Hon Hai’s price up on Sharp profit

The China Post
Date: February 13, 2017

TAIPEI — An Asian brokerage has raised its target price on shares in Taiwan-based

Hon Hai staff celebrate the new lunar year with offerings and firecrackers outside the company’s headquarters in New Taipei’s Tucheng District on Monday, Feb. 6. The tech group’s vice president, Lu Fang-ming (呂芳銘), was on hand to distribute red envelopes. (CNA)

Hon Hai Precision Industry Co. (鴻海), the world’s largest contract electronics maker, after Japan’s Sharp Corp., in which the Taiwanese firm holds a majority stake, turned a profit for the fourth quarter of last year.

In a research note, the brokerage said that a profitable Sharp is expected to boost Hon Hai’s earnings for the fourth quarter of last year by 1 percent. In the third quarter, a loss-making Sharp dragged down Hon Hai’s earnings by about 6 percent, according to the brokerage.

The brokerage said that it raised its target price on shares in Hon Hai, an assembler of iPhones and iPads for Apple Inc., from NT$78 to NT$97 (US$3.13) and upgraded a recommendation on the stock from a “hold” to a “buy.”    [FULL  STORY]

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