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Deutsche Bank : raises Tongda to HK$1.6

05/05/2015 | 02:56pm US/Eastern

[ET Net News Agency, 5 May 2015] Deutsche Bank raised its target price for Tongda Group

(00698) to HK$1.6 from HK$1.53, and maintained its "buy" rating.

Despite weak China smartphone demand, Tongda's preliminary 1Q sales posted strong YoY

growth and tracked 5% ahead of DB's estimate, driven by strong smartphone casing orders

from Huawei/Xiaomi as well as an ASP increase in air conditioner casings (from Haier),

said the research house.

In light of strong metal casing orders from Huawei and Oppo, Tongda plans to expand CNC

machine capacity to 1500 units by year-end (versus 200-300 units in 2014). DB expects

Tongda's handset casing sales to post 40% YoY growth, which would lead to GPM expansion

and 44% YoY EPS growth in 2015. (KL)

(c) 2015 ET Net Limited. All rights reserved. Provided by SyndiGate Media Inc. (Syndigate.info)., source Middle East & North African Newspapers

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