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2009-4-9 10:41:00 a.m. HKT, XFNA
DJ MARKET TALK: Daiwa Raises AAC Acoustic Target 16.1% To HK$3.60
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| 1030 [Dow Jones] STOCK CALL: Daiwa raises AAC Acoustic (2018.HK) target to HK$3.60 from HK$3.10 after increasing FY09 net profit forecast by 15% to CNY475 million on adjustments to sales, margin assumptions. Notes 4Q08 net profit fell 64% on-year to CNY74 million, in line with house's estimate. Says ramp-up of sales in new platform products for Nokia (NOK) is key story for FY09; notes management expects Nokia to account for 30% of FY09 revenue vs 25% for 4Q08. Notes Motorola (MOT) expected to account for 20% of total FY09 revenue vs 4Q08's 27%. Notes management guides 2Q09 revenue to improve vs 1Q09, 2H09 revenue to improve vs 1H09; says not major surprise, largely in line with other tech companies' guidance. Says stock trading at 9.5X PER on house's FY09 EPS forecast; recommends taking profit at current level. Keeps at Hold. Shares down 3.0% at HK$4.14. (LES) Contact us in Hong Kong. 852 2802 7002; MarketTalk@dowjones.com
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(Delayed by 1 hour)
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