vested
<Research Report>AAC TECH (02018.HK) target cut to $45 on high selling price of iPhone 5C - BofAML
Sep 12, 2013
Bank of America Merrill Lynch noted in a research report that it lowered the 13/14 EPS forecast for AAC TECH (02018.HK) by 10%/12% to reflect the higher-than-expected price of iPhone 5C.
The target price is lowered from $50 to $45, with Buy rating remained.
iPhone 5C (16GB) is priced at US$549 in the US, or RMB4488 in China, much higher than RMB2000 to RMB3000 as expected. The Bank believes that iPhone 5C will not have advantage in the low to mid-end market.
Source: AAStocks Financial News
|
|
AAC Technologies 2018
Re: AAC Technologies 2018
by winston » Tue Nov 05, 2013 10:36 am
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
-
winston - Billionaire Boss
- Posts: 119533
- Joined: Wed May 07, 2008 9:28 am
Re: AAC Technologies 2018
by winston » Tue Nov 05, 2013 10:46 am
vested
<Research Report>AAC TECH (02018.HK) upgraded to Overweight, TP hiked to $45 - MS
Aug 22, 2013
Morgan Stanley upgraded AAC TECH (02018.HK)'s rating from Equalweight to Overweight, while raising the target price from $38 to $45, representing a P/E of 16.1x based on 2014 estimated earnings.
The recent rapid expansion of market share captured by the company has been observed attributable to the competitive edges of technology and cost. The broker believed the company can maintain its strengths through its development strategy.
As the share price has recently receded nearly 23% from the previous high, the valuation looks attractive (12.7x 2014 estimated P/E against historical high/low at 9x/21.6x ).
The decline in share price has reflected the market's concern on the group's strategy of shifting focus on low-end products, potential fall in market share and slower profit margin growth. However, the broker noticed the positive catalysts, which are believed to drive up the share price in the coming future.
AAStocks Financial News
<Research Report>AAC TECH (02018.HK) upgraded to Overweight, TP hiked to $45 - MS
Aug 22, 2013
Morgan Stanley upgraded AAC TECH (02018.HK)'s rating from Equalweight to Overweight, while raising the target price from $38 to $45, representing a P/E of 16.1x based on 2014 estimated earnings.
The recent rapid expansion of market share captured by the company has been observed attributable to the competitive edges of technology and cost. The broker believed the company can maintain its strengths through its development strategy.
As the share price has recently receded nearly 23% from the previous high, the valuation looks attractive (12.7x 2014 estimated P/E against historical high/low at 9x/21.6x ).
The decline in share price has reflected the market's concern on the group's strategy of shifting focus on low-end products, potential fall in market share and slower profit margin growth. However, the broker noticed the positive catalysts, which are believed to drive up the share price in the coming future.
AAStocks Financial News
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
-
winston - Billionaire Boss
- Posts: 119533
- Joined: Wed May 07, 2008 9:28 am
Re: AAC Technologies 2018
by winston » Tue Nov 05, 2013 10:47 am
not vested
<Research Report>AAC TECH (02018.HK) rated Sell with TP cut to $34 by UBS
Aug 19, 2013
UBS cited management of AAC TECH (02018.HK) that 3Q sales growth is expected to be double digit. The bank reckoned the projection was derived from 1% QoQ growth in 1Q sales, yet AAC TECH clarified the forecast was made based on various launch schedule of different customers.
Investors could pay attention on AAC's potential share loss or rising pricing pressure from Apple, UBS pointed out in its report.
As the market expected, AAC's 2Q net income surged 33% yearly to RMB542 million due to government incentives.
UBS lowered 2013/14/15 EPS to RMB1.86, RMB2.13 and RMB2.36 respectively. Target price reduced to $34 from $42, with rating cut from Neutral to Sell.
AAStocks Financial News
<Research Report>AAC TECH (02018.HK) rated Sell with TP cut to $34 by UBS
Aug 19, 2013
UBS cited management of AAC TECH (02018.HK) that 3Q sales growth is expected to be double digit. The bank reckoned the projection was derived from 1% QoQ growth in 1Q sales, yet AAC TECH clarified the forecast was made based on various launch schedule of different customers.
Investors could pay attention on AAC's potential share loss or rising pricing pressure from Apple, UBS pointed out in its report.
As the market expected, AAC's 2Q net income surged 33% yearly to RMB542 million due to government incentives.
UBS lowered 2013/14/15 EPS to RMB1.86, RMB2.13 and RMB2.36 respectively. Target price reduced to $34 from $42, with rating cut from Neutral to Sell.
AAStocks Financial News
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
-
winston - Billionaire Boss
- Posts: 119533
- Joined: Wed May 07, 2008 9:28 am
Re: AAC Technologies 2018
by winston » Tue Nov 05, 2013 2:12 pm
vested
What we recommend
We raise our 2013E EPS by 14% to factor in the one-time non-operating gain in 3Q13, but cut our 2014-15E EPS by 2% to reflect our more cautious margin outlook.
We lower our six-month target price to HKD31 (now based on a 13x one-year forward PER), from HKD33.50 (on a 14x one year forward PER).
