[ET Net News Agency, 6 January 2020] Morgan Stanley lifted its target price for AAC
Technologies Holdings (02018) to HK$55 from HK$49 and maintained its "equal-weight"
rating.
The research house noted ongoing margin contraction and profit decline in 2019, but
decline should narrow from 2H 2019 and into 2020. Morgan sees a slowdown in acoustic
upgrade progress dragging AAC's GM below 40% in 2019.
However, it does not think the competitive landscape will worsen in 2020 as three iPhone
suppliers reach a balance among share allocation. Morgan expects haptics and RF revenue to
decline in 2019 and slightly increase in 2020 in view of limited dollar content increases
and potential share loss for haptics.
Optics should show growth in 2019 and 2020, but it sees a decline in hybrid lens demand.
Morgan raised its 2020 and 2021 earnings forecasts by 4% and 4%. It also nudged up its
revenue and GM forecasts. (KL)
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02018 AAC TECH
Nominal 
23.750 -1.750 (-6.863%) Research Report
06/01/2020 14:32
{I-bank focus}Morgan lifts AAC Technologies (02018) to HK$55
| Remark: | Real time quote last updated: 19/04/2024 18:00 |
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