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Siliconware Precision Industries Ltd. 10 July 2008

Update Report – 1Q 08 Results

Estimates lowered, however strong growth momentum anticipated in FY 2009

Common BUY Direct access to the full report free of charge at

Fundamental research indicates a 20% upside in the common stock over the next 6-12 months. We
have calculated the target price based on fundamental factors, using a weighted average of target
Stock http://www.iirgroup.com/researchoracle/viewreport/show/20281
prices obtained using DCF and comparative valuation methodologies. We have taken a 6-12 month
investment horizon for this stock, as the semiconductor industry in which the company operates is
Ticker: 2325.TW highly cyclical and therefore trends can be captured more accurately with a shorter investment
horizon.
Target price: NT$49.31
Current price: NT$41.20 We reiterate the common stock a BUY with a 6-12 month target price of NT$49.31.

ADR BUY The ADR is expected to appreciate approximately 15% over the next 6-12 months as the 20%
fundamental upside and approximately 4 percentage point upside attributable to the anticipated
increase in the ADR premium1 is offset by approximately 9 percentage points downside attributable
purely to the anticipated depreciation of the Taiwanese dollar against the US dollar over the same
Ticker: SPIL period.

Target price: US$7.68

Current price: US$6.69 We upgrade the ADR (1 ADR = 5 common shares) from a HOLD to a BUY with a 6-12 month target
price of US$7.68.

Supervisor: Shilpen Shah

Analyst: Abhilasha Jha
Editor: Heloise Capon
Global Research Director:
Satish Betadpur, CFA
Investment horizon - short term actionable trading strategies
This report addresses the needs of strategic investors with a long term investment horizon of 6-12 months. If this
report is provided to you by your broker under the Global Settlement, you may now also access (free of charge) the
short term trading outlook that we publish from time to time for this issuer, looking at the coming 5-30 days for
readers with a shorter trading horizon. These are available online only at www.researchoracle.com

Next news due:

2Q 08 results, 06 August 2008
Report summary
Siliconware Precision Industries Ltd.’s (SPIL) 1Q 08 results were below expectations. Quarterly
seasonality combined with uncertainty in the global economy and inflationary pressures had an
adverse impact on the company in 1Q 08. However, 2Q 08 revenue growth, at 6.2% q-o-q, has
outperformed Management’s earlier expectations of 1% to 5% q-o-q growth. Although we expect a
sequential recovery in each of the remaining quarters of FY 2008, recovery is not expected to be
significant in reflection of continued industry concerns. Margins are anticipated to remain under
pressure in FY 2008 from increasing raw material costs, adverse currency movements and employee
bonus expensing. Our revenue and earnings estimates have been revised downwards for FY 2008 to
factor in the current market uncertainty, rising costs and the inclusion of the employee bonus. The
SPIL common stock has declined significantly over the past six months in reflection of the weak near
term prospects, and in anticipation of an improved FY 2009, we believe that the stock provides a
strong medium term investment opportunity at current levels.

Currency impact for US investors

The impact by itself of anticipated currency movements on the ADR (now US$6.69), without
considering changes in the share price, is broadly negative and is expected to be1:

Over 6 months: US$7.02

Over 12 months: US$6.17

Page 1 Refer to page 5 for footnotes