Memtech: CIMB maintains Buy with lower TP of $0.86 from $0.94.
- 1Q net profit (US$0.6m, -53%), on sales of US$33.2m missed. Stronger 2H is expected.
- Main culprit was production delay for Beats headband.
- Automotive segment to drive growth, contributed by Tesla, Continental, Faurecia, as they ramp up volume. CIMB forecasts FY16-18 sales growth of 20% in the segment.
- CIMB expects sales recovery post 1Q, but gross margins may be lower. They cut 8.6-8.7% EPS for FY16-17.
-TP implies CY17e P/E, FY16-18e dividend yields of 4.5-6%.
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