AAC Technologies 2018

Re: AAC Technologies 2018

Postby winston » Thu Oct 25, 2018 2:11 pm

14 Sep, 2018

not vested

<Research Report>Daiwa Downgrades AAC TECH (02018.HK) to Hold with TP Cut to $85

Daiwa issued a research report covering AAC TECH (02018.HK), stating that functions of the new iPhone models are in-line with projections but the selling prices of iPhone XS and XS Max had been set at too high a level and therefore it lowered iPhone's sales forecast for the second half of 2018 to 80 million handsets.

iPhone's sales performance may negatively affect AAC TECH's profit levels for 2H18 and 2019 ad AAC TECH is a major supplier for iPhone, the bank said.

AAC TECH is downgraded to Hold from Buy with target price lowered to $85 from $110.

Source: AAStocks Financial News
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Re: AAC Technologies 2018

Postby winston » Mon Oct 29, 2018 2:22 pm

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Capital Group Adds 3.08M Shares in AAC TECH with Nearly $200M

The Capital Group, last Wednesday (24 October), increased 3.084 million shares of AAC TECH (02018.HK) at an average price of $63.8 per share on market, involving $197 million, as disclosed by the Stock Exchange.

Upon completion, the long position of The Capital Group in AAC TECH rose to 18.25% from 17.99%.

Source: AAStocks Financial News
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Re: AAC Technologies 2018

Postby winston » Mon Oct 29, 2018 3:51 pm

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Oct 2, 2018

3Q18F results preview

AAC’s 3Q18F net profit likely declined 2% yoy due to relentless competition.

Cut FY18-20F EPS 6-8% on lower sales estimates for haptics/RF solutions.

Maintain Hold. TP lowered to HK$87.5, still pegged to 16x FY19F P/E.

Source: CIMB

MpEqbXqoZMwODccgXK3Dwk0wOaRoxSnRWkwpoRrKaSoc2vbu8ffDZkLLydsNhaUQ4lrJWXbmZgN8zQ2
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Re: AAC Technologies 2018

Postby winston » Thu Nov 01, 2018 10:57 am

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AAC TECH: Singapore Project Investment US$200M; Operation to Start in 2H20

AAC TECH (02018.HK) announced that the construction of its Singapore R&D center commenced on 31 October.

The total investment amounted to US$200 million, with an GFA of 37,800 sq.m.

Construction of phase one, with GFA of 18,900 sq.m., is expected to complete in 2019 and operation to begin in the second half of 2020.

The center will mainly focus on R&D of high-end optics and MEMS, and will expand in the future to include R&D of 5Gmm wave.

Representative said the group will fully tap the rich R&D and education resources in Singapore and increase investment in R&D of precision manufacturing to the end of establishing its global R&D headquarters in Singapore.

Source: AAStocks Financial News
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Re: AAC Technologies 2018

Postby winston » Mon Nov 05, 2018 1:32 pm

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<Research Report>Deutsche: AAC TECH 3Q NP to Grow 1.2x QoQ; Risk/Reward Appealing

Thanks to the launch of high-end iPhone XS/ XS Max, AAC TECH (02018.HK) will potentially post surging 3Q revenue.

However, such growth momentum will be muted in 4Q under accelerated sales growth of low-end iPhone XR. Therefore, Deutsche Bank cut the firm's 2018-2020 EPS CAGR forecasts from 23% to 18%.

The enticing risk/reward profile has provoked Deutsche Bank to reaffirm AAC TECH at Buy, with a target price down from $118 to $82.

Furthermore, the 2018-2020 EPS forecasts were revised down by 7.1%/ 11.1%/ 13.7% to RMB4.1/ RMB4.9/ RMB5.8, respectively.

Looking forward to the firm's 3Q results, the broker projected 3Q AAC TECH net profit to be RMB1.441 billion (+6% YoY/ +1.21x QoQ).

