AAC Technologies 2018

AAC Technologies 2018

Postby winston » Thu Apr 09, 2009 11:49 am

I dont normally look at small caps. However, this is a Koh Boon Hwee company so I'll give it a bit of attention..
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DJ MARKET TALK: Daiwa Raises AAC Acoustic Target 16.1% To HK$3.60

1030 [Dow Jones] STOCK CALL: Daiwa raises AAC Acoustic (2018.HK) target to HK$3.60 from HK$3.10 after increasing FY09 net profit forecast by 15% to CNY475 million on adjustments to sales, margin assumptions. Notes 4Q08 net profit fell 64% on-year to CNY74 million, in line with house's estimate.

Says ramp-up of sales in new platform products for Nokia (NOK) is key story for FY09; notes management expects Nokia to account for 30% of FY09 revenue vs 25% for 4Q08. Notes Motorola (MOT) expected to account for 20% of total FY09 revenue vs 4Q08's 27%.

Notes management guides 2Q09 revenue to improve vs 1Q09, 2H09 revenue to improve vs 1H09; says not major surprise, largely in line with other tech companies' guidance. Says stock trading at 9.5X PER on house's FY09 EPS forecast; recommends taking profit at current level. Keeps at Hold. Shares down 3.0% at HK$4.14.

Source: Dow Jones Newswire
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Re: AAC Acoustic 2018

Postby winston » Thu Apr 09, 2009 11:53 am

DJ MARKET TALK: MS Raises AAC Acoustic Target To HK$5 From HK$4

1012 [Dow Jones] STOCK CALL: Morgan Stanley raises AAC Acoustic (2018.HK) target to HK$5.00 from HK$4.00 after increasing 2010 EPS forecast by 4% to reflect upside from Samsung, and to a lesser extent, Apple. Keeps Overweight on intact market-share expansion story via Nokia and RIMM, new project ramp to bolster top-line despite weak underlying demand, new client additions, such as Samsung, and attractive valuation at 9X house's 2009E EPS forecast or 7X ex-cash vs peers' 12X-16X.

"While the macro climate is tough and 1Q09 momentum remains slow, we believe the worst is behind AAC and its exposure to nearly all the right places (Nokia's low-end, China handset plays, Smartphone proxy plus additions from Samsung) in the handset industry should enable it to regain top-line steam from 2Q and thus expand margins." Stock +0.9% at HK$4.31.

Source: Dow Jones Newswire
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Re: AAC Acoustic 2018

Postby winston » Thu Apr 09, 2009 11:55 am

DJ MARKET TALK: Nomura Ups AAC Acoustic Target 17.5% To HK$4.76

0929 [Dow Jones] STOCK CALL: Nomura raises AAC Acoustic's (2018.HK) target to HK$4.76 from HK$4.05 after pegging price target to simple average FY09F P/E of component peers, keeps methodology unchanged.

"In our view, AAC's defensive qualities are intact - solid balance sheet, large net cash position (net cash at end-FY08 is equivalent to 23% of market cap), and market-share gains.

We think these positives will support the stock price, even if the broader handset sector remains volatile." Says, catalysts include microphones, with Nokia's programs starting in 2H09; with most major handset brands now customers, expects AAC's business model to move to lower capex intensity. Keeps Buy. Stock closed down 4.0% at HK$4.27 Wednesday.

Source: Dow Jones Newswire
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Re: AAC Acoustic 2018

Postby winston » Thu Apr 09, 2009 3:43 pm

DJ MARKET TALK: AAC Acoustic's 2010 Pipeline Appears Strong - JPM

1417 [Dow Jones] STOCK CALL: AAC Acoustic's (2018.HK) 2010 pipeline appears strong as in addition to existing products for Nokia (NOK), company will start ramp up digital microphone, vibrator in 2H09, allowing significant expansion of market space, JPMorgan says.

Notes AAC also working closely with new customers such as Samsung, Apple (AAPL); says could bring further revenue upside. Lowers FY09-10 revenue forecasts by 2.5%, cuts FY09-10 earnings forecasts by 7%, 3%.

Says shares more than handset re-stocking play; as improving on-year EPS momentum to support re-rating. Adds, even after recent share price rally, AAC trades at 9X FY09E P/E, 1.3X P/B vs Taiwan peers at 10X-20X P/E, 2-5X P/B. Keeps Overweight, target HK$5.10, based on 10.5X FY09E P/E. Tips key risk as uncertainties in global handset demand. Stock down 4.7% at HK$4.07.

Source: Dow Jones Newswire
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Re: AAC Acoustic 2018

Postby winston » Mon Sep 14, 2009 2:37 pm

Not vested. Note; This research material is from DBS and this company is a Koh Boon Hwee related..

DJ MARKET TALK: AAC Acoustic +6.4%; Recovery Well Underway - DBS

1138 [Dow Jones] AAC Acoustic (2018.HK) +6.4% at HK$7.95 after hitting fresh year-to-date high of HK$8.15 (likely immediate cap), following better-than-expected 1H results. DBS raises target to HK$9.50 from HK$7.20, as says impressed by company's improved gross margins from cost controls and higher average selling prices.

