DOCSLIB.ORG

AAC Technologies Holdings

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
AAC Technologies Holdings China / Hong Kong Company Guide AAC Technologies Holdings Version 1 | Bloomberg: 2018 HK Equity | Reuters: 2018.HK Refer to important disclosures at the end of this report DBS Group Research . Equity 15 Jun 2018 BUY (Initiate coverage) Thriving on clearer sound, better feel Last Traded Price ( 14 Jun 2018):HK$119.40 (HSI : 30,440) and sharper view Price Target 12-mth: HK$165 (38% upside) The world’s leading smartphone component supplier A nalyst Beneficiary of continuous acoustics and haptics upgrades Susanna CHUI +852 2820 4611 [email protected] Expanding to optics with proprietary WLG technology Tsz Wang TAM CFA, +852 2971 1772 [email protected] Initiate coverage with BUY with TP of HK$165 T he world’s leading smartphone component supplier. AAC is the Price Relative world’s leading smartphone component supplier, with c.30% and HK$ Relative Index 193.8 311 c.40% share in acoustics and haptics markets respectively. Riding on 173.8 continuous upgrading cycle in acoustics, haptics, and optics (vs 153.8 261 133.8 market concerns over slower spec upgrades), we expect AAC’s net 211 113.8 profit to deliver a CAGR of 24% in FY17-20F (vs consensus’ 20%). 93.8 161 AAC is trading at 14x FY19F PE, which is attractive compared to its 73.8 111 53.8 historical trading band of 12-25x since FY14. 33.8 61 Jun-14 Jun-15 Jun-16 Jun-17 Jun-18 Where we differ. Beneficiary of continuous acoustics and haptics AAC Technologies Holdings (LHS) Relative HSI (RHS) upgrades. The market is concerned about weaker-than-expected Forecasts and Valuation shipment of higher-spec iPhone X vs lower-spec iPhone 8/ 8 Plus FY Dec (RMB m) 2017A 2018F 2019F 2020F slowing down spec upgrades. However, in our view, Apple will Turnover 21,119 25,225 31,978 39,121 continue to differentiate with innovation in long run and lead spec EBITDA 7,467 8,784 11,272 14,087 upgrades (i.e. acoustics, haptics and optics upgrades to pave way for Pre-tax Profit 5,996 7,005 9,125 11,486 Net Profit 5,325 6,220 8,103 10,200 augmented reality [AR] applications, which is expected to come in Net Pft (Pre Ex) (core profit) 5,325 6,220 8,103 10,200 2019F). We believe AAC, as a technology leader, will continue to EPS (RMB) 4.35 5.08 6.61 8.33 benefit from this trend. We expect AAC’s net profit to deliver a CAGR EPS (HK$) 5.33 6.23 8.11 10.21 of 24% in FY17-20F, higher than consensus’ 20%. Core EPS (HK$) 5.33 6.23 8.11 10.21 Core EPS (RMB) 4.35 5.08 6.61 8.33 Other critical factors. Expanding to optics with proprietary WLG EPS Gth (%) 32.6 16.8 30.3 25.9 Core EPS Gth (%) 32.6 16.8 30.3 25.9 technology. AAC’s earnings has been growing with continuous Diluted EPS (HK$) 5.33 6.23 8.11 10.21 expansion from acoustics to haptics & RF mechanical. Optics will be DPS (HK$) 2.16 2.52 3.28 4.13 next to bloom. AAC stands out in high-end (i.e. 3D-sensing and BV Per Share (HK$) 17.61 20.97 25.06 30.32 hybrid) lens set market, as its proprietary wafer-level glass (WLG) has PE (X) 22.4 19.2 14.7 11.7 Core PE (X) 22.4 19.2 14.7 11.7 higher scalability and temperature tolerance v s peers’ moulding or P/Cash Flow (X) 20.3 15.9 13.3 10.5 wafer-level optics (WLO). We expect AAC’s optics revenue to ramp up P/Free CF (X) 224.3 39.2 33.1 26.0 to Rmb3,698m and account for 10% of FY20F revenue. EV/EBITDA (X) 16.3 13.8 10.8 8.7 Net Div Yield (%) 1.8 2.1 2.7 3.5 Valuation: P/Book Value (X) 6.8 5.7 4.8 3.9 We initiate coverage on AAC with a BUY call, and our TP of HK$165 Net Debt/Equity (X) 0.1 0.1 0.1 0.1 is