x P/B 13 Mar-07 Mar-08 Mar-09 Mar-10 Mar-11 1.1x P/B 2.0x P/B

Source: Company data, Yuanta

Yuanta
Taiwan: Electronic Components 7 Mar, 2012

Lite-On Tech (2301 TT) Company Update Page 5 of 9

Balance Sheet
Year as of Dec (NT$ mn) Cash & ST investment Inventories Accounts receivable Others Current assets LT investments Net fixed assets Others Other assets Total assets Accounts payable ST borrowings Others Current liabilities Long-term debts Others Long-term liabilities Total liabilities Paid-in capital Capital surplus Retained earnings Capital adjustment Shareholders' equity 2009 27,821 11,522 24,193 2,652 66,188 26,634 21,992 8,569 57,195 123,383 37,395 248 3,301 40,944 14,513 3,683 18,196 59,140 22,621 32,548 7,866 1,208 64,243 2010 25,442 13,424 26,669 2,652 68,187 26,634 26,108 8,927 61,669 129,856 39,795 64 3,842 43,701 11,270 6,538 17,808 61,509 22,848 33,446 10,326 1,727 68,347 2011F 29,752 11,505 24,912 2,638 68,807 26,634 28,520 6,000 61,154 129,961 39,089 64 3,680 42,833 14,200 6,538 20,738 63,571 22,848 34,198 9,344 0 66,390 2012F 29,348 11,459 24,316 2,635 67,757 26,634 30,347 6,000 62,981 130,738 37,765 64 3,885 41,714 14,200 6,538 20,738 62,452 22,848 34,975 10,464 0 68,286 2013F 28,926 12,199 25,368 2,641 69,133 26,634 31,648 6,000 64,282 133,414 38,192 64 4,043 42,299 14,200 6,538 20,738 63,037 22,848 35,794 11,735 0 70,377

Profit and Loss

Year to Dec (NT$ mn) Sales Cost of goods sold Gross profit Operating expenses Operating profit Interest income Interest expense Net interest Net Invst.Inc/(loss) Net oth non-op.Inc/(loss) Net extraordinaries Pretax income Income taxes Net profit EBITDA EPS (NT$) EPS (NT$) Bonus Adj. 2009 97,229 13,612 (7,494) 6,118 0 (170) (170) 1,472 622 0 8,042 (990) 7,052 7,502 3.09 3.09 2010 123,456 15,990 (8,726) 7,264 0 (73) (73) 3,092 (51) 0 10,232 (1,246) 8,986 8,944 3.91 3.91 2011F 118,889 14,662 (8,127) 6,536 0 (37) (37) 2,193 (4) 0 8,687 (1,174) 7,513 8,435 3.25 3.25 2012F 118,413 14,942 (8,679) 6,263 0 (10) (10) 2,870 (84) 0 9,039 (1,270) 7,770 8,363 3.36 3.36 2013F 126,056 15,923 (9,330) 6,593 0 (10) (10) 3,030 (84) 0 9,529 (1,338) 8,191 8,875 3.55 3.55

(83,618) (107,466) (104,227) (103,470) (110,132)

Source: Company data, Yuanta

Key Ratios
Year to Dec Growth (% YoY) Sales Op profit (31.6) 7.7 7.4 59.6 58.1 27.0 18.7 19.2 27.4 26.8 (3.7) (10.0) (5.7) (16.4) (16.9) (0.4) (4.2) (0.9) 3.4 3.4 6.5 5.3 6.1 5.4 5.4 2009 2010 2011F 2012F 2013F

Source: Company data, Yuanta

Cash Flow
Year to Dec (NT$ mn) Net profit Depr & amortization Change in working cap. Others Operating cash flow Capex Change in LT inv. Change in other assets Investment cash flow Change in share capital Net change in debt Other adjustments Financing cash flow Net cash flow Free cash flow 2009 7,052 1,384 (1,028) 1,711 9,118 (1,500) 900 0 (600) 0 (1,772) (3,475) (5,247) 3,271 8,518 2010 8,986 1,680 (1,437) 2,264 11,492 (5,500) 400 0 (5,100) 0 (3,427) (5,344) (8,771) (2,379) 6,392 2011F 7,513 1,900 2,821 (342) 11,892 (4,000) 400 0 (3,600) 0 2,930 (6,912) (3,982) 4,310 8,292 2012F 7,770 2,099 (474) (726) 8,669 (3,600) 400 0 (3,200) 0 0 (5,873) (5,873) (404) 5,469 2013F 8,191 2,282 (1,212) (744) 8,517 (3,240) 401 0 (2,839) 0 0 (6,100) (6,100) (422) 5,678

