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2009-5-14 08:31:00 a.m. HKT, XFNA
DJ MARKET TALK: Daiwa Raises AAC Acoustic Target 27.8% To HK$4.60
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| 0823 [Dow Jones] STOCK CALL: Daiwa raises AAC Acoustic (2018.HK) target to HK$4.60 vs HK$3.60 based on 10.5X FY09 P/E vs average of 9.1X over past three years. Notes 1Q net profit +2% on-quarter at CNY75 million, largely inline with house's estimate, while management guidance of double-digit percentage on-quarter rise in revenue for 2Q "was no surprise." Adds, Nokia remained AAC's top customer in 1Q09, accounting for 32% of sales, up from 27% in 4Q08. "A significant breakthrough in sales to customers in Korea would be a share-price catalyst, (but) we do not expect this to happen over the next six months," says Daiwa. Keeps at Hold. Stock ended down 1.4% at HK$4.90 Wednesday.(SUT) Contact us in Hong Kong. 852 2802 7002; MarketTalk@dowjones.com
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(Delayed by 1 hour)
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