based on 20x FY19F PE. ROAE (%) 33.5 32.4 35.3 37.0 Earnings Rev (%): New New New Key Risks to Our View: Consensus EPS (RMB) 5.23 6.47 7.63 Slow acoustics and haptics upgrades, due to late launch of Other Broker Recs: B:30 S:1 H:6 meaningful applications (i.e. AR); failure to tap into optics. A t A Glance ICB Industry: Industrials ICB Sector: Electronic & Electrical Equipment Issued Capital (m shrs) 1,222 Principal Business: The world’s leading supplier of comprehensive Mkt Cap (HK$m/US$m) 145,907 / 18,589 smartphone components Major Shareholders (%) Source of all data on this page: Company, DBSV, Thomson Reuters, HKEX Benjamin Pan & family 40.5 JP Morgan Chase 13.9 The Capital Group 12.0 Free Float (%) 33.6 3m Avg. Daily Val. (US$m) 122.3 ICB Industry: Industrials / Electronic & Electrical Equipment ed-TH / sa– CS / DL China/Hong Kong Company Guide AAC Technologies Holdings Table of Contents Industry overview 4 Company overview 8 Growth driver 13 Financial forecast 14 Valuation & recommendation 17 Page 2 China/Hong Kong Company Guide AAC Technologies Holdings SWOT Analysis Strengths Weak nesses Innovation capability to acquire best-selling mobile phone Limited track record in integrating its key technology v endors as clients in different mobile phone generation: w ith acquired technology in MEMS microphones, RF AAC has innovation capability in providing smartphone mechanical and optics components: AAC has components/ solutions which can deliver interesting user successfully expanded its leading positions in dynamics experience. AAC has been acquiring best-selling mobile components to haptics components, with its key phone vendors as clients in different mobile phone electromagnetic technology. However, AAC lacks track generation, from Motorola, Nokia, Apple to China’s record of integrating its key technology with acquired smartphone vendors. company’s (i.e. WiSpry and Kaleido) MEMS die design technology in MEMS microphones and RF mechanical Possessing key technology in dynamics and haptics and proprietary WLG technology in optics components. components to be the world’s number one in respective AAC is the world’s second-largest supplier of MEMS industries. AAC possesses key electromagnetic technology in microphones and newcomers of RF mechanical and dynamics components (i.e. speakers and receivers) and optics components. haptics components. With key technology, AAC is currently the world’s largest supplier of smartphone speakers/receiver and haptic components. AAC is integrating its key technology with acquired company’s (i.e. WiSpry and Kaleido) MEMS die design technology in MEMS microphones and RF mechanical and proprietary WLG technology in optics components. AAC aims to be the world’s largest supplier of these components. Opportunities T hreats A coustics upgrades to stereo solution and receivers on full Slow down in smartphone shipments: Global screens: We expect high-ASP stereo solution and receivers smartphone shipments may drop, if the replacement on full screens to continue to be upgraded in Apple’s iPhone cycle is further prolonged. and be introduced progressively in China’s smartphones, Slow stereo acoustics, haptics, and 3D-sensing which drive AAC’s acoustics ASP growth. upgrade: Smartphones may not migrate to stereo Haptics upgrades in both iPhone and China’s smartphones. acoustics, haptics, and 3D-sensing, due to late launch We expect the adoption of augmented reality (AR) in 2019 of meaningful applications (i.e. augmented reality [AR]) iPhone and full screens in China’s smartphones to result in and high costs. haptics