宏達電 HTC Corporation 2498 - Sell: “Higher Spec; Lower Price” To Drag Margin Down « 電子 « 研究報告 « Downloads
| Attribute | Value |
|---|---|
| Version | Mar 22-2010-Citi |
| Date posted | March 24, 2010 |
| Downloaded | 143 times |
| Categories | 電子, 研究報告 |
| Tags | , , |
Description
Sell now — The HTC share price has rebounded driven by market’s rising
expectation on its shipments. Our supply-chain check also suggests a very
aggressive channel inventory preparation from HTC in the next few months. We
believe that the market priced in strong sell-in momentum but is failing to price
in two substantial risks. First, the strong sell-in momentum in 2Q10 could turn
into a big inventory correction in 3Q10 after new iPhone launch in June, which
was exactly what happened back in 2Q/3Q 2009 (21% QoQ sales growth in
2Q09 followed by a 11% QoQ sales decline in 3Q. Second, while HTC has
already guided a more aggressive pricing strategy for 2010, we believe that the
market may still have underestimated how much margins could fall in 2010.
