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    2317   TW0002317005

HON HAI PRECISION INDUSTRY CO., LTD.

(2317)
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End-of-day quote Taiwan Stock Exchange  -  2022-08-08
109.00 TWD   +0.93%
04:35aSmartphone, Cloud Demand Drives Foxconn Q2 Profit Growth
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03:05aFoxconn Technology Group's Second-Quarter Profit Rose 12%
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02:27aApple supplier Foxconn cautious on outlook as smartphone sales slow
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Citi cuts first-quarter iPhone production estimates on weak demand

12/28/2018 | 04:04pm EDT
FILE PHOTO: A demonstration of the newly released Apple products is seen following the product launch event in Cupertino

(Reuters) - Citi Research on Friday reduced its first-quarter production estimates for Apple Inc iPhones and nearly halved expectations on the costliest iPhone XS Max, joining other brokerages in lowering forecasts amid reports of weak demand.

"The material cut in our forecasts is driven by our view that 2018 iPhone is entering a destocking phase, which does not bode well for the supply chain," analyst William Yang wrote in a client note.

Citi said it expects the company to make 45 million iPhones for the quarter, down from 50 million it forecast earlier. The cut was mainly due to weak outlook for the iPhone XS Max, Yang said.

The brokerage lowered its forecast for the number of units produced in the first quarter of iPhone XS Max, which starts at $1,099, by 48 percent.

According to a Wall Street Journal report in November, Apple cut production orders for all three iPhone models launched in September.

Shares in Apple's Asian suppliers and assemblers slid in November after several component makers forecast weaker-than-expected sales, leading some market watchers to call the peak for iPhones in several key markets.

Citi has "sell" ratings on iPhone assemblers Hon Hai Precision Industry Co Ltd and Foxconn Technology Co Ltd said it sees Hon Hai as particularly vulnerable, with higher exposure to the new models.

In early December, TF International Securities analyst cut its first-quarter iPhone shipment estimate by 20 percent. https://cnb.cx/2LhejNR

But other analysts remain positive on Apple. Also on Friday, analyst Tom Forte of D.A. Davidson reiterated his "buy" rating on Apple stock and a $280 price target based on a Reuters report earlier this week that Apple plans to begin using Foxconn to assemble some of its newest iPhone models in India in 2019.

Forte said in a note to clients he believes some of the decline in Apple's stock in recent weeks has been related to concerns that a trade conflict between the United States and China could hurt the iPhone maker.

Increased manufacturing in India could help reduce tariff concerns around the iPhone, he wrote.

"While Apple has one of the highest exposures to tariff

risks, it is also the best positioned to mitigate these risks. Part of this belief was based on the company's size and ability to both negotiate pricing and terms with its manufacturers and move its manufacturing out of China," Forte wrote.

(Reporting by Sonam Rai in Bengaluru and Stephen Nellis in San Francisco; Editing by Shailesh Kuber and Cynthia Osterman)


© Reuters 2018
Stocks mentioned in the article
ChangeLast1st jan.
APPLE INC. 0.03% 164.92 Delayed Quote.-7.12%
FOXCONN TECHNOLOGY CO., LTD. 1.03% 49.1 End-of-day quote.-24.35%
HON HAI PRECISION INDUSTRY CO., LTD. 0.93% 109 End-of-day quote.4.81%
All news about HON HAI PRECISION INDUSTRY CO., LTD.
04:35aSmartphone, Cloud Demand Drives Foxconn Q2 Profit Growth
MT
03:05aFoxconn Technology Group's Second-Quarter Profit Rose 12%
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02:27aApple supplier Foxconn cautious on outlook as smartphone sales slow
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02:22aApple supplier Foxconn's Q2 profit up nearly 12%
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12:44aFoxconn Signs Deal To Build Driverless Electric Tractors At US Facility
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08/09Taiwan security officials want Foxconn to drop stake in Chinese chipmaker - FT
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08/09Foxconn to build autonomous electric tractors at Ohio facility
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Analyst Recommendations on HON HAI PRECISION INDUSTRY CO., LTD.
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Financials
Sales 2022 6 290 B 209 B 209 B
Net income 2022 147 B 4 882 M 4 882 M
Net cash 2022 302 B 10 040 M 10 040 M
P/E ratio 2022 10,3x
Yield 2022 4,95%
Capitalization 1 511 B 50 288 M 50 288 M
EV / Sales 2022 0,19x
EV / Sales 2023 0,17x
Nbr of Employees 826 608
Free-Float 87,4%
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Hon Hai Precision Industry Co., Ltd. Technical Analysis Chart | MarketScreener
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Technical analysis trends HON HAI PRECISION INDUSTRY CO., LTD.
Short TermMid-TermLong Term
TrendsNeutralNeutralNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 16
Last Close Price 109,00 TWD
Average target price 135,93 TWD
Spread / Average Target 24,7%
EPS Revisions
Managers and Directors
Yang-wei Liu Chairman & Chief Executive Officer
Te Tsai Huang Head-Finance & Deputy Spokesman
Kuo Cheng Wang Independent Director
Kuo Chuan Kung Independent Director
Ta wei Kuo Independent Director
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