upgrades, which drive AAC’s growth in haptics Competition from newcomers: Merry’s and Alps’ shipments. entrance into Apple’s supply chain may intensify Well positioned in high-end (i.e. 3D-sensing and hybrid) lens competition in the dynamics component and haptics set market, with proprietary WLG technology: AAC is well markets respectively. positioned in 3D-sensing and hybrid lens set market, as its proprietary wafer-level glass (WLG) has higher scalability and F ailure to tap into optics: AAC’s proprietary WLG may temperature tolerance versus competitors’ moulding or not be widely adopted, due to technology issues. wafer-level optics (WLO). We expect AAC’s market share in lens sets to grow from 1% in FY17 to 11% in FY20F. Source: DBS Vickers Page 3 China/Hong Kong Company Guide AAC Technologies Holdings Industry overview Global smartphone market. Global smartphone shipments Major smartphone vendors’ global shipments rose 1.4% y-o-y to 1.49bn units in 2017, with a lower 2016 2017 2018F 2019F 2020F replacement rate (as buyers await iPhone X) but more first- Shipment (m) time buyers, according to IDC. We expect shipments to grow Samsung 311 317 314 308 296 0.9% to 1.50bn units in 2018F, supporting by more Apple 215 216 220 223 222 replacement buyers given smartphone subscriber base of Huawei 133 150 174 199 221 >4bn and recovering replacement rate. Oppo 86 120 121 123 125 Vivo 72 100 100 102 104 Xiaomi 61 90 109 128 146 Global smartphone market y-o-y 2016 2017 2018F 2019F 2020F Samsung 1.9% -1.2% -1.9% -4.0% Smartphone subscriber Apple 0.2% 2.1% 1.4% -0.7% base 3,840 4,410 4,841 5,154 5,343 Huawei 12.8% 16.0% 14.3% 11.0% Penetration rate 52.7% 59.8% 64.9% 68.3% 70.0% Oppo 39.5% 0.7% 1.6% 1.7% First-time buyers 440 570 431 312 189 Vivo 38.9% 0.2% 1.3% 2.0% Replacement 1,030 920 1,072 1,194 1,288 Xiaomi 47.5% 21.5% 17.5% 13.8% Replacement rate 30.3% 24.0% 24.3% 24.7% 25.0% Total 1,470 1,490 1,503 1,506 1,478 Source: IDC, DBS Vickers y-o-y 2.8% 1.4% 0.9% 0.2% -1.9% Source: Ericsson, IDC, DBS Vickers Smartphone component opportunities.
Load more

Recommended publications
  • 3I Group PLC 3M Co 58.Com Inc A2A Spa AAC Technologies Holdings
    3i Group PLC 3M Co 58.com Inc A2A SpA AAC Technologies Holdings Inc ABB Ltd Abbott Laboratories AbbVie Inc Accenture PLC Accton Technology Corp ACS Actividades de Construccio Activision Blizzard Inc Acuity Brands Inc Adani Ports & Special Economic Adaro Energy Tbk PT Adecco Group AG Adelaide Brighton Ltd adidas AG Adient PLC Adobe Systems Inc Advance Auto Parts Inc Advanced Ceramic X Corp Advanced Micro Devices Inc Advanced Semiconductor Enginee Aegon NV AES Corp/VA Aetna Inc Affiliated Managers Group Inc Aflac Inc Aga Khan Fund for Economic Dev AGFA-Gevaert NV Agilent Technologies Inc AGL Energy Ltd Agnaten SE AIA Group Ltd Air Products & Chemicals Inc AirAsia Bhd Airtac International Group Akamai Technologies Inc Akbank Turk AS Akzo Nobel NV Alaska Air Group Inc Albemarle Corp Alcoa Corp Alexandria Real Estate Equitie Alexion Pharmaceuticals Inc Alibaba Group Holding Ltd Align Technology Inc ALK-Abello A/S Allegion PLC Allergan PLC Alliance Data Systems Corp Alliant Energy Corp Allianz SE Allstate Corp/The Ally Financial Inc Alphabet Inc ALS Ltd Altaba Inc/Fund Family Altice NV Altran Technologies SA Altria Group Inc Alumina Ltd Amadeus IT Group SA Amazon.com Inc Amcor Ltd/Australia Ameren Corp America Movil SAB de CV American Airlines Group Inc American Axle & Manufacturing American Electric Power Co Inc American Express Co American International Group I American Tower Corp American Water Works Co Inc Ameriprise Financial Inc AmerisourceBergen Corp AMETEK Inc Amgen Inc Amorepacific Corp AMOREPACIFIC Group AMP Ltd Amphenol Corp ams AG
