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02018 AAC TECH
RTNominal up29.950 +0.450 (+1.525%)
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09/11/2018 17:37

[I-bank focus]CS lowers AAC Technologies (02018) to HK$57

[ET Net News Agency, 9 November 2018] Credit Suisse lowered its target price for AAC
Technologies Holdings (02018) to HK$57 from HK$66 and maintained its "neutral" rating for
limited spec/ASP upgrade in key customer over 12-18 months.
The research house said AAC's 3Q results were a big miss. Sales/GM were below Credit
Suisse's estimates by 17%/1pp on lower sales from haptic/precision mechanical, resulting
in a poor mix.
Management expects further penetration of SLS in midtier Android phones. They believe
ASP increase is unlikely, but it will improve utilisation to increase gross margin (GM).
Credit Suisse thinks 3Q GM for acoustic/haptics already benefited slightly from RMB
depreciation. It cut its 2018-20 EPS forecasts by 13-16%. (KL)

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