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2009-4-9 02:32:00 p.m. HKT, XFNA
DJ MARKET TALK: AAC Acoustic's 2010 Pipeline Appears Strong - JPM
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| 1417 [Dow Jones] STOCK CALL: AAC Acoustic's (2018.HK) 2010 pipeline appears strong as in addition to existing products for Nokia (NOK), company will start ramp up digital microphone, vibrator in 2H09, allowing significant expansion of market space, JPMorgan says. Notes AAC also working closely with new customers such as Samsung, Apple (AAPL); says could bring further revenue upside. Lowers FY09-10 revenue forecasts by 2.5%, cuts FY09-10 earnings forecasts by 7%, 3%. Says shares more than handset re-stocking play; as improving on-year EPS momentum to support re-rating. Adds, even after recent share price rally, AAC trades at 9X FY09E P/E, 1.3X P/B vs Taiwan peers at 10X-20X P/E, 2-5X P/B. Keeps Overweight, target HK$5.10, based on 10.5X FY09E P/E. Tips key risk as uncertainties in global handset demand. Stock down 4.7% at HK$4.07. (LES) Contact us in Hong Kong. 852 2802 7002; MarketTalk@dowjones.com
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(Delayed by 1 hour)
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