AAC Technologies 2018

Re: AAC Technologies 2018

Postby winston » Wed Nov 16, 2016 2:26 pm

Nov 15, 2016

not vested

<Research Report>G Sachs Lifts AAC TECH (02018.HK) Target to $57; Rated Neutral


Goldman Sachs issued a research report, saying that AAC TECH (02018.HK) 3Q EPS equaled RMB0.9, 22% higher than the research house's estimates but 6% lower than other brokers' expectations.

The research house said it maintained Neutral rating on AAC TECH.

Although the company's 3Q performance was worse than expected, growth could also be seen.

Goldman Sachs adjusted its earnings estimates for 2016 to 2018 on AAC TECH (-10%, + 7% and + 7%), and the target price was raised from $53 to $57.

Source: AAStocks Financial News
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
User avatar
winston
Billionaire Boss
 
Posts: 118528
Joined: Wed May 07, 2008 9:28 am

Re: AAC Technologies 2018

Postby winston » Sat Nov 19, 2016 9:53 pm

not vested

Market misunderstanding a buying opportunity

Major market concerns are the negative impact from LeShi, dearth of upgrades in iPhones’ acoustics and potential market share loss to Merry.

We believe growth drivers would come from acoustic upgrades, new customers for its RF mechanical solutions, haptics demand and contribution from optics.

Retain Add and TP of HK$92.18, based on 20x FY17 P/E (its upcycle valuation).

Source: CIMB

https://brokingrfs.cimb.com/ZKW147lWF5n ... Bz_pA2.pdf
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
User avatar
winston
Billionaire Boss
 
Posts: 118528
Joined: Wed May 07, 2008 9:28 am

Re: AAC Technologies 2018

Postby winston » Tue Feb 07, 2017 9:50 am

2017 a further upgrade year

We now expect 2017 to be another strong year (after 2016) for acoustic, which would benefit AAC. We raise our TP to HK$91.2
and reiterate our OUTPERFORM rating.

We raise our ASP assumptions for the iPhone8 acoustic content and estimate a meaningful content increase for dynamic
components in the iPhone8 premium model. Regarding market concern on the new contender, we see the share rebalance
progress in iPhone to be slow and therefore hold a more positive view on AAC.

We believe 2017 will likely be another good year for AAC's three major businesses. The company has solved the LeTV receivable
issue, and RF and mechanical could be another driver in 2017 besides acoustic, while we view 3D glass as a potential 2018 catalyst.

We slightly raise 2017/18E EPS by 1% for higher acoustic but partly offset by lower 3D glass revenues. Our new TP of HK$91.2 is still
based on 17.7x P/E but our EPS base rolls over half year. We see recent stock performance partly reflected in the upgrade story, but remain positive on its mid/long-term prospectus.

Source: CS

https://plus.credit-suisse.com/research ... 1AF-WElY95
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
User avatar
winston
Billionaire Boss
 
Posts: 118528
Joined: Wed May 07, 2008 9:28 am

Re: AAC Technologies 2018

Postby winston » Wed Mar 22, 2017 1:33 pm

not vested

<Blue Chip Results>AAC TECH Annual Net Profit Up 29.6% to RMB4.03B; Final Div HK$1.17

AAC TECH (02018.HK) announced the result for the year ended 31 December 2016.

During the period, net profit rose 29.57% yearly to RMB4.026 billion; EPS amounted to RMB3.28; final dividend amounted to HK$1.17, as compared to HK$0.95 a year ago.

Full-year diviednd amounted to HK$1.47, as compared to HK$1.2 in 2015, up by 23%.

The company maintained a consistent dividend payout ratio of about 40% per year.

During the period, revenue grew by 32.1% to RMB15.507 billion; gross profit rose 32.23% yearly to RMB6.443 billion; gross profit margin maintained at 41.5%.

Source: AAStocks Financial News
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
User avatar
winston
Billionaire Boss
 
Posts: 118528
Joined: Wed May 07, 2008 9:28 am

Re: AAC Technologies 2018

Postby winston » Thu Mar 23, 2017 9:35 am

not vested

AAC Tech: A Purer Play On Apple iPhone Strength

By Shuli Ren

In the December quarter, revenue at AAC Tech grew 49% from a year ago to 5.7 billion yuan, while operating profit jumped 75% to 1.8 billion yuan, driven by its market share gain in smartphone metal casing manufacturing as well as higher sales dollar from Apple.

AAC now sees sales to grow by over 25% this year and a stable gross profit margin.


Huatyai pointed out that AAC’s top five customers now account for 96% of its total revenue. AAC does not break down the top five.

This is “the highest level since Apple became a customer AAC first joined Apple’s supply chain in 2007, suggesting that AAC had the biggest ever exposure to iPhones,”


Source: Barron's Asia

http://blogs.barrons.com/asiastocks/201 ... -strength/
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
User avatar
winston
Billionaire Boss
 
Posts: 118528
Joined: Wed May 07, 2008 9:28 am

Re: AAC Technologies 2018

Postby winston » Thu May 11, 2017 11:40 am

not vested

Short Seller Doubts AAC TECH Overstating Earnings, Violating Apple Supplier Code

The share price of blue-chip AAC TECH (02018.HK) slumped after 10:30, once plummeting 9.4% to $100.6 at most; it dived 6.4% in the latest print.

Short seller Gotham City Research (GCR), in its report, questioned why AAC's profit margins are higher and smoother than Apple's.

The report argued that AAC has used over 20 undisclosed related parties and dubious accounting to overstate and smoothen profits since 2014.

The report claimed that at least 20 undisclosed related party suppliers are owned or managed by AAC CEO's family members or employees.

