[ET Net News Agency, 13 November 2019] Citi Research raised its target price for AAC
Technologies Holdings (02018) to HK$66 from HK$44 and maintained its "buy" rating.
The research house said AAC's revenue came in at RMB5,012mn, better than its estimate.
Gross margin increased 4.5ppt QoQ to 29.6%. With some help from operating leverage, net
income came in at RMB695mn, beating Citi's forecast by 11%.
Citi forecast AAC to expand the lens set capacity to 150mm units in the mid-term. It
believes 2020 lens supply and demand to become tighter compared with 2019 driven by
premium 5G smartphone replacement cycle. As such, AAC's lens market also has a good
opportunity to grow. It forecast lens to make up 15%/20% revenue in 2020/21.
Citi revised up the 2019/2020 earnings forecast by 3%/7% with better than expected
results and a more positive outlook in 2020 driven by Apple. (KL)
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02018 AAC TECH
Nominal 
25.500 +0.650 (+2.616%) Others
13/11/2019 14:21
{I-bank focus}Citi raises AAC Technologies (02018) to HK$66
| Remark: | Real time quote last updated: 18/04/2024 17:59 |
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