苹果将如何影响零部件制造商

WSJ财经深度精读2018-02-12 03:44:53

【简讯】

商业与金融

  • 杜邦公司正在更改其拆分成三个公司的计划,这一举措似乎结束了来自多达四名激进投资者的挑战威胁。


  • 北京一家法院判处两名中国庞大网络借贷骗局案的头目无期徒刑。


  • Equifax公司在大规模数据泄露之前的几个月里,游说监管层放松对信贷报告公司的监管。


  • 鉴于特朗普政府将削弱“受托人诚信义务规则”,各国正采取行动加强对投资者的保护。

  • 美国检方指控一名前德意误导志银行高管就支持2007年发行14亿美元证券的贷款而误导投资者。


  • 欧佩克原油产量上个月是自四月以来首次下降。


  • 黑石正在为智能家居科技公司Vivint准备上市或者将其出售。


  • 联邦通信委员会说,从2009年以来在无线通信市场上第一次存在“有效竞争”。


  • AT&T表示为争夺手机用户支持,它将为更多的无线用户提供免费的HBO服务。


Business&Finance

  • DowDuPont is altering its plan to splinter into three companies, a step that appears set to end the threat of a fight with as many as four activist investors.


  • A Beijing court sentenced two men who led a massive Chinese online lending scam to life imprisonment. 


  • Equifax lobbied for looser regulation of credit-reporting firms in the

months before its massive data breach. 


  • States are moving to bolster investor protections out of concern the Trump

administration will weaken the “fiduciary rule.”


  • U.S. prosecutors accused an ex-Deutsche Bank executive of misleading investors about loans backing $1.4 billion in securities issued in 2007. 


  • Fintech firm SoFi said Chairman and CEO Mike Cagney would step down

by the end of the year. 


  • OPEC crude-oil production fell last month for the first time since April. 


  • Blackstone is preparing for an IPO or sale of smarthome tech firm Vivint. 


  • The FCC said there is“effective competition” in the wireless market, for the

first time since 2009. 


  • AT&T said it would offer free HBO service to more of its wireless subscribers in the fight for cellular customers.


世界要闻


  • 中国支持对朝鲜新的国际制裁,但同时要多加审慎的态度主要因为北京方面试图阻止邻国对核武器的追求,但同时不希望它崩溃。


  • 飓风IRMA造成佛罗里达群岛近四分之一的房屋严重受损。


  • 俄罗斯已经开始军事演习,北约称将帮助其盟国为未来来自俄罗斯的挑衅做好准备。


  • 特朗普的律师认为库什纳应该辞去白宫高级顾问。


  • 特蕾莎·梅赢得了英国退欧立法的关键一票,但是就英国如何退出欧盟的愿景必须获得议会的支持。


  • 英国声称在英国脱欧后愿意继续派遣军队与欧盟一起协调外交制裁问题。


  • 服务性企业将不会得到共和党人为其他企业制定的更低税率的好处。


  • 美国总统顾问史蒂夫·班农即使离开了他的行政工作,但是数周以来仍然与特朗普保持频繁接触。

  • 中国为使空气质量达到全球标准的目标没有实现,将对公民的寿命造成伤害。

World-Wide

  • China’s endorsement of new international sanctions against North Korea came with a heavy dose of caution as Beijing tries to stall its neighbor’s pursuit of nuclear arms without causing its collapse. 


  • Hurricane Irma destroyed a quarter of the homes in the Florida Keys and badly damaged many more. 


  • Russia has begun military drills ahead of major war games that NATO allies say are helping them prepare for future provocations. 


  •  Trump’s lawyers concluded Kushner should step down as senior WhiteHouse adviser.


  • May won a key vote on Brexit legislation, but must get Parliament to support her vision for how the U.K. should exit the EU.


  • Britain pledged to contribute troops and to work with the EU to implementforeign sanctions after Brexit. 


  • Service companies won’t get the benefit of the lower tax rates Republicans are planning for other businesses. 


  • Bannon remains in frequent contact with Trump weeks after leaving his administration job. 


  •  China’s failure to bring air quality up to global standards is shaving years off the lives of its citizens.


【精读】

苹果将如何影响零部件制造商


这是一个万亿市场的问题:苹果最新的iphone会不会再次受到打击?不管答案如何,投资者们可能非常明智并且很酷的将赌注下在一些美国科技巨头的亚洲供应商上:历史表明一旦市场兴奋过后,他们就不这样做了。

    据伯恩斯坦经纪公司的数据,平均而言,iPhone的供应商在新产品推出前六个月将会超过市场平均7.2%,在新产品推出后三个月,只低于市场平均3.9%

    推出新品前的兴奋期推动了AAC技术的发展,在过去的三个月里,苹果的扬声器供应商股价上涨了46%,尽管分析师们根据标准普尔全球市场对该公司的收益估计仅为9%。据伯恩斯坦说,AAC的收入中大约有一半来自苹果。镜头制造商大立光电和麦克风供应商歌尔,都与AAC的水平相当,最近也大大超过了盈利预期。

    押注一个更好的iPhone可能是零部件制造商们对苹果的一个小小的打击,但他们正赶上智能手机的最新趋势。以iPhone图像传感器供应商索尼为例,它的收入不到5%来自苹果

,但从手机相机双镜头的转变中获益匪浅。

    三星电子应该受益智能手机增加内存和更清晰屏幕。

    随着苹果最新iPhone产品的炒作,投资者应该密切关注可能的赢家和输家。





How iPhone Will Affect Parts Makers

Jacky Wong

        It’s the $1 trillion question in markets: Will Apple’s latest iPhone be another hit? No matter the answer, investors might be wise to cool their bets on some of the U.S. tech giant’s Asian suppliers: History suggests they don’t do so well once the razzmatazz has passed.

   

        On average, iPhone suppliers have outperformed the market by 7.2% in the six months before a launch, only to underperform by 3.9% in

the three months after, according to brokerage firm Bernstein.


        Prelaunch excitement has fueled the likes of AAC Technologies, an iPhone-speaker supplier whose share price is up 46% in the past three months—even though analysts over that period have raised their earnings estimates for next year by only 9%, according to S&P GlobalMarket Intelligence. Around half of AAC’s revenue is from Apple, according to Bernstein. The lens maker Largan and the microphone supplier Goertek, both with AAC-like levels of exposure to Apple,have also run significantly ahead of earnings expectations recently.


        A better iPhone bet may be component makers that take a smaller bite from Apple, but are riding the latest trends in smartphones. Take Sony, a supplier of iPhone image sensors: It gets less than 5% of its revenue from

Apple, but should benefit from the shift toward dual lenses in phone cameras.


        Samsung Electronics should benefit as smartphones add more memory and sharper screens.


        As the hype around Apple’s latest iPhone builds, investors should keep one eye on the likely winners and losers. 




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