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MarketScreener Homepage  >  Equities  >  Hong Kong Stock Exchange  >  BYD Electronic (International) Company Limited    285   HK0285041858

BYD ELECTRONIC (INTERNATIONAL) COMPANY LIMITED

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Exclusive: Foxconn to shift some Apple production to Vietnam to minimise China risk

11/26/2020 | 05:10am EST
FILE PHOTO: A Foxconn sign is seen on a glass door inside its office building in Taipei

TAIPEI (Reuters) - Foxconn is moving some iPad and MacBook assembly to Vietnam from China at the request of Apple Inc, said a person with knowledge of the plan, as the U.S. firm diversifies production to minimise the impact of a Sino-U.S. trade war.

The development comes as the outgoing administration of U.S. President Donald Trump encourages U.S. firms to shift production out of China. During Trump's tenure, the United States has targeted made-in-China electronics for higher import tariffs, and restricted supplies of components produced using U.S. technology to Chinese firms it deems a national security risk.

Taiwanese manufacturers, wary of being caught up in the tit-for-tat trade war, have moved or are considering moving some production from China to countries such as Vietnam, Mexico and India.

Foxconn is building assembly lines for Apple's iPad tablet and MacBook laptop at its plant in Vietnam's northeastern Bac Giang province, to come online in the first half of 2021, the person said, declining to be identified as the plan was private.

The lines will also take some production from China, the person said, without elaborating how much production would shift.

"The move was requested by Apple," the person said. "It wants to diversify production following the trade war."

Foxconn said in statement: "As a matter of company policy, and for reasons of commercial sensitivity, we do not comment on any aspect of our work for any customer or their products".

Apple did not immediately respond to a request for comment.

Taiwan's Foxconn, formally Hon Hai Precision Industry Co Ltd, on Tuesday announced a $270 million investment to set up a new subsidiary called FuKang Technology Co Ltd - a move the person said was aimed at supporting the Vietnam expansion.

The contract manufacturer also plans to make television sets at the Vietnam plant for clients including Japan's Sony Corp, with the beginning of such production slated for late 2020 to early 2021, the person said. Sony declined to comment.

The factory will also make other electronic products such as computer keyboards, the person said.

According to Taipei-based research group TrendForce, all iPads are assembled in China and so Foxconn's move would mark the first time that the iPad has been made outside China.

Foxconn already plans to spend up to $1 billion expanding an iPhone assembly plant in India as "strongly requested" by Apple to diversify production beyond China, people with direct knowledge of the matter told Reuters in July.

It and peers such as Pegatron Corp are also considering building plants in Mexico, people with knowledge of the matter said, as Washington promotes near-shoring production.

Foxconn Chairman Liu Young-way in August told investors the Sino-U.S. trade war had split the world into two, saying his firm aimed to provide "two sets of supply chains".

Other iPad assemblers include Taiwan's Compal Electronics Inc and China's BYD Electronic International Co Ltd.

(Reporting by Yimou Lee; Additional reporting by Taipei newsroom, Brenda Goh in Shanghai and Makiko Yamazaki in Tokyo; Editing by Christopher Cushing)

By Yimou Lee


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
APPLE INC. 1.61% 139.07 Delayed Quote.3.15%
BYD ELECTRONIC (INTERNATIONAL) COMPANY LIMITED 2.94% 56 End-of-day quote.37.93%
COMPAL ELECTRONICS, INC. 2.40% 21.3 End-of-day quote.2.90%
FOXCONN TECHNOLOGY CO., LTD. 4.28% 75.6 End-of-day quote.41.57%
HON HAI PRECISION INDUSTRY CO., LTD. 3.85% 121.5 End-of-day quote.32.07%
PEGATRON CORPORATION 0.78% 77.6 End-of-day quote.15.30%
SONY CORPORATION -1.18% 10480 End-of-day quote.1.90%
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Financials
Sales 2020 80 669 M 12 447 M 12 447 M
Net income 2020 5 415 M 836 M 836 M
Net cash 2020 7 884 M 1 216 M 1 216 M
P/E ratio 2020 19,1x
Yield 2020 0,63%
Capitalization 105 B 16 276 M 16 277 M
EV / Sales 2020 1,21x
EV / Sales 2021 0,94x
Nbr of Employees 137 400
Free-Float 27,9%
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Technical analysis trends BYD ELECTRONIC (INTERNATIONAL) COMPANY LIMITED
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TrendsBullishBullishBullish
Income Statement Evolution
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Mean consensus OUTPERFORM
Number of Analysts 18
Average target price 34,60 CNY
Last Close Price 46,82 CNY
Spread / Highest target -3,92%
Spread / Average Target -26,1%
Spread / Lowest Target -53,6%
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Managers and Directors
NameTitle
Nian Qiang Wang Chief Executive Officer & Executive Director
Chuan Fu Wang Chairman
Ya Lin Zhou Chief Financial Officer
Antony Francis Mampilly Independent Non-Executive Director
Kwok Mo Chung Independent Non-Executive Director