    [Show full text]
  • AAC TECHNOLOGIES HOLDINGS INC. 2020 1Q Results
    AAC TECHNOLOGIES HOLDINGS INC. (Incorporated in the Cayman Islands with limited liability) (Stock code: 2018 HK) 2020 1Q Results 15 May 2020 1Q 2020 Highlights (RMB million) Revenue Gross Profit GP Net Margin Profit 1Q2020 3,560 823 23.1% 53 1Q2019 3,753 1,129 30.1% 432 YoY -5.1% -27.1% - 7.0 p.p -87.8% 1Q20 Revenue Breakdown Impact of COVID-19 outbreak: operation and production RMB（million） significantly affected during Q1; Optics , 245 , 7% Others , 4 , 0% Full resumption of operation and production by mid-March: Comprehensive checks for all employees; frequent communication MEMS, 199 , 6% with customers and suppliers; Acoustics, 1,421 , 40% Continue to focus on R&D: R&D expenses at RMB489 million, +18.7% YOY, amounted to 13.7% of revenue; Positive on 5G outlook: Rapid 5G development and higher ED&PM, penetration of 5G smartphones will bring new opportunities . 1,691 , 47% 1 Effective Financial Management & Solid Cash Position Operating cash inflow of RMB1.08 billion for 1Q2020, well covered the capital expenditure of RMB1.01 billion; The Group remained prudent in the financial management, and proactively managed the cashflow and liquidity by rigorously reviewing the budgets for capital expenditure and R&D. Net gearing remains healthy at 8.7% as at 31 March 2020 (10.5% as at Dec 2019). Cash position of the Group was RMB5.81 billion. Net gearing remains at low level; RMB Million Ample gross cash on hand 7,000 12.0% RMB million 1Q 2020 1Q 2019 5,512 5,811 (1 Jan - 31 Mar 2020) (1 Jan - 31 Mar 2019) 6,000 10.0% Cash & bank bal.
    [Show full text]
  • BOCI ASIA LIMITED (Incorporated in Hong Kong with Limited Liability)
    Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited (the “Stock Exchange”) take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement. NON-COLLATERALISED STRUCTURED PRODUCTS Notice of Valuation of Residual Value of European Style (Cash Settled) Category R Callable Bull/Bear Contracts (the “CBBCs”) issued by BOCI ASIA LIMITED (Incorporated in Hong Kong with limited liability) ANNOUNCEMENT BOCI Asia Limited (the “Issuer”) gives notice that under the terms and conditions of the CBBCs (the "Conditions"), following the occurrence of a Mandatory Call Event ("MCE") in respect of the CBBCs described in the table below in the pre-opening session or the continuous trading session or the closing auction session (as the case may be) of the Stock Exchange at the time (the “MCE Time”) and on the date (the “MCE Date”) specified in the table below, the Residual Value in respect of the CBBCs has been determined as follows: Stock Type MCE Date MCE Time Underlying Issue Size Entitlement Number of Board Lot Strike Price Maximum / Residual Value Code (Bull / (CBBCs) CBBCs per (CBBCs) (HK$) Minimum Trade per Board Lot Bear) Entitlement Price (HK$) (HK$) 53812 Bull 16 July 2020 10:13:52 Hong Kong Exchanges and 40,000,000 1 Share 100 10,000 347.980 335.400 0.000 Clearing Limited 55444 Bull 16 July 2020 09:20:00 Meituan Dianping 40,000,000 1 Share 100 10,000 200.880 183.300 0.000 54934 Bull 16 July 2020 09:20:00 Alibaba Group Holding Limited 60,000,000 1 Share 100 10,000 259.280 231.600 0.000 54938 Bull 16 July 2020 09:20:00 Meituan Dianping 40,000,000 1 Share 100 10,000 206.680 183.300 0.000 54785 Bull 16 July 2020 09:20:00 AAC Technologies Holdings 80,000,000 1 Share 100 50,000 53.500 50.700 0.000 Inc.
