AAC Technologies 2018

Re: AAC Technologies 2018

Postby winston » Fri Jul 19, 2013 11:30 am

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MS reduces AAC TECH (02018.HK) 2013 EPS forecast by 4%, with target $38
2013-07-19

Morgan Stanley said in report that it lowered the 2013/14 EPS forecast for AAC TECH (02018.HK) by 4% and 8%, with the target price maintained at $38 and rating of Equalweight.

The current stock price represents 2013/14 forecast P/E of 16 times and 14 times, which are not compelling in the research house's point of view, and investment value will show only when the stock price retreats to $33, or new positive catalysts emerge after the second-quarter result conference call.

Source: AAStocks Financial News
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Re: AAC Technologies 2018

Postby winston » Tue Jul 30, 2013 8:26 pm

Capital Group Companies adds holding in AAC TECH (02018.HK)

HKEx disclosed that The Capital Group Companies, 26 July, bought 4.0785 million shares of AAC TECH (02018.HK) in pit trading at an average price of $36.561, involving capital of $149 million.

The holding was lifted from 6.71% to $7.05% as a result.

Source: AAStocks Financial News
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Re: AAC Technologies 2018

Postby winston » Wed Aug 07, 2013 7:22 pm

Maintain OUTPERFORM

We maintain our long-term positive view on AAC and maintain our 12-month target price of HK$47.50.

Trading at 14.7x/11.7x our 2013/14E EPS, the stock remains attractive, given the low expectations on 2H13 product cycle.

Catalyst of the stock would include: Apple’s new lower priced iPhone product launch in late-3Q13, refreshed iPad/mini, Samsung Galaxy Note 3, Moto X product release.


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Re: AAC Technologies 2018

Postby winston » Fri Aug 16, 2013 5:03 pm

AAC TECH (02018.HK) interim net profit rises 49%; div HK25 cents

AAC TECH (02018.HK) reported that its net profit grew 49.3% to $1.08 billion in the first half of 2013.

Earnings per share were 87.57 fens.

The interim dividend rose 25% to HK$25 cents.


Source: AAStocks Financial News
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Re: AAC Technologies 2018

Postby winston » Mon Aug 19, 2013 7:46 pm

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AAC TECH (02018.HK) rated Sell with TP cut to $34 by UBS

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.


Source: AAStocks Financial News
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Re: AAC Technologies 2018

Postby winston » Sun Sep 29, 2013 6:48 pm

AAC TECH (02018.HK) initiated Underweight with TP$30 - JPM
2013-09-27

AAC TECH (02018.HK) has been an outperformer for years, as it has secured top tier customer and market competition is limited, JP Morgan said in a report.

JPM expects AAC TECH earnings growth to decelerate due to slowed smartphone growth, lower ASP, shrinking market share and margin erosion, as local competition has caught up in Apple products.

AAC TECH is initiated Underweight with target price of $30, implying 12x P/E.

Source: AAStocks Financial News
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Re: AAC Technologies 2018

Postby winston » Tue Oct 22, 2013 8:40 pm

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From 2003 to 2012, AAC has achieved about 30% of CAGR for profits, and a 20% CAGR can be expected in the future, we take the PER valuation.

We fix the company stock's target price at HK$ 35.6 with 15X 2013EPS.

We grant it “Accumulate” rating.


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Re: AAC Technologies 2018

Postby winston » Tue Nov 05, 2013 6:58 am

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AAC plays it by ear even as good times roll on

Mainland miniature components maker AAC Technologies (2018) said net profit in the first three quarters surged 65 percent from a year earlier to 1.97 billion yuan (HK$2.5 billion) due to rising prices for its acoustic products.

But executive director Richard Mok Joe-kuen cautioned the firm will face pressure on its profit margin this quarter amid spending to win a greater share of the market.

Total revenue for the Shenzhen-based firm jumped 38 percent to 5.9 billion yuan. But the gross profit margin slipped one percentage point to 42.7 percent.

For the third quarter alone, recurring net profit hit 607 million yuan, up 12 percent after netting out the one-off 240 million yuan fair value gain on disposal of an affiliate firm.

Mok said the firm will produce more of its traditional acoustic component products for the middle and lower-end markets.

It is now a key supplier to smartphone and tablet makers such as Apple Inc, Xiaomi, Huawei and ZTE.

The firm's top three clients accounted for 74 percent of total revenue for the nine months.

Its non-acoustic products made up 5 percent of the firm's total revenue last quarter.

AAC shares slid 5.4 percent yesterday following the announcement of its results, closing at HK$33.45.

http://www.thestandard.com.hk/news_deta ... 31105&fc=2
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Re: AAC Technologies 2018

Postby winston » Tue Nov 05, 2013 10:23 am

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<Research Report>MS remains bullish on AAC TECH (02018.HK) despite unsurprising new iPad
Oct 24, 2013

Morgan Stanley noted in a research report that it expects the iPad shipments will be sharply raised to 24 million units in the fourth quarter, of which iPad Air will account for over 50%.

It believes the lighter iPad Air will sell better than iPad mini, and bullish over the main supply chains, including AAC TECH (02018.HK), which is rated Overweight.

The research house added that the camera of the new iPad was disappointing as the pixel remains at 5 million, instead of 8 million, failing to lift the consolidated average selling prices.

However, the iPad Air and the new iPad mini specifications and pricing are roughly in line with its estimates, Morgan Stanley commented.

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Re: AAC Technologies 2018

Postby winston » Tue Nov 05, 2013 10:35 am

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<Research Report>AAC TECH (02018.HK) initiated Underweight with TP$30 - JPM
Sep 27, 2013

AAC TECH (02018.HK) has been an outperformer for years as it has secured top tier customer and market competition is limited, JP Morgan said in a report.

JPM expects AAC TECH earnings growth to decelerate due to slowed smartphone growth, lower ASP, shrinking market share and margin erosion, as local competition has caught up in Apple products.

AAC TECH is initiated Underweight with target price of $30, implying 12x P/E.

Source; AAStocks Financial News
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