Apple Concept Stocks Soar in Hong Kong Stock Market Following Strong Quarterly Performance
Benefiting from Apple’s second fiscal quarter performance report, Apple concept stocks listed on the Hong Kong stock market experienced a collective rise in early trading today. Sunny Optical Technology (02382.HK) saw a significant increase of over 6%, while Dongjiang Group Holdings (02283.HK), AAC Technology (02018.HK), Gaowei Electronics (01415.HK), and BYD Electronics (00285.HK) also saw gains of 10.78%, 2.50%, 2.34%, 1.58%, and 0.55% respectively.
Apple’s financial performance in the second fiscal quarter of 2024 exceeded market expectations, with total net revenue of $90.753 billion and net profit of US$23.636 billion. Despite a decline compared to the same period last year, the performance was still better than anticipated. In Greater China, Apple’s revenue dropped to US$16.372 billion, down 8% from the previous year.
In response to the strong quarterly results, Apple announced a 4% increase in dividends and approved a $110 billion stock repurchase program, boosting investor confidence. The company remains optimistic about the prospects for the third fiscal quarter, expecting low-single-digit revenue growth.
Sunny Optical Technology, a key player in Apple’s supply chain, surged over 6% in early trading. The company’s performance is expected to rebound after a decline in smartphone market demand in 2023. With a year-on-year increase of 33.7% in mobile phone lens shipments in March 2024, Sunny Optical Technology is poised for a strong recovery.
The electronic information manufacturing industry, including mobile phone production, also showed positive growth in the first quarter of 2024, further supporting the outlook for companies like Sunny Optical Technology.
Overall, the strong performance of Apple and its related concept stocks in Hong Kong indicate a positive trend for the market, driven by the tech giant’s better-than-expected financial results. Investors are hopeful for continued growth in the coming quarters.