    [Show full text]
  • First State China All Cap Fund
    First State China All Cap Fund Semi Annual Report July 2019 - December 2019 First State China All Cap Fund Contents Pages Report of the manager (unaudited) 1 – 2 Investment portfolio (unaudited) 3 – 5 Statement of movements in portfolio holdings (unaudited) 6 – 7 Statement of net assets (unaudited) 8 General information 9 This semi-annual report shall not constitute an offer to sell or a solicitation of an offer to buy units in the First State China All Cap Fund. Subscriptions are to be made only on the basis of the information contained in the relevant Explanatory Memorandum, as supplemented by the latest annual and semi- annual reports. First State China All Cap Fund Report of the Manager (Unaudited) Performance 1 July 2019 1 July 2018 to to 31 Dec 2019 31 Dec 2018 First State China All Cap Fund Class II* 10.26% (20.59)% First State China All Cap Fund Class III 10.45% (20.45)% Benchmark: MSCI China Free Index 9.29% (17.43)% (Performance calculation is based on the official dealing NAV.) * As per the updated Explanatory Memorandum dated 7 October 2014, the existing units of the Fund will be referred to as “Class II” units. Performance Key contributors to performance included CSPC Pharmaceutical, which increased on the strength of its pipeline. The company has 25 innovative drugs in clinical trials currently, with aims to launch these over the next five years. AAC Technologies rose on expectations of an uptick in the smartphones sector. Tencent rose after reporting solid growth in its social media advertising and financial technology segments.
    [Show full text]
  • Annual Report 2019 AAC Technologies Holdings Inc
    (Incorporated in the Cayman Islands with limited liability) Stock Code: 2018 Annual Report 2019 AAC Technologies Holdings Inc. is the world’s leading solutions provider for smart devices with cutting-edge technologies in materials research, simulation, algorithms, design, automation and process development in Acoustics, Optics, Electromagnetic Drives and Precision Mechanics, MEMS, Radio Frequency and Antenna, providing advanced miniaturized and proprietary technology solutions. Our goal is to “Lead Innovation & Enhance User Experience”. In delivering high-performance and superior quality products, the Group will continue to create value for customers with innovative user experience. www.aactechnologies.com The English text of this annual report shall prevail over the Chinese text in case of any inconsistency. This annual report is printed on environmentally friendly paper Contents Essence of AAC Corporate Information 2 Core Development Strategies 3 Financial Highlights 8 Global Presence 10 Milestones: 1993-2019 12 Chairman and CEO Statement 14 Management Discussion and Analysis Market Review 17 Performance of Business Segments 18 Financial Review 22 Key Risk Factors 25 Organization Biographies of Directors and Senior Management 29 Governance & Sustainability Directors’ Report 40 Corporate Governance Report 56 Sustainability 88 Auditor’s Report and Financial Statements Independent Auditor’s Report 91 Consolidated Statement of Profit and Loss and Other Comprehensive Income 95 Consolidated Statement of Financial Position 96 Consolidated Statement of Changes in Equity 98 Consolidated Statement of Cash Flows 100 Notes to the Consolidated Financial Statements 103 5-Year Financial Summary 172 Others Investors Information 173 Glossary 175 The Company has since 2013 issued a stand-alone Sustainability Report every year. (Incorporated in the Cayman Islands with limited liability) The annual Sustainability Report discloses the details of sustainability performance, Stock Code: 2018 initiatives and its progress on environmental, social and governance issues for the year.
    [Show full text]
  • Portfolio Holdings
    Fiera Capital Emerging Markets Fund Schedule of Investments (Consolidated) December 31, 2020 (Unaudited) Description Shares Value Common Stocks — 94.9% Argentina — 1.0% Despegar.com Corp. (1) 1,862,890 $ 23,863,621 China — 33.9% AAC Technologies Holdings, Inc. 3,644,200 20,400,939 Alibaba Group Holding, Ltd. (1) 66,300 1,989,214 Alibaba Group Holding, Ltd., ADR (1) 291,220 67,775,631 A-Living Smart City Services Co., Ltd. (2) 3,827,250 16,982,573 Beijing Thunisoft Corp., Ltd., Class A 799,985 2,919,912 Great Wall Motor Co., Ltd., Class H 28,001,624 96,077,807 Haier Smart Home Co., Ltd., Class A 7,269,844 32,470,740 Kingsoft Cloud Holdings, Ltd., ADR (1) 523,209 22,785,752 Lufax Holding, Ltd., ADR (1) 1,354,134 19,228,703 Meituan Dianping (1) 924,325 35,124,946 Midea Group Co., Ltd., Class A 2,114,748 31,832,134 PICC Property & Casualty Co., Ltd., Class H 21,893,037 16,576,863 Ping An Insurance Group Co. of China, Ltd., Class H 4,905,904 60,117,495 Sany Heavy Industry Co., Ltd. - Class A 5,668,058 30,317,237 Shanghai Fosun Pharmaceutical Group Co., Ltd., Class H 8,700,000 41,578,201 Sunny Optical Technology Group Co., Ltd. 2,768,632 60,604,560 Tencent Holdings, Ltd. 1,535,600 111,716,014 Tongcheng-Elong Holdings, Ltd. (1) 11,193,403 21,657,665 Weibo Corp., ADR (1) 516,565 21,173,999 Xtep International Holdings, Ltd.
