AAC Technologies 2018

Re: AAC Technologies 2018

Postby winston » Fri Dec 14, 2018 1:54 pm

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<Research Report>HSBC Trims AAC TECH TP to $49.8; Not out of Mud amid Growing Competition

HSBC Global Research believed AAC TECH (02018.HK)'s acoustic/ haptic products are in face of feeble market growth and intensified competition, hence reiterated the rating at Hold with target price cut to $49.8 from $87.

The research house did not think the tech company is out of mud yet, in light of an 8% net profit CAGR in 2018-20E, vs a 25% historical average.

Source: AAStocks Financial News
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Re: AAC Technologies 2018

Postby winston » Fri Jan 04, 2019 1:08 pm

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<Research Report>BofAML Downgrades AAC TECH (02018.HK) to Underperform, TP Cut to $35

Bank of America Merrill Lynch downgraded AAC TECH (02018.HK) from Neutral to Underperform, with price objective cut sharply from $63 to $35.

The 2018-20 EPS forecasts for AAC TECH were trimmed by 1%/ 19%/ 27% to RMB3.29/ RMB3.07/ RMB3.43, factoring in the 14% cut in iPhone shipment estimate, easing global smartphone demand, ASP pressure and slower product upgrades.

The broker also projected a 7% YoY decline in the 2019 EPS of AAC TECH.

Equally, AAC TECH's new product launch is insufficient to offset its plights under keener competition with Luxshare Precision (002475.SZ).

Source: AAStocks Financial News
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Re: AAC Technologies 2018

Postby winston » Tue Feb 26, 2019 10:23 am

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<Profit Warning>AAC TECH 1Q Profit May Slip 65-75%; Max. Profit RMB390M

AAC TECH (02018.HK) issued a profit warning, expecting the profit attributable to the Shareholders for the three months ending 31 March 2019 (Q1 2019) is expected to decline to a range of RMB280 million and RMB390 million, representing a decline of 65% to 75% as compared with that for the corresponding period in 2018.

In addition to a usual weak seasonal quarter, the Company's revenue for Q1 2019 is expected to be significantly negatively affected by reduced orders from customers.

The resulting product composition due to transition stage and contracting production volume is expected to adversely impact Q1 2019's gross profit margin, and thus net profit.

Source: AAStocks Financial News
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Re: AAC Technologies 2018

Postby winston » Mon Mar 25, 2019 1:28 pm

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<Research Report>Nomura Upgrades AAC TECH (02018.HK) to Buy with TP Up to $57

Nomura in its report lowered 2019 earnings estimates on AAC TECH (02018.HK) by 15% under 1Q19 profit warning and feeble iPhone sales, while 2020 profit projection was held steady upon multiple potential growth drivers.

AAC TECH was upgraded to Buy from Neutral at the target price $57, up from $53.

Source: AAStocks Financial News
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Re: AAC Technologies 2018

Postby winston » Mon Mar 25, 2019 1:29 pm

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<Research Report>BofAML Cuts AAC TECH (02018.HK) TP to $32; Rated Underperform

Bank of America Merrill Lynch in its report said that AAC TECH (02018.HK)'s 4Q18 net profit came in 18% and 19% shy of the broker's estimates and street forecast, given the revenue flattish in year.

The broker reiterated Underperform on AAC TECH at the target price $32, cut from $35, with 2019 and 2020 EPS estimates revised down by 23% and 20%.

Source: AAStocks Financial News
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Re: AAC Technologies 2018

Postby winston » Mon Mar 25, 2019 1:38 pm

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Brokers' Latest TPs, Views on AAC TECH (02018.HK) (Table)

Brokers│Ratings│Target prices (HK$)

CICC│Neutral->Buy│60->70
Nomura│Buy│53->57
Citigroup│Buy│58->56
Daiwa│Hold│48.2
JP Morgan│Neutral│45
CIMB│Underweight│38.2
Credit Suisse│Underperform│33.2->36.7
UBS│Sell│35
CMBI│Sell│35
Morgan Stanley│Underweight│33
Bank of America Merrill Lynch│Underperform│35->32


----------------------------------------

Brokers│Views

CICC│New products were expected to boost profit recovery in 2H19

Nomura│1Q19 profit was expected to bottom out; business recovery on the horizon

Citigroup│Android handset products may create impetus

Daiwa│Android handset products see sunny outlook; while iPhone business risks linger

JP Morgan│Management guidance positive; yet lacks evidence to prove the trend

CIMB│Touch responder business outlook rocky

Credit Suisse│Applications on new Android handset products were expected to hardly compensate Apple's market share loss

UBS│4Q18 feeble profit had been expected; challenges remain this year

CMBI│Near-term challenges persist; few catalysts ahead

Credit Suisse│4Q18 results miss

Morgan Stanley│Management guidance foresaw better business in 2H19

Bank of America Merrill Lynch│Company's 1Q19 guidance showed subdued GPM


Source: aastocks.com
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Re: AAC Technologies 2018

Postby winston » Mon Mar 25, 2019 1:46 pm

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AAC TECH: To Buy Back Shrs on Mkt Changes, Financial Conditions; Keep Div. Payout at 40%

2019/03/22

Meanwhile, the company hopes to maintain dividend payout at 40% in the future, as dividend is a strategy of immediate return to shareholders, furthered Mok.

Source: AAstocks.com
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Re: AAC Technologies 2018

Postby winston » Mon Mar 25, 2019 1:49 pm

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AAC TECH Sees More Upsides in 2H Than 1H

AAC TECH (02018.HK) said at a press conference that the future GPM will be considered for different segments, and 40% GPM is targeted for new platforms.

Looking ahead, the company will likely record bigger differences in performance for 2H19 when compared with 1H19.

Wider room is seen in 2H to outperform 1H owing to greater opportunities for technical platforms.

Source: AAstocks.com
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Re: AAC Technologies 2018

Postby winston » Sat May 18, 2019 6:58 am

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AAC Tech quarterly net profit drops to 432m yuan

Blue-chip Apple supplier AAC Technologies Holdings (2018) said today net profit for the first quarter slid by 61.6 percent year-on-year to 432 million yuan.

The group's revenue amounted to 3.75 billion yuan, down by 19.1 percent from the same period last year.

Basic earnings per share fell by 60.9 percent to 36 fen per share.

The overall prospect of the business remained positive and customers’ orders during the later part of the quarter were better than expected, the company said in a stock exchange filing.

"As more of the group’s product platforms will be adopted by the new mid-tier and high-tier devices, it is expected that the group’s revenue are [to] pick up gradually from the second quarter of 2019 and achieve business growth quarter-on-quarter throughout the year with further increase in capacity utilization."

Source: The Standard

http://www.thestandard.com.hk/breaking- ... 0517&sid=2
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Re: AAC Technologies 2018

Postby winston » Mon May 20, 2019 9:46 am

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<Research Report>M Stanley: AAC TECH (02018.HK) 1Q Profit Higher than That in Profit Warning; GM Misses

AAC TECH (02018.HK)'s 1Q net profit came in higher than that as stated in profit warning while gross margin missed forecast, said Morgan Stanley in its report.

Net profit reduced 62% YoY to RMB432 million, falling short of estimate; however it was ahead of that in profit warning (RMB280-390 million).

The rating was Underweight with target price of $38.

Source: AAStocks Financial News
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