GCR said these undisclosed related party suppliers are not listed in Apple's supplier list. Some of the undisclosed related entities supply the same products as AAC does, are based in the same locations as AAC is, and hire employees under AAC's name.

AAC has used these hidden entities to evade Apple's labour standards specified in the Apple Supplier Code of Conduct.

GCR believed that Apple and other parties will conduct independent investigations. As a result, AAC's profit margins will decline, converging to its peers levels.

GCR believed that AAC's share price will initially decline to $40 to $50 per share.

GCR saw far greater downside potential to the share price if AAC were to concurrently experience the same problems that other Apple suppliers have in the past, e.g. increased competition, pricing pressure from its customers, wage inflation, etc.

Source: AAStocks Financial News
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
User avatar
winston
Billionaire Boss
 
Posts: 118528
Joined: Wed May 07, 2008 9:28 am

Re: AAC Technologies 2018

Postby winston » Fri May 12, 2017 7:28 am

not vested

Apple supplier AAC denies short-seller’s accusation of ‘dubious accounting’ as shares plunge

Source: SCMP

The Shenzhen-based firm makes miniaturised acoustic components including speakers, receivers and microphones that are used in smartphones and tablets. Apple is one of its main clients.

AAC in March reported a net profit of 4.03 billion yuan for 2016, up 30 per cent from the previous year.

It had a net profit margin of 26 per cent.


http://www.scmp.com/business/companies/ ... on-dubious
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
User avatar
winston
Billionaire Boss
 
Posts: 118528
Joined: Wed May 07, 2008 9:28 am

Re: AAC Technologies 2018

Postby winston » Fri May 12, 2017 8:09 am

not vested

Short-seller targets AAC Technologies

by Carrie Chen

The share price of Apple supplier AAC Technologies Holdings (2018) fell by as much as 13.5 percent yesterday, after short-seller Gotham City Research opened fire on it.

Gotham City first alleged that AAC has more than 20 undisclosed related party suppliers owned by the company's chief executive's family members or employees.

"These undisclosed parties were not listed in Apple's supplier list, despite some claims otherwise," the report said.

In addition, Gotham City questioned the component maker's operating profit margin since 2014, saying it has been "unusually high and smooth" compared to that of its peers and Apple.

"We're intrigued by it because its margins are higher, smoother than some of the best companies in the world," said Daniel Yu, founder of Gotham City.

"In my experience, that usually means that the company is a truly world-changing, excellent, highly- competitive company - or something else. And based on our investigation, we think the facts support the latter possibility," Yu said.

The short-seller expected AAC's share price to decline to HK$40 to HK$50.

AAC denied the allegation, saying the information in the report are "inaccurate and misleading," according to a filing to the Hong Kong Stock Exchange.

The Shenzhen-based company said it is seeking legal advice and reserves the right to take legal actions.

AAC executive director Richard Mok Joe-kuen said the company's profit margin over the past 10 years was fully supported by audit reports.

AAC yesterday closed 10.95 percent lower at HK$98.85. Before yesterday, the stock was this year's best performer on Hong Kong's benchmark Hang Seng Index with a 58 percent gain.

Some analysts questioned Gotham's conclusions. BOC International Holdings' Tony Zhang, who has a "buy" rating on the stock, described the report as "groundless" and said many Apple suppliers enjoy high profit margins. His critique was echoed by Sanford C Bernstein & Co's David Dai.

"I read the report," said Dai, who has a "market perform" recommendation on AAC. "There is no hard evidence there, only speculation."

AAC is Gotham's first target in Asia. Named after the city where comic-book hero Batman fights crime, Gotham began publicly betting against companies after Yu got burned by an investment in mortgage lender Freddie Mac in 2008.

The firm's report on Quindell Plc triggered a 39 percent one- day drop in the British technology firm in April 2014, while its July 2014 report on Let's Gowex SA preceded the Spanish wi-fi provider's filing for insolvency and its chief executive resigning after admitting he reported false financial results for at least four years.

Source: The Standard

http://www.thestandard.com.hk/section-n ... ?id=182789
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
User avatar
winston
Billionaire Boss
 
Posts: 118528
Joined: Wed May 07, 2008 9:28 am

Re: AAC Technologies 2018

Postby winston » Fri May 12, 2017 12:01 pm

not vested

<Research Report>Nomura: AAC TECH Profit Margin Not Unreasonable; Kept Buy with Target at $100

Nomura stated in its research report that AAC TECH (02018.HK) was questioned by the short seller Gotham City about its profit level yesterday (11 May).

Yet, Nomura opined that gross profit margin of 40%-42% in the past two years was not unreasonable.

Rating was maintained at Buy with target price kept at $100.

The research house said 51% revenue of AAC TECH last year was driven from its dynamic component business.

Apple Inc. is its major customer, and 45% revenue was from non-acoustic products such as tailor-made haptics for Apple and RF mechanics.

Last year, gross profit margin of dynamic components business reached 45% whereas non-acoustic products recorded 40.6%.

Source: AAStocks Financial News
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
User avatar
winston
Billionaire Boss
 
Posts: 118528
Joined: Wed May 07, 2008 9:28 am

Re: AAC Technologies 2018

Postby winston » Fri May 12, 2017 1:20 pm

not vested

Brokers Jump to Defense of AAC Technologies

By Daniel Shane

Source: Barron's Asia

http://www.barrons.com/articles/brokers ... 1494564745
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
User avatar
winston
Billionaire Boss
 
Posts: 118528
Joined: Wed May 07, 2008 9:28 am

PreviousNext

Return to A to B

Who is online

Users browsing this forum: No registered users and 8 guests

cron