[ET Net News Agency, 9 March 2018] Macquarie Research trimmed its target price for FIH
Mobile (02038) to HK$2.2 from HK$2.45, and reiterated its "neutral" rating given its rich
cash position (net cash per share at HK$1.92 in 2015-17 on average) and attractive
valuation.
The research house said the lower 2H 2017 GM echoes Macquarie's concerns of unfavourable
product mix and growing competition for the company's main client's, Xiaomi, smartphone
ODM. It continues to prefer Hon Hai over FIH given Hon Hai's comprehensive product mix,
growing diversity into robots, EVs, and Sharp (TVs, OLED, home appliances), and Hon Hai,
as the parent company, is the only decision maker on Hon Hai group's long-term strategy.
Macquarie factored in 2H 2017 results and cut its 2018-19 EPS forecasts mainly on lower
GM. Its new EPS for 2018 and 2019 is negative US$1.66 cents and positive US$0.61 cents
versus positive US$1.28 cents and positive US$1.92 cents previously. (KL)
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02038 FIH
Nominal 
0.770 +0.040 (+5.479%) Others
09/03/2018 16:46
[I-bank focus]Macquarie trims FIH Mobile (02038) to HK$2.2
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