| Summary: | 碩士 === 國立政治大學 === 商管專業學院碩士學位學程(AMBA) === 99 === The Taiwan ODM network companies took a growth rapidly since 2000. The annual revenue of Gemtek Technical Co. in 2000 is only 500 millions NTD, and 12.3 billions NTD in 2004.The average growth rate of annual revenue was up to 125% during these 4 years. However, in the next 4 years it was only around 15%. During the previous years, the telecom service providers went deeper and closer to the end user market and coused the shrinking in retail market.This also forces the Taiwan ODM network companies to consider the telecom market. However, the telecom market is country oriented, and in some countries, they would charge higher custom rate to protect their local industry.First of all, this research will figure out what are the markets with this behavior and what is the solution to enter these markets, by building a factory in the local side or through M&A to get the production capability.This research takes Gemtek Co. and Brasil as an example to discuss in both laws and financial points of view.
From the laws point of view, try to figure out the difference the two possibile solutions.From the finance point of view, according to the FCFF concept and the DCF model by DePamphilis (2009), calculate the price of Gemtek company after making the decision with the two solutions. According to the result, it should go in M&A way.
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