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.
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