AAC Technologies 2018

[winston]

vested

Jan 10, 2018

<Research Report>JPMorgan Upgrades AAC TECH (02018.HK) to Overweight with Target Maintained at $180

JPMorgan, in its report, said that shares of AAC TECH (02018.HK) have underperformed HSI by 19% over the past 1.5 months, mainly due to the concern on Chinese smartphone inventory and market share problems.

It is believed that market expectations now become reasonable and the investment rating was upgraded to Overweight from Neutral. Source:

The target price was maintained at $180, equivalent to 21x 2019E P/E.

AAStocks Financial News

[winston]

vested

Dec 20, 2017

<Research Report>C Suisse Expects Feb/Mar Key Time Window for Mobile Components Suppliers; Top Pick AAC TECH

In its report, Credit Suisse said mobile component supply industry of Mainland China has had several key themes recently, including November's smartphone shipment number laid out by Ministry of Industry and Information Technology (MIIT); investors' worry over Oppo/Vivo's recent order reductions and inventory adjustment; and Huawei/Xiaomi in relatively good shape.

The research house believed that the real fundamentals and sentiment of the sector will take time to pick up and may even moderate and slow from a year earlier.

The research house expected February/March 2018 will be key time window since 2H18 handset designs will be decided around that time.

Credit Suisse's top picks were AAC TECH (02018.HK), followed by TRULY INT'L (00732.HK), ASM PACIFIC (00522.HK), SUNNY OPTICAL (02382.HK) and HUA HONG SEMI (01347.HK).

Source: AAStocks Financial News

[winston]

<Research Report>C Suisse Rates AAC TECH (02018.HK) at Outperform with Target Trimmed to $205.9

Credit Suisse, in its report, said that with decreasing shipments forecast for iPhone in 1Q, iPhone components suppliers are encountering a tough time.

The market is also concerned about 2Q iPhone components shipments. However, the broker believed that the impacts on AAC TECH (02018.HK)'s earnings should be negligible since iPhone's market share in 1H increased with upgrading of Samsung S9 despite weak iPhone X shipments.

It is anticipated that iPhone suppliers could hit bottom in early February. AAC TECH is now trading at an appealing price and further corrections in share price will provide opportunities for market entry. The investment rating was maintained at Outperform.

Based on the shipment forecast, the broker trimmed 2018-2019 earnings projection by 4%. Correspondingly, the target price was cut to $ 205.9 from $ 214.5.

Source: AAStocks Financial News

[winston]

not vested

March 1, 2018

<Research Report>UBS Upgrades AAC TECH (02018.HK) to Buy with Target Lifted to $194

UBS, in its report, said AAC TECH (02018.HK)'s acoustics and haptics business can underpin growth in 2018 whilst RF mechanical and optics will be growth drivers for 2019-20.

AAC TECH was upgraded to Buy from Neutral with target price lifted to $194 from $190.

The research house added that the share price of AAC TECH has begun to pick up but believed it has not been fully factored in the strong impetus of 2018.

Source: AAStocks Financial News

[winston]

Feb 13, 2018

not vested

<Research Report>Citi: AAC TECH (02018.HK) Outlook Promising; Rated Buy

In its report, Citigroup said AAC TECH (02018.HK)'s outlook is promising as the fundamentals of the group for this and next year remain robust although smartphone shipments forecast of Mainland China is largely trimmed.

The rating on AAC TECH was kept at Buy with target price of $180.

Source: AAStocks Financial News

[winston]

Feb 5, 2018

not vested

<Research Report>M Stanley Trims AAC TECH (02018.HK) Target to $186; Kept Overweight

Morgan Stanley said in its report that AAC TECH (02018.HK)'s share price has fallen approximately 14% from peak on 3 January, versus HSI of +7%.

The sluggishness in share price was believed to be prompted by market concern over decelerating demand for iPhone X.

The research house viewed the current valuation of AAC TECH remained enticing and hence maintained the stock at Overweight.

The target price was cut to $186 from $188.

Source: AAStocks Financial News

[winston]

Feb 5, 2018

not vested

<Research Report>G Sachs Upgrades AAC TECH (02018.HK) to Buy; Lifts Target to $198

Goldman Sachs, in its report, upgraded AAC TECH (02018.HK) to Buy from Neutral and included the stock in Conviction Buy List.

The research house also largely raised the 12-month target price to $198 from $97.

Goldman Sachs anticipated the company's core business to benefit from Android smartphones adding stereo sound and waterproofing while expanding new businesses in lens and RF casing.

Source: AAStocks Financial News

[winston]

27 Mar 2018

<Research Report>C Suisse: AAC TECH 4Q17 Profit 2% Below Estimates, Revenue Slightly Beats


Credit Suisse's report pointed out that AAC TECH(02018.HK)'s 4Q17 net profit went up 16.6% yearly to RMB1.832 billion, 2% below estimates, while the 41.7% quarterly gross profit margin was in-line.

AAC TECH was rated Outperform at the target price $205.9.

Source: AAStocks Financial News

[winston]

not vested

<Research Report>Ratings & TPs on AAC TECH(02018.HK)(Table)

Brokers' ratings and target prices on AAC TECH(02018.HK) are listed as follows:

Brokers?Ratings?Target prices (HK$)
BOC International ?Strong Buy?206
Credit Suisse?Outperform?205.9
Goldman Sachs ?Buy (Conviction Buy List)?198
UBS?Neutral?190
Morgan Stanley?Overweight?186
CIMB?Accumulate?185.7
Citigroup?Buy?180
CICC?Recommend?180
JPMorgan?Overweight?175
BOCOM International ?Buy?155

AAStocks Financial News

[winston]

not vested

<Research Report>Nomura Cuts AAC TECH(02018.HK) TP to $141, Rated Buy

In Nomura's report, it said AAC TECH(02018.HK)'s 2018 sales guidance, growth of 25% up, may be hard to achieve due to the drastic changes in iPhone prospect and only expected 13% growth.

The broker kept Buy on the company at the target price $141, trimmed from $165.

Source: AAStocks Financial News