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    2317   TW0002317005

HON HAI PRECISION INDUSTRY CO., LTD.

(2317)
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End-of-day quote Taiwan Stock Exchange  -  2023-01-29
98.10 TWD    0.00%
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Apple's iPhone Pro shipments may fall 20 million units short of estimates - analyst

11/29/2022 | 02:02pm EST
FILE PHOTO: The Apple iPhone 14 is seen at the Apple Fifth Avenue store in Manhattan, New York City

(Reuters) - Apple Inc's iPhone 14 Pro and Pro Max model shipments could miss market expectations by up to 20 million units in the holiday quarter due to labor unrest at a major Chinese factory, TF Securities analyst Ming-Chi Kuo said.

Kuo is the latest to flag a hit to the world's most valuable company from protests over pay and strict COVID-19 curbs at the world's biggest iPhone factory, the Foxconn-operated plant in the central city of Zhengzhou.

He trimmed his estimate for quarterly iPhone shipments by about 20% to between 70 million and 75 million units, compared with the market consensus of 80 million to 85 million units.

Apple shares were trading down more than 2%, set to add to the 6% decline so far this month as worries grow over shipments in the all-important holiday sales season.

Kuo, in a blog post on Tuesday, also predicted that the supply shortfall could erase demand for the more popular Pro models, instead of deferring sales, as consumers also grapple with a weakening economy.

In contrast, other Apple analysts expect sales to pick up once production constraints ease and more Pro models become available.

"We note that Pro devices are sold out into early January, but we expect some of the missed revenue to trickle in the March-quarter," CFRA Research analyst Angelo Zino said on Monday.

The constraints are coming at the worst possible time and are the most severe since the early days of the pandemic, Zino said.

Some analysts signaled the possibility of the challenges extending into 2023.

"I can't imagine 2023 will be a solid year for Apple iPhones," said Zeno Mercer, research analyst at investment advisory firm ROBO Global.

"Those looking to make an upgrade have, and otherwise disposable income for next-gen phones should be down."

(Reporting by Akash Sriram in Bengaluru; Editing by Sriraj Kalluvila)

By Akash Sriram


ę Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
APPLE INC. 0.21% 143.25 Delayed Quote.10.06%
HON HAI PRECISION INDUSTRY CO., LTD. 0.00% 98.1 End-of-day quote.-1.80%
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Analyst Recommendations on HON HAI PRECISION INDUSTRY CO., LTD.
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Financials
Sales 2022 6 548 B 218 B 218 B
Net income 2022 142 B 4 709 M 4 709 M
Net cash 2022 279 B 9 284 M 9 284 M
P/E ratio 2022 9,65x
Yield 2022 5,29%
Capitalization 1 313 B 43 658 M 43 658 M
EV / Sales 2022 0,16x
EV / Sales 2023 0,15x
Nbr of Employees 826 608
Free-Float 87,4%
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Technical analysis trends HON HAI PRECISION INDUSTRY CO., LTD.
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TrendsBearishBearishBearish
Income Statement Evolution
Consensus
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Mean consensus BUY
Number of Analysts 16
Last Close Price 98,10 TWD
Average target price 129,38 TWD
Spread / Average Target 31,9%
EPS Revisions
Managers and Directors
Yang Wei Liu Chairman, President & General Manager
Te Tsai Huang Financial Director & Manager-Corporate Governance
Wei Bin Lee Chief Information Security Officer
Tsing Yuan Hwang Independent Director
Kuo Cheng Wang Independent Director