"AAC Acoustics is well on its way of recovering from the slowdown seen during the end of FY08." Notes, company has resumed resuming its aggressive plans in increasing its market share and expanding its product portfolio. Keeps at Buy.

Source: Dow Jones Newswire
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Re: AAC Acoustic 2018

Postby winston » Mon Sep 14, 2009 2:40 pm

DJ MARKET TALK: MS Raises AAC Acoustic Target To HK$9.50

1130 [Dow Jones] STOCK CALL: Morgan Stanley raises AAC Acoustic's (2018.HK) target to HK$9.50 from HK$8.60 after raising 2010 earning estimate by 4%; keeps Overweight call.

Says 2Q net profit was 7% ahead of MS's estimates due to stronger shipment ramp to Nokia and RIM together with margin recovery. Says, AAC started shipping ceramics speakers to Apple iPod in 2H09 in small volume but this could be a big growth driver next year.

"Trading at 11X 2010 PE or 9X ex-cash, stock should re-rate as it transforms itself to be a leader not only on cost but on technology." Notes big potential for company to grab share at expense of Japanese, European rivals.

Source: Dow Jones Newswire
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Re: AAC Acoustic 2018

Postby winston » Mon Sep 14, 2009 2:42 pm

DJ MARKET TALK: Daiwa Upgrades AAC Acoustic To Buy;HK$9.84 Target

0945 [Dow Jones] STOCK CALL: Daiwa upgrades AAC Acoustic (2018.HK) to Buy from Hold, raises target to HK$9.84 (15X FY10 P/E) from HK$4.60 after rolling over its valuation basis to FY10.

Revises up FY09-FY11 earnings forecasts on back of upbeat management guidance for sales momentum. "Management is upbeat on AAC's business outlook and is confident it can deliver over 20% on-quarter sales growth and further improvement in its gross-profit margin for 3Q09."

Source: Dow Jones Newswire
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Re: AAC Acoustic 2018

Postby winston » Tue Dec 01, 2009 12:41 pm

Not vested. As mentioned, it's a Koh Boon Hwee's company ...

DJ MARKET TALK: Goldman Upgrades AAC Acoustic To Buy Vs Neutral

1048 [Dow Jones] STOCK CALL: Goldman Sachs upgrades AAC Acoustic (2018.HK) to Buy from Neutral, adds Conviction Buy List.

Says recent share price pullback gives investors chance to invest in AAC's industry dominance and secular growth opportunity, given solid market-share gains and product expansion with Nokia and other customers; weakening competition amid industry consolidation.

Adds, AAC's track record of cash returns supports house's view it will offer sustainable cash returns in the next 3 years. Raises target price to HK$13.80 from HK$11.40 after increasing 2010-11 EPS forecasts by 3%-32% on new product cycles in LED TV and customer expansion.

Source: Dow Jones Newswire
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Re: AAC Acoustic 2018

Postby winston » Thu Mar 18, 2010 9:22 am

Not vested.

DJ MARKET TALK:Currency Risk N/T Concern For AAC Acoustic-Goldman
March 1, 2010

1428 [Dow Jones] STOCK CALL: Goldman Sachs says currency risk (recent EUR weakness) a near-term concern for AAC Acoustic (2018.HK), as company has high Euro-zone exposure (45% of revenues) due to its Nokia business. House cuts FY10, FY11 earnings forecasts by 2% to reflect impact of labor shortages on revenue.

Still, "we see the currency impact as meaningful, but not meaningful enough to change our investment thesis on AAC - i.e., a solid industry position, growing addressable market and sustainable cash returns."

Notes, AAC sees ongoing business opportunities in acoustic space (e.g. market share gain within Nokia, LED TV speaker), potential customer expansion to Apple and Samsung in 2H10, solid position as the best price/performance acoustic supplier in Asia. Keeps at Buy with HK$13.80 target. Stock last +0.7% at HK$12.20 midday

Source: Dow Jones Newswire
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Re: AAC Acoustic 2018

Postby winston » Thu Mar 18, 2010 9:28 am

Not vested.

DJ MARKET TALK:JPM Ups AAC Acoustic Target To HK$18 From HK$14.60
Jan 11, 2010

1100 [Dow Jones] STOCK CALL: JPMorgan raises AAC Acoustic's (2018.HK) target to HK$18.00 from HK$14.60 based on 20X forward P/E, marking historical peak valuation, without providing previous P/E ratio.

"We believe improved handset industry outlook and the likely upside would lead to industry-wide re-rating, which along with AAC's strong growth outlook, should allow AAC to trade at high-end of historical valuation range."

Keeps Overweight and rates top pick in handset space. Adds, Apple's (AAPL) new iPhone announcement could be a near-term catalyst as AAC's order win in the refreshed iPhone and later iPod would open up a new revenue stream and further validate its leadership in miniature acoustic components. Stock +3.8% at HK$14.18.

Source: Dow Jones Newswire
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