Synnex shares surges sharply following new Apple product releases

Shares of Synnex (Thailand) PCL or SYNEX rose sharply by 8.46 per cent on Thursday morning to 14.40 baht per share, an increase of 1.10 baht, due to new Apple products launching and a strong second-half outlook.

The price increased to a high of 14.50 baht and a 13.40 baht low with the transaction value at 283.7 million baht.

Synnex is a leading importer and distributor of various types of IT products in Thailand. 

Earlier, the company revealed that it had adjusted the business model and aimed to push the margin to 4 per cent by the end of 2020.

Synnex’ revenue can be categorized by 40 per cent from mobile products, 40 per cent from consumer segments such as notebooks and peripherals, and the remaining 20 per cent from commercial and gaming segments. 

Analysts from many institutions have a positive view on the company’s performance for the remainder of the year with a high season during the last quarter when Apple products will enter the 5G market.

Apple’s revenue now accounts for 21 per cent of the total revenue, exceeding Huawei’s 17 per cent, which used to be 30 per cent in the past.

The company will also benefit from the increasing demand for IT products as the working-from-home trend continues to grow.

Finansia Cyrus Securities rates ‘Buy’ on SYNEX with the target price at 16.00 baht and KTB Securities maintains the target price at 16.50 baht. 

Meanwhile, MayBank Kim Eng revises its recommendation to ‘Buy for trading’ at 14.75 baht as the target price.

Other stocks that would be positively driven by the IT high season are COM7, SPVI, CPW and JMART.

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