UOB Kay Hian raised its target price for Q Technology (Group)(01478) to HK$13.55 and maintained its "hold" rating.
Following the commercial launch of 5G services in China at end-October, industry participants have set ambitious growth plans for 5G handset terminals, reflecting optimism on the end-demand for 5G smartphones in 2020, the research house said.
After incorporating the latest industry forecast, UOBKH raised its global 5G smartphone shipment volume projection by 71% to 240m units for 2020.
It also raised Q Tech's profit forecasts by 5% and 6% for 2020 and 2021 respectively mainly to reflect the higher shipment volume of HCM (handset camera module) and under-display fingerprint module, driven by the faster-than-expected growth in 5G handset, more than offsetting the decline in 4G handset shipment.
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