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Citi stated that the third quarterly results of TCL COMM (02618.HK)  -0.380 (-4.884%)    Short selling $54.08M; Ratio 25.473%   was in concordance with the forecast in general. Citi slightly increased their estimation on TCL's revenue and operating expenses in 2014/15/16, with a decrease in profit. Concurrently, the EPS of TCL in 2015/16 was cut by 7% and 5% respectively. The target price was decreased from $14.2 to $13.3 and the rating was maintained at Buy.

The group recorded a sales of 18.7 million phones in the third quarter, representing a quarterly increase of 14%. Smart device and feature phone shipments increased 25% and 2% quarter-on-quarter to 10.9 million and 7.8 million respectively. Citi noted that smart device revenue contribution recorded a quarter-on-quarter increment of 26% to $6.8 billion during the period which was in line with the growth in shipments, reflecting the stability of ASP. 

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