Nanofilm Technologies - UOB Kay Hian 2022-11-22: Expect A Challenging 4Q22 Due To Disrupted Production; Downgrade To SELL

Nanofilm Technologies - Expect A Challenging 4Q22 Due To Disrupted Production; Downgrade To SELL

  • We expect NanoFilm Technologies to report a weak 4Q22, with 2H22 earnings to decline by 30% y-o-y, due to Foxconn’s production in Zhengzhou, China being disrupted. The city is still subject to tight restrictions even though the seven-day lockdown was lifted on 9 Nov 22. The ongoing restrictions have led to Customer Z reducing its shipment forecasts for premium phones.
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Production challenges faced by Nanofilm's major customer have led to a cut in shipment forecasts.

  • NanoFilm Technologies (SGX:MZH)’s largest customer, Customer Z had in early-Nov 22 reduced the shipment forecasts of its newest premium iPhones after lockdowns in China affected operations of its supplier’s plant in China.
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  • Market researcher TrendForce also recently cut its iPhone shipment forecast for Oct-Dec 22 by 2m-3m units to 77m-78m, from 80m, due to the factory's troubles.

Mixed signals regarding reopening of China’s economy vs zero-COVID policy.

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Above is the excerpt from report by UOB Kay Hian Research.
Clients of UOB Kay Hian may be the first to access the full report in PDF @

John Cheong UOB Kay Hian Research | 2022-11-22

Read also UOB's most recent report:
2023-11-09 Nanofilm Technologies - Expect Weakness To Continue In 4Q23; Downgrade To SELL.

Previous report by UOB:
2023-08-14 Nanofilm Technologies - 1H23 In-Line But Slower-Than-Expected Recovery For 2H23.

Price targets by 2 other brokers at NanoFilm Target Prices.

Listing of research reports at NanoFilm Analyst Reports.

Relevant links:
NanoFilm Share Price History,
NanoFilm Announcements,
NanoFilm Dividends & Corporate Actions,
NanoFilm News Articles


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