Source: AAStocks Financial News
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Re: AAC Technologies 2018

Postby winston » Thu Nov 08, 2018 1:15 pm

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AAC TECH (02018.HK) 1-3Q Net Profit RMB2.752B, Down 21.2%

AAC TECH (02018.HK) announced the first three quarters result ended September 2018.

The turnover declined 4.8% YoY to RMB13.293 billion.

The net profit amounted to RMB2.752 billion, down 21.2% YoY.

EPS was RMB2.25.

Gross profit margin dropped 4.2 ppts to 36.9%, mainly due to RMB appreciation.

Source: AAstocks.com
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Re: AAC Technologies 2018

Postby winston » Thu Nov 08, 2018 2:29 pm

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<Post-Result>AAC TECH Once Plunges 7.3% after Midday on 3Q Results Miss

After midday, AAC TECH (02018.HK) once slumped 7.3% on disappointing 3Q results.

The stock slipped 5% to stand at $57, on volume of 11.007 million shares, involving $642 million.

Among which, AAC TECH's 3Q18 revenue decreased by 8.5% YoY to RMB4.869 billion, below UBS' projection of RMB5.366 billion.

Net profit decreased by 28.7% YoY to RMB973 million, missing UBS' estimate of RMB1.26 billion.

Gross profit margin dropped by 4.2 ppts YoY to 37.1%, trailing consensus of 38.8%.

Source: AAStocks Financial News
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Re: AAC Technologies 2018

Postby winston » Thu Nov 08, 2018 3:37 pm

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<Research Report>M Stanley: AAC TECH 3Q18 NP 20% Shy of Consensus, Revenue Weak

AAC TECH (02018.HK)'s 3Q net profit was 19% and 20% shy of Morgan Stanley's forecast and street consensus, mainly due to weaker Haptics & RF revenue.

During the period, AAC TECH delivered RMB4.87 billion revenue (-9% YoY and +29% QoQ) with a 37.1% GPM.

AAC TECH was rated Overweight, with price target of $102.

Source: AAStocks Financial News
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Re: AAC Technologies 2018

Postby winston » Fri Nov 09, 2018 10:17 am

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AAC Technologies (2018 HK)
3Q18: A Big Miss


3Q18 results were far below expectations.

Net profit slipped 29% yoy to Rmb973m, hit by a 9% yoy decline in revenue.

Gross margin remained under pressure despite the renminbi depreciation and seasonally higher shipments in 3Q18.

We remain cautious about the global smartphone market outlook, specs upgrades and competition. As such, we slash our earnings forecasts for AAC and target price to HK$58.99, based on a trough cycle valuation of 13x 2019F PE.

Maintain HOLD. Entry price: HK$48.20.

Source: UOBKH

https://research.uobkayhian.com/content ... e0b5c46391
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Re: AAC Technologies 2018

Postby winston » Mon Nov 12, 2018 11:29 am

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AAC Technologies Holdings (2018 HK) : BUY

Mkt. Cap: US$8,690m
3m Avg. Daily Val: US$70.1m
Last Traded Price ( 8 Nov 2018): HK$55.80
Price Target 12-mth: HK$80.00 (43.4% upside) (Prev HK$165.0)

3Q18 results below; strong optics with wider hybrid lens adoption to drive FY19F earnings

3Q18 results below; due to market share loss in acoustics and haptics, on absence of major upgrades for new iPhone launched in 2H18

Haptics to continue to be sluggish in FY19F; but acoustics to recover in FY19F with upgrades for new iPhone to be launched in 2H19

Earnings to recover from strong optics with wider hybrid lens adoption in FY19F, with its proprietary WLG

Reiterate BUY on still solid earnings CAGR of 24% over FY18-20F;

TP adjusted from HK$165 to HK$80 on lower earnings forecast and target multiple

Source: DBS

https://researchwise.dbsvresearch.com/R ... VyaWRAQA==
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