Analyst Research Report Snapshot


KGI Alert: HTC (2498.TW/2498 TT, U): HTC appoints its CFO as new Global Head of Sales




KGI Greater China


16 Dec 2013





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What’s new HTC has appointed Chief Financial Officer, Chang Chia-lin as its new Global Head of Sales. Implications HTC’s CFO to take over global sales. HTC has appointed CFO Chang Chia-lin as its new Global Head of Sales. He will continue as CFO until the time a transition of responsibilities makes sense. Chang has taken over the sales post previously held by Jason Mackenzie. At least six senior executives have departed in the past three years, and Mackenzie’s role has been reduced after previously heading both marketing and sales. Chang will try to boost shipment scale and revenue. Chang was appointed chief financial officer in April 2012 after previously working at Goldman Sachs. He has helped HTC cut research and development spending, reorganized previous acquisitions and its China operations. He has also played a key role in product innovation and strategic planning. However, whether will or not he will be able to reverse HTC’s sales trajectory and earnings growth in his new role remains to be seen. Valuation & action Amid intensifying competition and lack of significant growth drivers, we remain negative on HTC’s earnings outlook in 2014. We reiterate our Underperform rating on the counter. Risks Smartphone commoditization and intensifying competition; faster-than-expected ASP decline; margin pressure; sales decline and earnings deterioration.

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