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Electronic Manufacturing Service Companies --
Still a Growth Segment
Keith Dunne, RBC Capital, and Michael Morris, Director and Senior Analyst, Electronics Manufacturing Services and Products, for Smith Barney Equity Research
Download the presentation slides for Mike Morris (PDF, 335kB) and for Keith Dunne (PDF, 450kB)

June 11, 2003
  • Seated dinner served at 6:30 ($25 if reserved before June 7); $30 after & at door; vegetarian available)
  • Presentation (no cost) at 7:30.

    Ramada Inn

  • 1217 Wildwood Ave (Fwy 101 frontage road, between Lawrence Expressway and Great America Parkway), Sunnyvale, (800) 888-3899 -- see map.


  • For dinner and/or meeting: by email to Allen Earman
  • Please reserve for "presentation-only", even if not attending the dinner.

    The Electronic Manufacturing Service (EMS) companies, even in the present electronic industry recession, are holding their top (not bottom) lines almost at boom-time levels. While semiconductors are down about 30% from 2000 and total electronic equipment shipments are probably down more than 40%, the EMS companies are still shipping about $80 billion, as OEMs continue to outsource manufacturing.

    Hear the manufacturing and supply chain experts discuss who will inherit most of future manufacturing, and share their insights about EMS trends. When the EMS segment starts expanding, it will mark the beginning of the upturn.

    The EMS companies best positioned to navigate the transition should be those that have demonstrated superior asset management. The companies that can best execute the basic EMS model (those that can efficiently manage the scale and asset velocity required for good returns) should be the best performers over time.

    Speaker Biographies
    Keith Dunne, is Managing Director, Equity Research Electronic Manufacturing Products & Services (EMPS) Industry. He joined RBC Capital Markets in October, 2002 after spending over 6 years at Robertson Stephens, founding and developing a comprehensive practice researching the electronic manufacturing products & services (EMPS) industry. During this time, Keith was named to the 1998, 1999, and 2000 Institutional All-American Research Teams and recognized as the Top Ten across all industries for stock picking and earnings estimates in 1998, the first year the survey was conducted. In 2001, he was named an All-Star Analyst for stock picking by the Wall Street Journal. He was also ranked #1 in the sector in the 2000 Analyst Survey, earning the top ranking in each category. Previously, Keith has been highly ranked by BUYSIDE magazine and is often a guest speaker at trade association meetings, industry conferences and investor forums in the US and UK including the IPC, PCIF, The Economist Technology Conference, Bloomberg, CNBC and CNN. Keith has also authored many articles including for Electronic Buyers News, CircuiTree and AVNET IMS trade publications. He has 20 years of experience in financial analysis and earned an MBA from the University of Southern California.

    Michael Morris is a director who has been with Smith Barney since 1998 covering the electronics manufacturing services and products industries. Prior to that time, he was a private attorney specializing in corporate litigation. Mr. Morris had many high-tech, manufacturing and telecommunications-related clients, including one of the largest private EMS companies. He was elected to the board of editors of California Law Review and was a Fulbright Scholar to Belgium and Luxembourg in 1994-95, studying the laws and systems of the European Union. He has a J.D. degree from the University of California at Berkeley. He was voted a Runner-Up in electronics manufacturing services in the 2002 Institutional Investor Survey.

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