Friday, April 19, 2013

Hi-P : iPhone sales may fall short of expectations (Limtan)


HI-P
S$0.71-HIP SP
 Hi-P’s major customer Apple fell 5.5% last night (bringing its decline since peaking in Sept ’12 to -43%) after one of its key audio chip supplier (Cirrus Logic) reported an inventory glut that suggests iPhone sales may fall short of expectations.

 According to several US analysts, Cirrus Logic (Apple accounts for 90% of its sales) which makes sound components for the iPhones and iPads is a good indicator of demand for Apple’s top selling products and they blame Apple for losing its mobility mojo and that there was an inventory over-build for iPhone 5 relative to Apple’s previous forecast.


 Cirrus Logic reported 1Q ‘13 sales of US$170mln, below expectations of US$197mln and inventories rose to a record high level.

 Apple will be reporting 1Q ‘13 results next week on 23 Apr ’13.

 We continue to maintain a Neutral rating on Hi-P.



Source/Extract/Excerpts/来源/转贴/摘录: Limtan-Research,
Publish date: 17/04/13

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