文档介绍：Asia China
Technology/Hardware
Global Equity Research 11 January 2005 Estimate Revision
munication Sell
Price at 11 January 2005 (HK$)
Reuters: Bloomberg: 2618 HK Exchange: Ticker: Price target - 12mth (HK$) (-%)
52-week range (HK$) NA - NA
Previous rating Sell
1,
No light at the end of the
Key changes
Price target (chg) to È -%
tunnel yet; Sell Sales (FYE chg) 8, to 6, È -%
Op prof margin (FYE chg) to - NA
Victor profit (FYE chg) to 134 È -%
(852) 2203 6208
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Price/price relative
No sign of light at the end of the tunnel; earnings downgrade 120
We are downgrading our FY04-06 EPS by 32-59%, on the back of TCL's 100
worse-than-expected handset sales momentum in both the domestic and 80 1
60
overseas markets (through Alcatel). Our recent conversation with
Company Bulletin management revealed that handset sales in 4Q04 should be even worse 40
than those in 3Q, thanks to petition and inventory clearing. Sell. 20
0 0
November sales bad; December sales even worse 9/04 12/04
Following a 58% YoY decline in handset sales in November 2004, (. SCALE)
December sales (to be released next week) could be even worse given munication (. SCALE)
more petition and inventory clearing which hurt ASPs.