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Research Report

02/03/2021 17:21

{I-bank focus}BOCOM cuts FIT Hon Teng (06088) to HK$3.1

[ET Net News Agency, 2 March 2021] BOCOM International Research trimmed its target
price for FIT Hon Teng (06088) to HK$3.1 from HK$3.2 and maintained its "neutral" rating.
The research house said FIT has recently issued a profit warning and expects 2020
earnings to fall at least 50%
BOCOM expects FIT's 2021 revenue growth to remain muted, mostly due to the full-year
impact from the loss of the iPhone wired EarPods orders. It expects FIT's mobile division
revenue to fall 13% in 2021. While Hon Hai Precision has formed a JV partnership with
Geely to become a contract manufacturer of EVs, BOCOM believes this is unlikely a
near/mid-term revenue driver for FIT.
BOCOM lowered its 2020/21 EPS forecasts by 30%/10% to reflect worse-than-expected 2020
earnings. (KL)

Remark: Real time quote last updated: 28/10/2021 09:26
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