[ET Net News Agency, 19 August 2019] Credit Suisse hosted the post-1H results NDR with
FIT Hon Teng Limited (06088) management in HK. Management is upbeat on the 2H outlook,
driven by Belkin contribution, 400G optical module launch and connector market rebound.
Belkin bottom-line near-breakeven in 1H (including one-off costs) and management
believes it is possible to achieve a 6% net margin in 2H as integration is going smoothly.
It aims to shift all Belkin manufacturing to FIT.
In addition, FIT is moving production of some Belkin products under the additional
tariff to Vietnam. It still has land that was purchased years ago for expansion in
Vietnam.
Credit Suisse forecast revenue to grow by 12%/11%/11% in 2019/20/21 driven by mobile
devices, Belkin contribution, and optical module segment; EPS estimates to grow
14%/15%/18% for 2019/20/21.
It reiterated its "outperform" rating on FIT Hon Teng, with a target price of HK$5.1.
(KL)
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06088 FIT HON TENG
Nominal 
1.970 +0.050 (+2.604%) Research Report
19/08/2019 17:30
{I-bank focus}CS affirms 2H growth outlook for FIT Hon Teng
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