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UOBKH raises Q Tech (01478) to HK$12.25

 UOB Kay Hian raised its target price for Q
Technology (01478) to HK$12.25 from HK$12.19, and maintained its "hold" rating.
  UOB Kay Hian said boosted by a product mix improvement, Q Tech's 2017 profit jumped 129%
yoy, but slightly missed consensus estimate. Product mix is likely to continue to improve
in 2018 but the sector may face new uncertainties that would curb share price upside.
  UOB Kay Hian largely maintains its 2018 net profit forecast while slightly lowering its
2019 net profit forecast by 3% as upward revision to its gross margin assumption is offset
by the likelihood of higher R&D expenses. It introduces 2020 net profit forecast of
Rmb846m, representing yoy growth of 7%.

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