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MarketScreener Homepage  >  Equities  >  TAIWAN STOCK EXCHANGE  >  Hon Hai Precision Industry Co., Ltd.    2317   TW0002317005

HON HAI PRECISION INDUSTRY CO., LTD.

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Japan's Sharp beats second-quarter profit expectations on laptop business

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11/01/2019 | 01:58am EST
A logo of Sharp Corp is pictured at CEATEC (Combined Exhibition of Advanced Technologies) JAPAN 2016 at the Makuhari Messe in Chiba

TOKYO (Reuters) - Japan's Sharp Corp, an Apple supplier, posted a profit that beat expectations and was its first rise in five quarters, driven by the strength in the laptop business it bought from Toshiba.

Sharp, which makes sensors, camera modules and screens for Apple's iPhones, posted an operating profit of 22.3 billion yen ($206.54 million) for the second quarter ended September, up from 22.2 billion yen a year prior.

That compared with a 19.65 billion yen average of 4 analyst estimates compiled by Refinitiv.

Sharp, a unit of Taiwan's Foxconn, maintained its profit forecast for the year ending March at 100 billion yen, versus a consensus estimate of 82.23 billion yen from 10 analysts.

Sharp took over Toshiba's loss-making laptop unit last year and turned it around, making it a major profit contributor, in a push to regain global presence.

The outlook for Sharp's electronic devices business is also improving as sales at its key customer Apple appear to be stabilising.

While iPhone sales fell 9% in the three months ended September, it was smaller than the drop in recent quarters and better than analyst expectations.

Sharp, which Foxconn, formally known as Hon Hai Precision Industry Co, acquired control of in 2016, is aiming to expand globally by launching high-definition 8K television sets and return to the U.S. TV market.

The Osaka-based firm cut back its overseas TV business and licensed China's Hisense to use its brand in the Americas in 2015, when massive losses at its core display panel unit put its survival at risk. But earlier this year, Sharp said it had effectively regained the license sold to Hisense.

(Reporting by Makiko Yamazaki; Editing by Himani Sarkar and Muralikumar Anantharaman)

By Makiko Yamazaki

Stocks mentioned in the article
ChangeLast1st jan.
APPLE INC. 1.93% 270.71 Delayed Quote.68.37%
HON HAI PRECISION INDUSTRY CO., LTD. End-of-day quote.
SHARP CORPORATION 0.12% 1668 End-of-day quote.56.91%
TOSHIBA CORPORATION 0.80% 3790 End-of-day quote.25.08%
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Financials (TWD)
Sales 2019 5 366 B
EBIT 2019 122 B
Net income 2019 116 B
Finance 2019 191 B
Yield 2019 4,64%
P/E ratio 2019 10,8x
P/E ratio 2020 10,0x
EV / Sales2019 0,20x
EV / Sales2020 0,19x
Capitalization 1 254 B
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 20
Average target price 102,95  TWD
Last Close Price 90,50  TWD
Spread / Highest target 32,6%
Spread / Average Target 13,8%
Spread / Lowest Target -14,9%
EPS Revisions
Managers
NameTitle
Tai ming Gou Chairman & President
Huang Chiu-lien Chief Financial Officer
Qing-Yuan Huang Director
Kai-Fu Lee Director
Yue Nan Mao Director
Sector and Competitors