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2009-5-13 03:44:00 p.m. HKT, XFNA
DJ MARKET TALK: MS Keeps AAC Acoustic Overweight; Target HK$5
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| 1534 [Dow Jones] STOCK CALL: Morgan Stanley keeps AAC Acoustic (2018.HK) Overweight with target HK$5.00 after 1Q results in-line. "We believe 1Q results support our view that AAC's fundamentals have troughed, with upward momentum expected from 2Q09. We remain buyers of AAC in light of its dominant market position, with favorable exposure to Nokia, China handset plays, Smartphone proxy, plus additions from Apple/Samsung." Adds, however, to gauge degree of upside risks must see progress in ramp up of new Nokia platforms, sell-in strength into 2Q from Nokia, number of new platforms won from Samsung and/or Apple; sustainability of order strength from China local brand names; speed of margin recovery. Stock off 3.4% at HK$4.80; HSI down 0.7%. (LWS) Contact us in Singapore. 65 64154 140; MarketTalk@dowjones.com
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(Delayed by 1 hour)
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