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MarketScreener Homepage  >  Equities  >  Stock Exchange of Hong Kong  >  Foxconn Interconnect Technology Ltd    6088   KYG3R83K1037

FOXCONN INTERCONNECT TECHNOLOGY LTD

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Unit of Taiwan's Foxconn to buy Belkin for $866 million

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03/27/2018 | 02:02am EDT

HONG KONG (Reuters) - FIT Hon Teng Ltd (>> Foxconn Interconnect Technology Ltd), the cable and connector division of Taiwan's Foxconn, said on Tuesday it planned to buy Belkin International, a maker of smartphone accessories and home networking products, for $866 million (£608.66 million).

HONG KONG (Reuters) - FIT Hon Teng Ltd (>> Foxconn Interconnect Technology Ltd), the cable and connector division of Taiwan's Foxconn, said on Tuesday it planned to buy Belkin International, a maker of smartphone accessories and home networking products, for $866 million (£608.66 million).

The move comes as FIT Hon Teng seeks a greater presence in new applications like car camera modules that are used in driverless cars, and hopes to tap into markets including medical, Internet-connected devices and green technology.

Belkin offers a wide range of consumer electronics products that are sold throughout the United States, Canada, South America, Asia and Europe and, according to FIT Hon Teng, the company has a strong growth potential.

"The rapid rise of 'smart home' products, and the near-term projections for the market, provide significant additional tailwinds to future growth," FIT Hon Teng said in a statement to the Hong Kong stock exchange.

Shares in the company were up 1 percent in afternoon trade, in line with the broader index <.HSI>.

FIT Hon Teng raised $342 million in an initial public offering last year and has said it is looking to expand in North America after building a presence in Asia and South America.

It is a unit of Foxconn, the world's largest contract manufacturer and major Apple Inc supplier, which is formally known as Hon Hai Precision Industry Co Ltd.

(Reporting By Anne Marie Roantree; Editing by Himani Sarkar)

Stocks mentioned in the article
ChangeLast1st jan.
APPLE 1.95% 203.13 Delayed Quote.28.78%
FOXCONN INTERCONNECT TECHNOLOGY LTD End-of-day quote.
HON HAI PRECISION INDUSTRY CO., LTD. End-of-day quote.
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Financials ($)
Sales 2019 4 406 M
EBIT 2019 337 M
Net income 2019 280 M
Finance 2019 668 M
Yield 2019 1,42%
P/E ratio 2019 14,71
P/E ratio 2020 12,38
EV / Sales 2019 0,71x
EV / Sales 2020 0,55x
Capitalization 3 801 M
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Mean consensus OUTPERFORM
Number of Analysts 7
Average target price 1,31 $
Spread / Average Target 132%
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Managers
NameTitle
Sung Ching Lu Chairman & Chief Executive Officer
Chin Tsun Lin Director-Financial & Accounting
Po Chin Lu Executive Director
William Ralph Gillespie Executive Director
Ga-Lane Chen Non-Executive Director
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