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AAC Tech Hldgs (OTC:AACAF) Stock, Option Chain

AAC Technologies is one of the world's largest manufacturers of miniature acoustic components, such as speakers and receivers, primarily for smartphones, which account for under half of its revenue. Founded in 1993, the company has since expanded into the production of other handset components, such as electromagnetic drives (haptics), precision mechanical (metal casing), lenses and camera modules, and MEMS microphones. AAC is headquartered in Shenzhen, China, and runs factories in China, Vietnam, Czechia, and Malaysia. It employed 36,833 people as at June 30, 2024.

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Stocks That Hit 52-Week Highs On Thursday

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Citi Cuts 2017 Smartphone Forecast By 1%

Morgan Stanley Hikes AAC Technologies Estimates On Apple Expectations

AAC TECHS HLDGS INC ORD by AAC Technologies Holdings Inc

AAC Technologies Holdings Inc

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Citi analysts, led by Dennis Chan, cut 2017 smartphone shipment forecast by 1 percent, claiming demand is "relatively stable." As a result, Citi estimated 7.6 percent global smartphone unit growth in 2016 and 7.0 percent in 2017 compared to previous estimates of 7.7 percent and 7.6 percent respectively.
Much of the cut was due to Central Europe/Middle East/Africa shipments, which reported 9 percent below the firm's previous forecast. Due to the miss, Citi analysts revised down Middle East Africa forecasts.
Despite weaker-than-expected Central European smartphone shipments, down 13 percent from last quarter, Chan increased his forecasts on Eastern Europe as "Russia is seeing a recovery on currency stabilization."
<bzrelatedlink>Related Link: <a href="http://www.benzinga.com/analyst-ratings/analyst-color/16/05/8048395/citi-6-smartphone-stocks-to-buy-4-to-sell">Citi: 6 Smartphone Stocks To Buy, 4 To Sell</a></bzrelatedlink>

<h3>Declining Sale Prices</h3>
Notably, Chan expected "global smartphone average sale price to decline at a 5 percent CAGR (2015&ndash;2017E)," which is unchanged from prior estimates. Average sale price is expected to drop from $300/unit to $254/unit in 2017 for a market size of $422 billion from $390 billion in 2014.
<h3>A Few Names</h3>
The analysts highlighted the following names in the space (among others):
<ul>
<li>Apple Inc. (NASDAQ: <a class="ticker" href="/stock/aapl#NASDAQ">AAPL</a>): Buy
</li><li>TDK Corp (ADR) (OTC: <a class="ticker" href="/stock/ttdky#OTC">TTDKY</a>) (TTDKF): Sell
</li><li>SAMSUNG ELECTRONIC KRW5000 (OTC: <a class="ticker" href="/stock/ssnlf#OTC">SSNLF</a>): Buy
</li><li>FOXCONN TECH CO TWD10 (OTC: <a class="ticker" href="/stock/fxcof#OTC">FXCOF</a>): Sell 
</li></ul>

Morgan Stanley raised its estimates on AAC TECHNOLOGIES H USD0.01 (OTC: <a class="ticker" href="/stock/aacaf#OTC">AACAF</a>) to a $65.00 price target based on Apple Inc. (NASDAQ: <a class="ticker" href="/stock/aapl#NASDAQ">AAPL</a>) expectations.
AAC Technologies' shift from single to multiple drivers is being viewed as a "fruit bearer" in 2016, according to Morgan Stanley's research report released on Thursday.
<h3>Rerating Warranted, But Concerns Should Be Minimal</h3>
"We expect AAC to benefit from dollar content upgrade for most if not all key products, enabling it to outgrow peers in a slowing industry. Visible growth, ROE uptrend and reduced single product risk should warrant re-rating," Morgan Stanley analysts commented in the note.
<bzrelatedlink>Related Link: <a href="http://www.benzinga.com/news/15/12/6082704/report-apple-iphone-upgrade-coming">Report: Apple iPhone Upgrade Coming</a></bzrelatedlink>
However, investors shouldn't be too worried.
While Morgan Stanley believes that the Street is "overly concerned" about Apple's iPhone 6 sell-through risk, they are overlooking the upside potential from dollar content increase across almost all major products. As a reference point, iPhone's sell-through improved in November. 
Morgan Stanley also noted that AAC's early-mover advantage and self-designed equipment ensures its share for new haptics designs in the next generation iPhone.
<h3>Looking Ahead</h3>
The outlook for AAC Technologies is looking good. The company experienced an EPS growth of 49.6 percent last year, and its current growth estimate for this year calls for an earnings-per-share growth of 16.6 percent. 
Morgan Stanley expects AAC's visible growth to be fueled by rising dollar content next year. The company's dynamic components are poised to deliver 113 percent, 19 percent and 14 percent YoY sales growth in 2016.
Image Credit: <a href="https://pixabay.com/en/iphone-smartphone-desk-mobile-518101/">Public Domain</a>

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