    [Show full text]
  • GUINNESS ATKINSON CHINA & HONG KONG FUND Schedule Of
    GUINNESS ATKINSON CHINA & HONG KONG FUND Schedule of Investments at March 31, 2021 (Unaudited) Shares Common Stocks: 99.6% Value Appliances: 6.1% 560,200 Haier Electronics Group Co., Ltd.* $ 2,241,074 181,009 Zhejiang Supor Cookware - A Shares 1,972,584 4,213,658 Auto/Cars - Light Trucks: 2.8% 774,000 Geely Automobile Holdings Ltd. 1,969,336 Auto/Truck Parts & Equipment: 2.8% 797,480 Weichai Power Co., Ltd. - H Shares 1,969,580 Batteries/Battery System: 3.6% 211,400 Wuxi Lead Intelligent Equipment Co., Ltd. - A Shares 2,543,330 Building Products: 7.4% 334,230 Beijing Oriental Yuhong Waterproof Technology Co., Ltd. - A Shares 2,604,363 1,252,000 China Lesso Group Holdings Ltd. 2,499,166 5,103,529 Casino Hotels: 3.3% 257,000 Galaxy Entertainment Group Ltd. 2,314,109 Commercial Banks: 3.5% 334,500 China Merchants Bank Co., Ltd. - H Shares 2,439,182 Computer Data Security: 3.8% 511,650 Venustech Group Inc. - A Shares 2,600,487 E-Commerce/Services: 9.7% 31,300 Alibaba Group Holding Ltd. - ADR 2,235,096 21,300 Autohome Inc. - ADR 1,986,651 29,700 JD.com Inc. - ADR 2,504,601 6,726,348 Energy-Alternate: 3.2% 1,348,000 Xinyi Solar Holdings Ltd 2,216,019 Food-Dairy Products: 6.6% 355,800 Chongqing Fuling Zhacai Group Co., Ltd. 2,276,587 374,800 Inner Mongolia Yili Industrial Group Co., Ltd. - A Shares 2,285,129 4,561,716 Gas-Distribution: 3.7% 456,000 China Resources Gas Group Ltd.
    [Show full text]
  • UNITED STATES SECURITIES and EXCHANGE COMMISSION Washington, D.C
    1/12/2021 Print Document UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANIES Investment Company Act file number 811-08071 Lazard Retirement Series, Inc. (Exact name of Registrant as specified in charter) 30 Rockefeller Plaza New York, New York 10112 (Address of principal executive offices) (Zip code) Mark R. Anderson, Esq. Lazard Asset Management LLC 30 Rockefeller Plaza New York, New York 10112 (Name and address of agent for service) Registrant’s telephone number, including area code: (212) 632-6000 Date of fiscal year end: 12/31 Date of reporting period: 9/30/2020 https://prospectus-express.broadridge.com/print.asp?doctype=phq3&clientid=lazardll&fundid=521071803 1/22 1/12/2021 Print Document Item 1. Schedule of Investments. https://prospectus-express.broadridge.com/print.asp?doctype=phq3&clientid=lazardll&fundid=521071803 2/22 1/12/2021 Print Document Fair Fair Description Shares Value Description Shares Value Lazard Retirement Emerging Markets Equity Portfolio Indonesia | 4.0% Common Stocks | 96.5% PT Astra International Tbk 11,421,504 $ 3,436,239 Brazil | 4.1% PT Bank Mandiri (Persero) Tbk 21,526,030 7,223,354 Banco do Brasil SA 1,411,602 $ 7,445,227 PT Telekomunikasi Indonesia (Persero) BB Seguridade Participacoes SA 1,178,100 5,091,346 Tbk Sponsored ADR 322,481 5,601,495 CCR SA 1,926,050 4,345,350 16,261,088 16,881,923 Luxembourg | 0.8% China | 21.4% Ternium SA Sponsored ADR (*) 181,880 3,424,800 AAC Technologies Holdings, Inc.
