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Catcher to Produce Metal Casings for the iPhone 6?
Wednesday, 23 April 2014
Taiwan's Catcher Technology, a company that makes casings for Apple, has been tapped to produce metal casings for the iPhone 6, according to Morgan Stanley analyst Grace Chen via The China Post.
Catcher is expected to benefit from the next-generation iPhone product cycle and the growing adoption of metal casings in smartphones, leading Morgan Stanley to raise its price target to NT$288 (US $9.53). That's the fifth time it's raised its price target for Catcher over the past year.
“While Catcher's iPhone 6 order win is not new to the market, the firm order visibility of the iPhone 6 product cycle in 2014-2015 should support continued earnings growth due to iPhone 6 substantial earnings boost,” said Chen.
Catcher is expected to ship 10.5 million iPhone 6 casings in 2014. That's estimated to be about 15% of iPhone 6 orders. The company will reportedly ship 20 million casings for all iPhone models, for a 17% share of total iPhone orders.
Shipments to Apple are estimated to account for 20% of Catcher's 2014 revenue and 32% of its sales in 2015. Production will ramp up later this year with Apple accounting for 27% of sales in Q3 and 38% of sales in Q4.
Apple is expected to unveil a 4.7-inch iPhone 6 in Q3 and an even larger 5.5-inch iPhone 6 in Q4.