Cowell E Holdings (1415.HK): Model Update; Adjusting for delayed iOS product cycles

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Cowell E Holdings (1415.HK): Model Update; Adjusting for delayed iOS product cycles

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16 Jul 2026 03:12:54 ET │ 15 pages

Cowell E Holdings (1415.HK)

Model Update; Adjusting for delayed iOS product cycles

CITI'S TAKE

Buy We lower 2026/27/28E EPS by 8%/11%/13% to reflect the impact of

delayed iOS product cycles. We see the upcoming new IoT/wearables with Price (15 Jul 26 16:10) HK$22.64

cameras being pushed out to 2027E while the potential main camera Target price HK$32.00↓

project for the base model of the 2H27E flagship smartphone pushed out from HK$42.00

to 1H28E, changing the seasonality in our assumptions. Yet, as addressed Expected share price return 41.3%

in our prior update, the growth momentum should extend to 2027-28E Expected dividend yield 0.0%

driven by: (1) UW share increasing to 55–60%; (2) periscope share to

Expected total return 41.3% 45%+; (3) front camera (higher ASP than normal front camera) in the

Market Cap HK$19,698M upcoming foldable device; (4) IoT device ramp in 2027-28: Camera TWS,

AI glasses, MR Gen2, and desktop AI hardware. In 2028, (5) a periscope US$2,511M

upgrade to 200MP/8x+ zoom drives ASP close to double. Maintain Buy on

continuous share/content gain in iOS products. New TP HK$32 (cut from

HK$42).

Kyna WongAC

+852-2868-7820

What's changed — We lower 2026/27/28E EPS by 8%/11%/13% to reflect the kyna.wong@citi.com

impact from delayed iOS product cycles. We see the upcoming new IoT/wearables

Karen Huangwith cameras being pushed out to 2027E while the potential main camera project for

the base model of the 2H27E flagship smartphone pushed out to 1H28E, changing +852-2501-2755

the seasonality in our assumptions. We add IoT/wearables contribution in 2027- karen.xw.huang@citi.com