HP (NYSE: HPQ)

惠普(HP)发表分拆前最后1季业绩，10月底止的第4财季收入按年倒退9.5%至257.1亿美元，下调全年每股盈利预测至1.59至1.69美元，全逊预期，股价收巿劲泻13.66%

市值約 usd$230億

ROE 跟業界差不多 16.71

但本益比 只有 5.1%,業界都有17%

總負債比高達 88 %, 同業才 25%.  這問題大了

獲利能力方面,淨利率不到5%, 從此看出這產業的問題,台       廠代工相關供應鏈,淨利率也不會好,

產業變化很快,典範移轉

• 同業 

廣達, 華碩, 聯想, 宏碁
曙光: Dawning Information Industry CoLtd(603019)
Ingenico Group SA (ING, PAR) (法商)
Legend Holdings Group (聯想控股)
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Shares of HP Inc, which houses former Hewlett-Packard Co's legacy hardware business, plunged 16.3 percent on Wednesday after the company's lackluster results fueled concerns about its ability to weather a slowdown in the printer and PC markets.


HP Inc's revenue from both its printer and PC businesses fell 14 percent each in the fourth quarter, their worst performance in the year ended Oct. 31, and forecast current-quarter profit below market expectations.

"Things got worse. Not only did they not get better - they got worse," said Shebly Seyrafi, an analyst at FBN Securities.

HP Inc Chief Executive Dion Weisler called the printing business a "much greater challenge" than the PC business.

The company has been cutting printer prices to tackle stiff competition, particularly from Japanese printer makers Canon and Epson.

However, the price cuts, coupled with the effect of a stronger dollar, have reduced the value of income from overseas markets.

"The unintended result is that we are not getting the yield per unit we would have expected," Weisler said.

Revenue from HP Inc's printer supplies such as ink cartridges and laser toner fell 10 percent this quarter. Supplies account for most of the profits for HP Inc.

HP Inc's PC unit has been suffering as sales have been falling worldwide for several quarters and the launch of Windows 10 has so far failed to rekindle the industry.

Meg Whitman, who heads Hewlett Packard Enterprise Co, told CNBC on Thursday that the PC business will rebound in the next year or year-and-a-half.

Whitman, who previously headed the 76-year-old Hewlett-Packard Co, engineered the split of the faster growing corporate hardware and services businesses from the PC and printer business in October 2014.

"Ultimately I think (HP Inc), the way it's structured, it's going to be more of a sort of dividend yield play," said Jeffrey Fidacaro, an analyst at Monness, Crespi, Hardt, & Co Inc.

HP Inc's sibling, Hewlett Packard Enterprise, saw its shares rise as much as 8.5 percent on Wednesday, after it maintained its profit forecast for fiscal 2016.