We assign a lower PER to factor in the deteriorating fundamentals we see with further margin dilution, and reiterate our Underperform (4) rating.
The main risk to our call would be a better-than expected gross margin delivery.
Source: Daiwa
What we recommend
We raise our 2013E EPS by 14% to factor in the one-time non-operating gain in 3Q13, but cut our 2014-15E EPS by 2% to reflect our more cautious margin outlook.
We lower our six-month target price to HKD31 (now based on a 13x one-year forward PER), from HKD33.50 (on a 14x one year forward PER).
We assign a lower PER to factor in the deteriorating fundamentals we see with further margin dilution, and reiterate our Underperform (4) rating.
The main risk to our call would be a better-than expected gross margin delivery.
Source: Daiwa
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
-
winston - Billionaire Boss
- Posts: 119533
- Joined: Wed May 07, 2008 9:28 am
Re: AAC Technologies 2018
by winston » Tue Nov 05, 2013 2:34 pm
Margins under pressure
AAC’s 3Q13 net profit was 2% below our forecast due to the lower gross margin but revenue was broadly in line. The 4Q13 outlook remains unexciting, with double-digit revenue growth (+17.6% qoq in 4Q12) and slight decline in gross margin expected.
AAC’s 9M13 net profit was below expectation, at 71% of our full-year estimate. We reduce our FY13-15 EPS by 3-5% to reflect our lower gross margin assumptions.
Our target price is cut by 21% as we roll over to 11x CY15 P/E (at 10% discount to its 5-year average P/E from 1 s.d. above previously). We downgrade to Neutral from outperform due to the lack of short-term catalysts, lower revenue growth and gross margin forecasts.
Source: CIMB
AAC’s 3Q13 net profit was 2% below our forecast due to the lower gross margin but revenue was broadly in line. The 4Q13 outlook remains unexciting, with double-digit revenue growth (+17.6% qoq in 4Q12) and slight decline in gross margin expected.
AAC’s 9M13 net profit was below expectation, at 71% of our full-year estimate. We reduce our FY13-15 EPS by 3-5% to reflect our lower gross margin assumptions.
Our target price is cut by 21% as we roll over to 11x CY15 P/E (at 10% discount to its 5-year average P/E from 1 s.d. above previously). We downgrade to Neutral from outperform due to the lack of short-term catalysts, lower revenue growth and gross margin forecasts.
Source: CIMB
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
-
winston - Billionaire Boss
- Posts: 119533
- Joined: Wed May 07, 2008 9:28 am
Re: AAC Technologies 2018
by winston » Wed Mar 26, 2014 7:56 pm
AAC TECH (02018.HK) upgraded to Overweight with target $39 by HSBC
2014-03-26
AAC TECH (02018.HK) +4.100 (12.462%) Short selling $116.21M; Ratio 18.215% was upgraded to Overweight by HSBC with target price lifted from $37 to $39.
The bank anticipated the price competition with Goertek will not sustain, and another competitor, Merry, will only bring limited impacts to AAC TECH.
Moreover, the bank projected existing customer base in China and Korea of the latest antenna business will continue to expand.
2014/2015 EPS estimates were raised by 16%/17% to $2.2/$2.6.
Source: AAStocks Financial News
2014-03-26
AAC TECH (02018.HK) +4.100 (12.462%) Short selling $116.21M; Ratio 18.215% was upgraded to Overweight by HSBC with target price lifted from $37 to $39.
The bank anticipated the price competition with Goertek will not sustain, and another competitor, Merry, will only bring limited impacts to AAC TECH.
Moreover, the bank projected existing customer base in China and Korea of the latest antenna business will continue to expand.
2014/2015 EPS estimates were raised by 16%/17% to $2.2/$2.6.
Source: AAStocks Financial News
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
-
winston - Billionaire Boss
- Posts: 119533
- Joined: Wed May 07, 2008 9:28 am
Re: AAC Technologies 2018
by winston » Fri Apr 11, 2014 6:45 pm
not vested
AAC TECH (02018.HK) rated Overweight, target lifted to $53 - MS
2014-04-11
Morgan Stanley said 2014 is an inflection point for AAC TECH (02018.HK) -1.050 (2.479%) Short selling $27.02M; Ratio 21.716% to transform from a component to solution provider.
The broker believed the stock is undervalued, adding the above-estimate profit growth and P/E multiple expansion will be catalysts for re-rating.
Morgan Stanley also expected AAC TECH's non-acoustic product segment growth to reach 36% over the next three years from 4% in 2013.
AAC TECH was rated Overweight with target price lifted from $45 to $53.
Source: AAStocks Financial News
AAC TECH (02018.HK) rated Overweight, target lifted to $53 - MS
2014-04-11
Morgan Stanley said 2014 is an inflection point for AAC TECH (02018.HK) -1.050 (2.479%) Short selling $27.02M; Ratio 21.716% to transform from a component to solution provider.
The broker believed the stock is undervalued, adding the above-estimate profit growth and P/E multiple expansion will be catalysts for re-rating.