    [Show full text]
  • AAC TECHNOLOGIES HOLDINGS INC. 2019 Interim Results
    AAC TECHNOLOGIES HOLDINGS INC. (Incorporated in the Cayman Islands with limited liability) (Stock code: 2018 HK) 2019 Interim Results 23 August 2019 1H 2019 highlights Revenue G.P. margin Net profit EPS Interim DPS 01 RMB 7.6B 02 27.5% 03 RMB 770M 04 RMB 0.64 05 HK$0.40 （-10% YoY) (- 9 p.p.) (-57% YoY) (-56% YoY) (flat YoY) 1H19 revenue -10%YoY, but 2Q19 revenue +1% YoY / 1H19 revenue breakdown +2% QoQ to RMB3.8bn, exhibiting a sequential improvement and mitigating some 1Q revenue decline Others MEMS 1% 1H19 challenges: Reduced shipments had affected 5% Acoustics and ED in 1Q19 Optics 1H19 positives: 2Q19 SLS % up to 50% (from 1Q 35%); 6% strong revenue growth for optics Acoustics 48% Optics set as one of key and strategic growth drivers ED+PM 40% Healthy gearing at 10%; Interim DPS maintained at HK$0.40 1 1H19 key progresses 1、 Acoustics: Entry-level SLS 4、Accelerating technical products covered most Android development and mass production flagships and penetrated into mid-end of WLG models (from high-end models) 5、Stepper motor module started mass production ; shipment to 2、Optics: Monthly shipments ~ 30 mainstream Android customers million units by 2Q19 （> +100% YoY) 6、5G: Unleashed six different 5G antenna solutions for mobile phone and base station 3、Proactively developing new imaging lens modules and building new factory for innovative high-end periscope lens modules 7、Owned 3,956 patents as of 30 June 2019 2 Effective financial management & solid Cash Position Operating cash inflow of RMB1.8bn as at 1H19, more than enough
    [Show full text]
  • AQR Emerging Momentum Style Fund September 30, 2018
    AQR Emerging Momentum Style Fund September 30, 2018 Portfolio Exposures NAV: $12,394,322 Asset Class Security Description Exposure Quantity Equity 3SBio INC Ord Shs 22,704 13,500 Equity AAC Technologies Holdings Ord Shs 20,780 2,000 Equity Acer Ord Shs 21,501 26,000 Equity Adaro Energy Tbk Ord Shs 6,921 56,200 Equity Advanced Info Service Non-Voting DR 10,566 1,700 Equity Advantech Ord Shs 9,813 1,317 Equity Agile Group Holdings Ord Shs 22,615 16,000 Equity Agricultural Bank Of China Ord Shs H 128,083 261,000 Equity Air China Ord Shs H 13,526 14,000 Equity Airasia Group Ord Shs 4,887 6,400 Equity Airports of Thailand Non-Voting DR 51,039 25,200 Equity Alibaba Health Information Tech Ord Shs 25,485 26,000 Equity Alior Bank Ord Shs 3,350 196 Equity Aluminum Corporation of China Ord Shs H 3,558 8,000 Equity America Movil ADR Rep 20 Ord Shs Series L 11,467 714 Equity Angang Steel Ord Shs H 19,681 22,000 Equity Anhui Conch Cement Ord Shs H 90,576 15,000 Equity ANTA Sports Products Ord Shs 43,189 9,000 Equity ASE Industrial Holding Ord Shs 21,960 9,000 Equity Ashok Leyland Ord Shs 14,514 8,834 Equity Asia Cement Ord Shs 14,951 11,000 Equity Asian Paints Ord Shs 30,580 1,714 Equity Avenue Supermarts Ord Shs 33,161 1,722 Equity B3 Brasil Bolsa Balcao Ord Shs 26,368 4,500 Equity Bajaj Finance Ord Shs 61,460 2,055 Equity Bajaj Finserv Ord Shs 35,131 424 Equity Banco de Chile ADR Reptg 600 Ord Shs 31,230 343 Equity Banco Santander Brasil ADR Rep 1 Units 23,990 2,723 Equity Banco Santander Chile ADR Representing 400 Ord Shs 45,540 1,424 Equity Bangkok