EBITDA Net profit EPS Profitability (%) Gross margin Operating margin EBITDA margin Net profit margin ROA ROE Stability Gross debt/equity (%) Net cash (debt)/equity (%) Int. coverage (X) Int. & ST debt cover (X) Cash flow int. cover (X) Cash flow/int. & ST debt (X) Current ratio (X) Quick ratio (X) Net debt (NT$ mn) BVPS (NT$) Valuation Metrics (x) P/E P/FCF P/B P/EBITDA P/S

14.0 6.3 7.7 7.3 5.7 11.6

13.0 5.9 7.2 7.3 6.9 13.6

12.3 5.5 7.1 6.3 5.8 11.2

12.6 5.3 7.1 6.6 5.9 11.5

12.6 5.2 7.0 6.5 6.1 11.8

23.0 20.3 48.3 19.6 53.6 21.8 1.6 1.3 28.40

16.6 20.6 141.4 75.3 157.6 83.9 1.6 1.3 29.91

21.5 23.3 233.6 86.1 318.4 117.3 1.6 1.3 28.74

20.9 22.1 923.4 122.6 884.6 117.5 1.6 1.3 29.96

20.3 20.8 973.3 129.3 869.1 115.4 1.6 1.3 30.88

Source: Company data, Yuanta

(13,060.0 (14,108.0) (15,487.5) (15,083.5 (14,661.6)

12.3 10.2 1.3 11.6 0.9

9.7 13.7 1.3 9.8 0.7

11.7 10.6 1.3 10.4 0.7

11.3 16.1 1.3 10.5 0.7

10.7 15.5 1.2 9.9 0.7

Source: Company data, Yuanta

Yuanta
Taiwan: Electronic Components 7 Mar, 2012

Lite-On Tech (2301 TT) Company Update Page 6 of 9

Appendix A: Important Disclosures

Analyst Certification Each research analyst primarily responsible for the content of this research report, in whole or in part, certifies that with respect to each security or issuer that the analyst covered in this report: (1) all of the views expressed accurately reflect his or her personal views about those securities or issuers; and (2) no part of his or her compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressed by that research analyst in the research report. Lite-On Tech (2301 TT) Three-year recommendation and target price history
49.8 44.8 39.8 34.8 29.8 24.8 19.8 Mar-09 1 10 2 Sep-09 Share Price NT$ Mar-10 Sep-10 Mar-11 Adjusted Target Price (C) 21.78 22.77 40.80 46.77 41.79 44.78 42.00 40.00 33.00 32.00 33.00 Sep-11 3 4 5 6 7 11 8 9 29.8 24.8 19.8 49.8 44.8 39.8 34.8

No. 1: 2: 3: 4: 5: 6: 7: 8: 9: 10: 11:

Date 09 Apr 09 30 Apr 09 31 Aug 09 29 Oct 09 30 Mar 10 30 Apr 10 26 Aug 10 29 Mar 11 29 Apr 11 11 Aug 11 29 Aug 11

Closing Price (A) 24.53 26.11 36.53 43.56 42.38 41.48 37.21 35.92 36.07 28.50 31.15

Target Price (B) 22.00 23.00 41.00 47.00 42.00 45.00 42.00 40.00 33.00 32.00 33.00

Rating HOLD HOLD HOLD HOLD HOLD HOLD HOLD HOLD HOLD HOLD HOLD

Analyst Vincent Chen Vincent Chen Vincent Chen Vincent Chen Vincent Chen Vincent Chen Vincent Chen Vincent Chen Vincent Chen Vincent Chen Vincent Chen

Source: Bloomberg, Yuanta Research Notes: A = price adjusted for stock & cash dividends; B = unadjusted target price; C = target price adjusted for stock & cash dividends. Employee bonus dilution is not reflected in A, B or C.
Current distribution of Yuanta ratings

Rating Buy Hold Sell Under Review Restricted Total:

# of stocks 114 59 15 52 1 241

% 47% 24% 6% 22% 0% 100%

Source: Yuanta Research

Ratings Definitions BUY: We have a positive outlook on the stock based on our expected absolute or relative return over the investment period. Our thesis is based on our analysis of the companys outlook, financial performance, catalysts, valuation and risk profile. We recommend investors add to their position. HOLD: We have a neutral outlook on the stock based on our expected absolute or relative return over the investment period. Our thesis is based on our analysis of the companys outlook, financial performance, catalysts, valuation and risk profile. SELL: We have a negative outlook on the stock based on our expected absolute or relative return over the investment period. Our thesis is based on our analysis of the companys outlook, financial performance, catalysts, valuation and risk profile. We recommend investors reduce their position. Under Review: We actively follow the company, although our estimates, rating and target price are under review. Restricted: The rating and target price have been suspended temporarily to comply with applicable regulations and/or Yuanta policies.

Yuanta
Taiwan: Electronic Components 7 Mar, 2012

Lite-On Tech (2301 TT) Company Update Page 7 of 9

Note: Yuanta research coverage with a Target Price is based on an investment period of 12 months. Greater China Discovery Series coverage does not have a formal 12 month Target Price and the recommendation is based on an investment period specified by the analyst in the report. Global Disclaimer 2012 Yuanta. All rights reserved. The information in this report has been compiled from sources we believe to be reliable, but we do not hold ourselves responsible for its completeness or accuracy. It is not an offer to sell or solicitation of an offer to buy any securities. All opinions and estimates included in this report constitute our judgment as of this date and are subject to change without notice. This report provides general information only. Neither the information nor any opinion expressed herein constitutes an offer or invitation to make an offer to buy or sell securities or other investments. This material is prepared for general circulation to clients and is not intended to provide tailored investment advice and does not take into account the individual financial situation and objectives of any specific person who may receive this report. Investors should seek financial advice regarding the appropriateness of investing in any securities, investments or investment strategies discussed or recommended in this report. The information contained in this report has been compiled from sources believed to be reliable but no representation or warranty, express or implied, is made as to its accuracy, completeness or correctness. This report is not (and should not be construed as) a solicitation to act as securities broker or dealer in any jurisdiction by any person or company that is not legally permitted to carry on such business in that jurisdiction. Yuanta research is distributed in the United States only to Major U.S. Institutional Investors (as defined in Rule 15a-6 under the Securities Exchange Act of 1934, as amended and SEC staff interpretations thereof). All transactions by a US person in the securities mentioned in this report must be effected through a registered broker-dealer under Section 15 of the Securities Exchange Act of 1934, as amended. Yuanta research is distributed in Taiwan by Yuanta Securities Investment Consulting. Yuanta research is distributed in Hong Kong by Yuanta Securities (Hong Kong) Co. Limited, which is licensed in Hong Kong by the Securities and Futures Commission for regulated activities, including Type 4 regulated activity (advising on securities). In Hong Kong, this research report may not be redistributed, retransmitted or disclosed, in whole or in part or and any form or manner, without the express written consent of Yuanta Securities (Hong Kong) Co. Limited. Taiwan persons wishing to obtain further information on any of the securities mentioned in this publication should contact: Attn: Research Yuanta Securities Investment Consulting 10F, 225, Section 3 Nanking East Road, Taipei 104 Taiwan Hong Kong persons wishing to obtain further information on any of the securities mentioned in this publication should contact: Attn: Research Yuanta Securities (Hong Kong) Co. Limited 23/F, Li Po Chun Chambers, 189 Des Voeux Road, Central Hong Kong

