AAC Technologies 2018

[winston]

not vested

GIC Cashes in $123M by Cutting AAC TECH Stakes to 4.85%

GIC Private Limited disposed of 2.189 million shares of AAC TECH (02018.HK) on 1 December at an average price of $56.086 which involved $123 million, according to the information of HKEX.

GIC Private Limited's shareholding in AAC TECH fell to 4.85% from 5.03%.

Source: AAStocks Financial News

[winston]

not vested

Dec 3, 2015

<Research Report>Macquarie Downgrades AAC TECH (02018.HK) to Underperform; Target at $45

Macquarie said that it likes the management of AAC TECH (02018.HK) but downgrades the stock from Outperform to Underperform, with a target price of $45.

The research house expects intensive competition on haptic/ speaker box to refrain the company's margin improvement.

The stock is now trading at a 2015/ 2016 P/E of 18x/16x, which is not appealing.

In the broker's opinion, the company's key business is on the track but it lacks surprises in a long term.

Source: AAStocks Financial News

[winston]

AAC Tech Tumbles On Apple iPhone Production Cut: Not A Reason To Sell, Says Jefferies

By Shuli Ren

Source: Barron's Asia

http://blogs.barrons.com/asiastocks/201 ... jefferies/

[winston]

not vested

JP Morgan Raises AAC TECH (02018.HK) Target to $47; Rated Underweight

JP Morgan, in its report, expected the business of AAC TECH (02018.HK) +0.050 (+0.093%) Short selling $16.80M; Ratio 22.797% to bottom out in 1Q16 on acoustics upgrade and iPhone production.

It lifted AAC TECH 2017E earnings by 5% to factor in better-than-expected acoustics components growth and forex effects.

Yet, the research house's gross profit forecasts on the company was 1% lower than market estimates.

It rated the company at Underweight with target price raised to $47 from $42.

Morgan Stanley said iPhone 7 has added more functions compared to iPhone 6S, such as stereo-sound and water-proof, of which the acoustics content on iPhone 7 may have about 35% upside.

Source: AAStocks Financial News

[winston]

<Result Ann> AAC TECH(02018.HK) Annual Net Profit Up 34.05%; Final Div HK$0.95

AAC TECH (02018.HK) announced that for the last year as of the end of December, net profit rose 34.05% yearly to RMB3.107 billion. EPS equaled RMB2.53; final dividend of HK$0.95 was declared.

Source: AAStocks Financial News

[winston]

not vested

A nice stereo sound

AAC’s 4Q net profit grew 28% yoy to Rmb1.0bn, 4% above our forecast/consensus.

FY15 earnings rose 34% to Rmb3.1bn, thanks to 32% topline growth and 0.1% pts GPM expansion. FY15 net profit was 102% of our forecast.

The key growth drivers in FY16 include
1) high ASP in acoustics,
2) haptics upgrade,
3) wide speaker box adoptions and
4) strong RF/mechanical orders.

We fine-tune our EPS forecasts to align with FY15 results.

Reiterate Add with an unchanged target price, still based on 15.2x FY17 P/E (1 s.d. above its 5-year average), as it should benefit from specifications upgrades.

Source: CIMB

https://brokingrfs.cimb.com/EUHiXIXm1ii ... awrfQ2.pdf

[winston]

not vested

<Research Report>Nomura Raises AAC TECH (02018.HK) Target to $67; Rated Buy

Nomura, in its report, maintained AAC TECH (02018.HK) at Buy with target price lifted to $67 from $59.

It projected iPhone touch features to account for 40-50% market shares in 2H16 whereas revenue from RF machinery, boosted by Letv super mobile phones, may be doubled this year.

The group's acoustic device applied by other smart phone brands may also drive higher sales due to water proofing function and quality improvement. Hence, the research house lifted the profit of 2016E of the group by 14%.

Source: AAStocks Financial News

[winston]

Mar 21, 2016

<Research Report>Citi Cuts AAC TECH (02018.HK) Target to $69; Kept Buy

Citigroup lowered AAC TECH (02018.HK)'s profit for 2016E and 2017E by 4% and 5% respectively as the company is the major supplier to the 3D touch devices used by Apple Inc.

The research house foresaw Apple to postpone the adoption of 3D touch devices in iPad Air and iPad mini from 2016 to 2017 due to cost consideration while other smart phone makers rarely used such devices.

Due to lowering of profit forecast, the research house lowered target price of the company accordingly to $69 from $73 with rating kept at Buy.

Source: AAStocks Financial News

[winston]

Apple Acoustics Supplier AAC Tech Affirms 20% Sales Growth Target

By Shuli Ren

Source: Barron's Asia

http://blogs.barrons.com/asiastocks/201 ... th-target/

[winston]

Apple Supplier AAC Tech Sees No Slowdown, Morgan Stanley Raises TP

By Shuli Ren

Apple’s (AAPL) acoustics supplier AAC Technology (2018.Hong Kong) can do well even if iPhone 7 disappoints in the fall.

AAC Tech will fare better than other Apple suppliers because of iPhone 7′s major acoustic platform upgrades.

“The main changes in iPhone 7 design lie in the receiver, which will be upgraded to be similar to the speaker function. The new design will increase the sound volume achievable from internal speakers and increase the quality of the audio,” noted Morgan Stanley analyst Jasmine Lu.

As a result, Morgan Stanley this morning raised AAC’s average sales price assumptions and its price target to 70 Hong Kong dollars, from HK$65 previously. AAC Tech jumped 3% to HK$56.25.

Investors are also worried that Apple has added a new supplier Japan’s Alps Electric (6770.Japan), in addition to Nidec (6594.Japan) and AAC, for its haptic functions. Don’t worry, wrote Lu:

Our checks suggest the impact will be much smaller than the market expects as:
1) Alps’ haptics capacity expansion plan is quite conservative this year, translating into only single digit share in 2H16;
2) likely lengthy learning curve for refreshed design; and
3) Jinlong will be excluded from iPhone 7 and will supply only Apple Watch.

Investors are looking favorably at AAC again this week. As of last Friday’s close, this stock rose only 2.7% this year.

Morgan Stanley’s price target implies 17.5 times their 2016 earnings estimate.

Source: Barron's Asia

http://blogs.barrons.com/asiastocks/201 ... raises-tp/