Asian Apple suppliers slide on reports of Foxconn cost cuts

Cowell e Holdings

22/11/2018 05:42

** Shares of Apple Inc's  AAPL.O  suppliers in Asia retreat,
after reports its biggest iPhone assembler, Foxconn  2317.TW , 
seeks to cut costs in 2019 
    ** Foxconn aims to cut 20 bln yuan ($2.9 bln) from expenses
in 2019 as the company faces "a very difficult and competitive
year", Bloomberg reports on Wednesday, citing an internal memo
 urn:newsml:reuters.com:*:nL4N1XW3UJ 
    ** Apple shares have lost more than 20 pct since their
record closing high on Oct. 3 due to concerns over waning iPhone
demand 
    ** In Taiwan, shares of Foxconn slide as much as 1.7 pct,
hovering near a five-year low
    ** The integrated touch display provider General Interface
Solution  6456.TW , camera lens-maker Largan Precision Co Ltd
 3008.TW  and Assembler Pegatron Corp  4938.TW  all down about 2
pct 
    ** In Hong Kong, acoustic component maker AAC Technologies
Holdings  2018.HK  and front camera module maker Cowell
 1415.HK  down 1-2 pct 
    ** On the Chinese mainland, provider of internet solutions
Luxshare Precision  002475.SZ , optical firm O-Film Tech
 002456.SZ  and electronic components maker Lens Technology
 300433.SZ  also see modest losses
   ($1 = 6.9293 Chinese yuan)

 ((luoyan.liu@thomsonreuters.com; Reuters Messaging:
luoyan.liu.thomsonreuters.com@reuters.net))