Yuanta
Taiwan: Electronic Components 7 Mar, 2012

Lite-On Tech (2301 TT) Company Update Page 8 of 9

Yuanta Greater China Equities

Research
Ming Tan, CFA Head of Greater China Research Head of Financials +852 3969 9525 ming.tan@yuanta.com Danny Ho Head of Basic Materials +886 2 3518 7923 danny.ho@yuanta.com Aidan Wang Head of Macroeconomics +886 2 3518 7992 aidanwang@yuanta.com Dennis Chan Notebook Supply Chain & Taiwan Solar +886 2 3518 7913 dennis.chan@yuanta.com Kelly Hsu Handset Components +886 2 3518 7947 kelly.hsu@yuanta.com Peggy Shih Taiwan Financials +886 2 3518 7901 peggy.shih@yuanta.com Zhenyi Zhao, CFA China Real Estate +86 21 6187 3831 zhenyizhao@yuanta.com Vincent Chen Head of Taiwan Research, Head of Technology +886 2 3518 7903 vincent.chen@yuanta.com Min Li Head of Alternative Energy +852 3969 9521 min.li@yuanta.com Bonnie Chang Handsets +852 3969 9904 bonnie.chang@yuanta.com Alison Chen Downstream Tech Small & Mid Cap +886 2 3518 7975 alison.chen@yuanta.com Samuel Kwok, CFA China/Hong Kong Strategy and Quant +852 3969 9527 samuel.kwok@yuanta.com Hsinyi Tsai China Retail +852 3969 9532 hsinyi.tsai@yuanta.com Kelvin Ho Deputy Head of China Research, Head of Telecom and Media +852 3969 9518 kelvin.ho@yuanta.com Kim-Chong Tan Head of Oil & Gas +852 3969 9526 kimchong.tan@yuanta.com Andrew C Chen IC Backend +886 2 3518 7940 andrew.chen@yuanta.com Eli Cheng Basic Materials +886 2 3518 7911 eli.cheng@yuanta.com Ming Hsun Lee, CFA Taiwan Consumer/Small & Mid Cap +886 2 3518 7938 ming.lee@yuanta.com Jaclyn Wang China Financials +86 21 6187 3834 jaclynwang@yuanta.com Charlene Gu Industrials & Autos +852 3969 9531 charlene.gu@yuanta.com May Lin PC Distribution/ODM & Taiwan Telecom +886 2 3518 7942 may.lin@yuanta.com Kuan Jan Wang Healthcare +852 3969 9523 kuanjanwang@yuanta.com Steve Huang Semiconductor & Display +886 2 3518 7905 steve.huang@yuanta.com Baron Nie, AIAA, CFA China/Hong Kong Insurance +852 3969 9514 baron.nie@yuanta.com Rita Wu China Energy +852 3969 9513 wurong@yuanta.com George Chang, CFA Head of Upstream Tech +886 2 3518 7907 george.chang@yuanta.com

Johnny Wong Head of Metals & Mining +852 3969 9524 johnny.wong@yuanta.com

Chia-Wen Yeh Head of Consumer +886 2 3518 7922 cw.yeh@yuanta.com

Sales and Trading

John Chang Head of Taiwan Equities +886 2 2175 8898 john.chang@yuanta.com Chris Dunham Head of HK Equities Head of HK Sales Trading & Execution +852 3969 9768 chris.dunham@yuanta.com Fanny Lin Head of Dealing +886 2 2175 8818 fanny.lin@yuanta.com Augustine Chen Head of Taiwan Sales +886 2 2175 8962 augustine.chen@yuanta.com Duncan Wun Head of Hong Kong Sales +852 3969 9869 duncan.wun@yuanta.com

Tom Hsu Head of Taiwan Sales Trading +886 2 2175 8800 tom.hsu@yuanta.com Kerry Chen - Sales +886 2 2175 8922 kerrychen@yuanta.com Michael Lin - Sales +886 2 2175 8977 michael.lin@yuanta.com Joyce Wan Sales +852 3969 9876 joyce.wan@yuanta.com

Leo Hu - Sales +886 2 2175 8880 leo.hu@yuanta.com Jenny Lo Sales Trading +852 3969 9769 jenny.lo@yuanta.com Jason Wang Sales Trading +886 2 2175 8888 Jason.wang@yuanta.com

Vickie Hu - Sales +852 3969 9878 vickie.hu@yuanta.com Sammy Mui Sales +852 3969 9875 sammy.mui@yuanta.com Sharon Zhao - Sales +852 3969 9870 sharon.zhao@yuanta.com

Chan Hui Sales Trading +852 3969 9728 hui.chan@yuanta.com Fiona Tan Sales +886 2 2175 8921 fiona.tan@yuanta.com

Kate Jackson Sales Trading +852 3969 9767 kate.jackson@yuanta.com Ming Yi Tan - Sales +852 3969 9879 mingyi.tan@yuanta.com

Sales of Non-Taiwan Equities

Franker Lin Head of Foreign Equity Department +886 2 2175 8720 laiochenlin@yuanta.com Lunghui Chen Co-Head of Sales, Foreign Equity Department +886 2 2175 8730 lunghuichen@yuanta.com Oscar Yang Co-Head of Sales, Foreign Equity Department +886 2 2175 8733 oscaryang@yuanta.com