    [Show full text]
  • STOXX Hong Kong All Shares 50 Last Updated: 02.10.2017
    STOXX Hong Kong All Shares 50 Last Updated: 02.10.2017 Rank Rank (PREVIOUS ISIN Sedol RIC Int.Key Company Name Country Currency Component FF Mcap (BEUR) (FINAL) ) HK0000069689 B4TX8S1 1299.HK HK1013 AIA GROUP HK HKD Y 75.2 1 1 CNE1000002H1 B0LMTQ3 0939.HK CN0010 CHINA CONSTRUCTION BANK CORP H CN HKD Y 60.1 2 2 HK0941009539 6073556 0941.HK 607355 China Mobile Ltd. CN HKD Y 47.9 3 3 CNE1000003G1 B1G1QD8 1398.HK CN0021 ICBC H CN HKD Y 44.5 4 4 CNE1000003X6 B01FLR7 2318.HK CN0076 PING AN INSUR GP CO. OF CN 'H' CN HKD Y 33.0 5 5 CNE1000001Z5 B154564 3988.HK CN0032 BANK OF CHINA 'H' CN HKD Y 31.7 6 6 KYG217651051 BW9P816 0001.HK 619027 CK HUTCHISON HOLDINGS HK HKD Y 30.1 7 7 HK0388045442 6267359 0388.HK 626735 Hong Kong Exchanges & Clearing HK HKD Y 26.3 8 8 HK0016000132 6859927 0016.HK 685992 Sun Hung Kai Properties Ltd. HK HKD Y 21.5 9 9 HK0002007356 6097017 0002.HK 619091 CLP Holdings Ltd. HK HKD Y 19.2 10 11 CNE1000002L3 6718976 2628.HK CN0043 China Life Insurance Co 'H' CN HKD Y 18.7 11 10 KYG2177B1014 BYZQ077 1113.HK HK50CI CK Asset Holdings Ltd HK HKD Y 18.6 12 12 HK0883013259 B00G0S5 0883.HK 617994 CNOOC Ltd. CN HKD Y 17.3 13 14 CNE1000002Q2 6291819 0386.HK CN0098 China Petroleum & Chemical 'H' CN HKD Y 16.2 14 13 HK0027032686 6465874 0027.HK 646587 GALAXY ENTERTAINMENT GP. HK HKD Y 16.0 15 17 HK0823032773 B0PB4M7 0823.HK B0PB4M Link Real Estate Investment Tr HK HKD Y 15.3 16 15 HK0011000095 6408374 0011.HK 640837 Hang Seng Bank Ltd.
    [Show full text]
  • AAC Tech (2018 HK)
    Thu, 15 Apr 2021 Equity Research Technology/ China AAC Tech (2018 HK) John Siah +852 2135 0248 Optical segment beginning to shine [email protected] 1Q21 net profit expected to up 9.6-10.4x YoY to RMB510-550mn, pinpointing demand recovery WLG and hybrid lens will be the game changer for AAC Initial Coverage Recovery of acoustics and haptics is on the way BUY 32.9% 3 years CAGR in net profit, initiate with BUY AAC is gaining traction in camera lens. We see AAC optical business is Close price: HK$46.70 achieving economies of scale, as evident by its production ramp up and GPM Target Price: HK$60.80 (+30.2%) expansion (+55% and 16.1p.p. yoy in 20Q4 respectively). We reckon sales of plastic lens will continue to grow rapidly in FY21E given its current capacity of 100-120kk/months is twice its sales volume (~50kk/months) in 20Q4. Meanwhile, Key Data the hybrid lens with WLG technology, which can improve optical quality of HKEx code 2018 HK handset camera lens and reduce lens sizes, will be the game changer for 12 Months High (HK$) 63.95 AAC to capture high-end handset lens market in long run. AAC said the first 12 Month Low (HK$) 35.80 batch of 1G5P hybrid lens has started shipment in 21Q1 and we expect to see 3M Avg Dail Vol. (mn) 11.12 smartphones using the WLG hybrid lens solution very soon. Issue Share (mn) 1,208.50 Market Cap (HK$mn) 56,436.95 Acoustics recovery is within sight.
    [Show full text]