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<Research>Citi Expects Apple Suppliers' Profitability May Be Impaired, Trims TPs for AAC TECH/ BYD ELECTRONIC/ COWELL
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Following the earlier cuts in iPhone shipment forecasts, Citi Research issued a research report lowering its profit forecasts for AAC TECH (02018.HK)/ BYD ELECTRONIC (00285.HK)/ COWELL (01415.HK) by 14%/ 16%/ 15%, and trimmed its target prices for AAC TECH/ BYD ELECTRONIC/ COWELL from $60/ $45/ $38 to $45/ $36/ $27. While Citi Research believed that Apple (AAPL.US)'s suppliers will not be directly impacted by the tariff, gross margins will be affected. Lower shipments of Apple products caused by the macroeconomic slowdown will reduce utilization, while tariff changes will result in strategic replenishment or sudden procurement suspension by brands, as well as pressure on ASPs as Android customers may demand price concessions or delay upgrades amid macro uncertainty. Therefore, it is considered that the profitability of Apple's suppliers may be impaired. AAStocks Financial News |
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