Morgan Stanley also expected AAC TECH's non-acoustic product segment growth to reach 36% over the next three years from 4% in 2013.
AAC TECH was rated Overweight with target price lifted from $45 to $53.
Source: AAStocks Financial News
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
-
winston - Billionaire Boss
- Posts: 119533
- Joined: Wed May 07, 2008 9:28 am
Re: AAC Technologies 2018
by winston » Mon May 12, 2014 6:08 pm
not vested
AAC TECH (02018.HK) upgraded to Neutral, target lifted to $45 - JPM
2014-05-12
JP Morgan was positive on AAC TECH (02018.HK) +1.500 (3.584%) Short selling $59.90M; Ratio 21.070% 's new business, but the broker still considered the target set by the company is too aggressive and near-term profit margin is worrisome.
AAC TECH was upgraded from Underweight to Neutral with target price lifted from $30 to $45.
Source: AAStocks Financial News
AAC TECH (02018.HK) upgraded to Neutral, target lifted to $45 - JPM
2014-05-12
JP Morgan was positive on AAC TECH (02018.HK) +1.500 (3.584%) Short selling $59.90M; Ratio 21.070% 's new business, but the broker still considered the target set by the company is too aggressive and near-term profit margin is worrisome.
AAC TECH was upgraded from Underweight to Neutral with target price lifted from $30 to $45.
Source: AAStocks Financial News
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
-
winston - Billionaire Boss
- Posts: 119533
- Joined: Wed May 07, 2008 9:28 am
Re: AAC Technologies 2018
by winston » Mon May 12, 2014 6:22 pm
not vested
AAC TECH (02018.HK) expects full-year gross margin to stay above 40%
2014-05-12
AAC TECH (02018.HK) +1.500 (3.584%) Short selling $59.90M; Ratio 21.070% 's executive director Richard Mok Joe Kuen projected that the company's full-year gross margin may stay above 40% and the revenue for the second quarter will see a single-digit growth over the previous quarter.
Source: AAStocks Financial News
AAC TECH (02018.HK) expects full-year gross margin to stay above 40%
2014-05-12
AAC TECH (02018.HK) +1.500 (3.584%) Short selling $59.90M; Ratio 21.070% 's executive director Richard Mok Joe Kuen projected that the company's full-year gross margin may stay above 40% and the revenue for the second quarter will see a single-digit growth over the previous quarter.
Source: AAStocks Financial News
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
-
winston - Billionaire Boss
- Posts: 119533
- Joined: Wed May 07, 2008 9:28 am
Re: AAC Technologies 2018
by winston » Fri Jun 20, 2014 7:28 am
not vested
AAC TECH (02018.HK) downgraded to Hold with target raised to $52 by Deutsche
2014-06-19
Deutsche Bank lifted AAC TECH (02018.HK) 0.000 (0.000%) Short selling $27.91M; Ratio 14.602% 's EPS forecasts for 2014/15/16 by 6%/14%/15% and raised the target price from $46 to $52 accordingly to reflect the continued upgrade of smartphone acoustics and the faster development of new businesses.
However, as the group's share price has risen 40% cumulatively year to date, most of the good news has been reflected. Though the fundamentals of the company remain solid, the valuation is expensive. The rating was downgraded from Buy to Hold.
According to the bank, the growth momentum in the second half of the year will mainly come from non-acoustic new business like antenna as it has been widely adopted for 2G/3G/4G mobile network.
Since 2H2013, mainland mobile brands like Xiaomi and LENOVO GROUP (00992.HK) 0.000 (0.000%) Short selling $81.25M; Ratio 17.846% chose to use the group's antenna products. It is expected that the group will introduce more new clients and increase the sales revenue of antenna in the second half of the year.
Source: AAStocks Financial News
AAC TECH (02018.HK) downgraded to Hold with target raised to $52 by Deutsche
2014-06-19
Deutsche Bank lifted AAC TECH (02018.HK) 0.000 (0.000%) Short selling $27.91M; Ratio 14.602% 's EPS forecasts for 2014/15/16 by 6%/14%/15% and raised the target price from $46 to $52 accordingly to reflect the continued upgrade of smartphone acoustics and the faster development of new businesses.
However, as the group's share price has risen 40% cumulatively year to date, most of the good news has been reflected. Though the fundamentals of the company remain solid, the valuation is expensive. The rating was downgraded from Buy to Hold.
According to the bank, the growth momentum in the second half of the year will mainly come from non-acoustic new business like antenna as it has been widely adopted for 2G/3G/4G mobile network.
Since 2H2013, mainland mobile brands like Xiaomi and LENOVO GROUP (00992.HK) 0.000 (0.000%) Short selling $81.25M; Ratio 17.846% chose to use the group's antenna products. It is expected that the group will introduce more new clients and increase the sales revenue of antenna in the second half of the year.
Source: AAStocks Financial News
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
-
winston - Billionaire Boss
- Posts: 119533
- Joined: Wed May 07, 2008 9:28 am
Who is online
Users browsing this forum: No registered users and 3 guests