Skyworth's TV sales jumps 44% to 1.2m units

Robust shipments are laudable.

According to Maybank Kim Eng, Skyworth released November shipments yesterday after market closed. The company sold 1.2m units of TV in November, up 44% YoY and 27% MoM.

Here's more from Maybank Kim Eng:

For the first eight months of the financial year, the company has shipped a total of 7.2m units (+ 21% YoY), implies an achievement ratio of 69% and is well-on track to achieve its new FY3/13 target of 10.5m units.

To recap, Skyworth revised up its full-year shipment target from 10m to 10.5m units post interim results announcement.

As we have highlighted before, Skyworth continued to deliver strong shipments data since August, driven by positive energy-saving subsidy programme and continuous TV replacement demand in rural areas.

Our discussion with management indicated that the momentum is sustainable in December. Separately, we also see China TV ASP rebounded 0.1% YoY in November, resulted in a 2.8% decline for the first eight months of the financial year and narrowed from 3.1% decline previously.

We believe the reason for ASP improvement is driven by product mix optimization, as the high-end TV accounted for 51% in November (vs 49% in October), including 29% from 3D TV and 22% from cloud TV.