Macquarie Securities: HTC Glory has passed

Sina Science and technology news June 15, Macquarie Securities issued a report yesterday, said HTC Power Brilliant moment has passed, the HTC rating from performance beyond the market to neutral, the target price from 1500 yuan to 1140 yuan (NT, the same below).　　Macquarie Securities, the U.S. smartphone shipments in the first quarter of this year, the annual growth rate of 151%, the annual rate has reached the top, the next will be slow down, as the smartphone subsidy and average unit price (ASP) will decline, forecast next year industry ASP and gross margin will become the main risk. Macquarie Securities said it was surprised by the notable market share in the first quarter of the smartphone's non-one or two-line brand, showing that Android hardware commercialization is progressing faster than market expectations, and telecoms operators are welcoming lower-cost brands to avoid the potential risks of a decline in subsidies,　　It is expected to remain focused on the specifications and design of the first line of Android suppliers in ASP and market share will be at risk. Macquarie Securities pointed out that HTC next year earnings growth rate per share will be slower than market expectations, based on the gross margin of the next repair HTC and the estimated shipments, will be the current, next year, the forecast of earnings per share reduction of 8%, 18% to 90.05 yuan, 100.80 yuan, and the HTC target price from 1500 yuan to 1140 yuan,　　And the HTC rating from performance beyond the market to neutral.　　It is understood that before Macquarie, there are foreign investors to see the decline of HTC Power, Goldman Sachs issued a study in Friday, to remove HTC from the "Asia-Pacific Strong Buy" list, the target price from 1600 yuan to 1500 yuan (NT), so that HTC 2 consecutive days of tumbling, just turned up yesterday, the Macquarie report followed. At today's meeting of HTC shareholders, chairman Wang, CEO Chou, all released an optimistic signal, said the company's fundamental good, but the market ignored, the stock price early fall. (Wood)