APELY - Alps Alpine Has A Lot To Prove To Rebuild Investor Sentiment

• Alps Alpine shares have been hit hard by pandemic-fueled challenges in the auto business, as well as much lower near-term margin guidance on capacity increases and R&D investment.
• While the transition to the next generation of advanced camera actuators may not produce much margin leverage this year, Alps should gain share and see better leverage the following year.
• Auto electronics margins should recover with volume, and the company continues to log auto infotainment wins, but long-term share and margins there is still a big unknown.
• Alps Alpine shares look beaten down and washed out, and modest outperformance could drive a rally, but this is definitely a "show me" story.

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