Weekly A-Share Picks. Nov 9, A-Share Market. (Note: This is selected translation from the Chinese version of our A-share research notes)
|
|
- Neil Campbell
- 8 years ago
- Views:
Transcription
1 Weekly A-Share Picks Nov 9, 2015 (Note: This is selected translation from the Chinese version of our A-share research notes) A-Share Market (1) Pinggao Electric ( SH): Injecting the Group's Main Contractor Asset of MV and Overseas Projects in the making of a Leading Enterprise in Full-voltage Grade Switches. (P.1) (2) NBTM New Material Group Co., Ltd. ( SH): Proposed Private Placement for New Energy Automobiles and Vehicle Environmental Protection to Create Rerating Potential; Maintain Recommend Rating (P.2) Pinggao Electric ( SH): Injecting the Group's Main Contractor Asset of MV and Overseas Projects in the making of a Leading Enterprise in Full-voltage Grade Switches. 1. Events Q results: the company achieved revenue of RMB3.129bn in the first three quarters in 2015, up 25.75% year-on-year (YoY) with a net profit of RMB509m, up 19.74% YoY. Net profit after deducting non-recurring profit and loss achieved RMB493m, up 24.40% YoY. At the same time, the company announced a private placement plan to raise RMB4.9bn from institutional investors at a price of RMB22.33 per share to acquire the stakes in five companies under the parent company (for example, Shanghai Tianling Switchgear) and inject capital to some target companies and invest to build plants in India. 2. Analysis and Views (I) Earnings grew in a stable improving rate Wong Chi Man Head of Research (852) cmwong@chinastock.com.hk Net profit grew 19.7% for 9M2015, a significant increase compared with 14.2% in 1H15. We remain optimistic to the results of Q4 because the company delivered 10 UHV GIS intervals in 9M2015, equal to the same period of last year. And it is estimated that the company will deliver 10 intervals in Q4, equivalent to the total delivery in 9M2015. Compared to the delivered seven intervals in Q4 2014, we can conclude that the company s results will maintain stable improvement. (II) Marked improvement in gross margin and stable expenses Gross margin in the first three quarters of the company was 32.7%, up 4.4 ppt YoY. The main reasons were as follows: first, the Henan Pingzhi High Voltage Switchgear, newly merged in the company this year, attained a higher product price and higher gross margin in 550kV composite apparatus than the rest of the company, and enhance the overall gross margin. Second, revenue contribution from UHV composite apparatus with full intellectual property increased. Most parts for these apparatus are self-made, and improved the structure and materials based on products of Toshiba while reducing costs substantially. Expense ratio in first three quarters of the company was 11.9%, up 0.38 ppt YoY. Sales expense was controlled well and only increased a little while the operating revenue 1
2 increased sharply YoY while the expense ratio decreased 0.5 ppt YoY. But the administrative expense ratio was up by 0.2 ppt due to the increased expense on the amortization of intangible assets (R&D expenditure and the merger of Pingzhi increased the intangible assets) and staff wages. However, the finance expense ratio substantially increased to 0.7 ppt. The main reason was both short-term borrowing and payable bonds increased, and therefore the interest expenses. (III) High prepayments from customers and inventories, suggesting strong momentum in future The Q3 results showed stable financial indicators and considerable growth in prepayments from customers and inventories, indicating promising results of the company in future. The prepayments increased from RMB364m at the end of 2014 to RMB864m. And the inventories increased largely from RMB1.31bn at the end of 2014 to RMB2.13bn. (IV) Injecting the group's main contractor asset of MV and overseas projects for improving its value chain coverage The company proposed to raise RMB4.9bn from the investors at RMB per share to acquire the stakes in 5 companies including Shanghai Tianling Switchgear and inject capital to some target companies and construct plants in India. The acquisition and injection of capital to some projects are aimed at improving the coverage along the industry chain. Firstly, major products of the company were the 110kV and the above highvoltage switchgear and the medium voltage (MV) switchgear were not involved. The commencement of operation of Tianjin Medium Voltage Base will fill the gap to some extent. However, Tianjin Medium Voltage Base regarded the vacuum interrupter as its main business instead of providing complete medium voltage switchgear products. The company proposed to acquire the assets of medium voltage switch including Pinggao GE and Shanghai Tianling Switchgear will make up for the weakness in the medium voltage field, diversified the product type and promoted the supply capacity of core parts and components, and all these will prepare the company to be an integrated solution provider. Secondly, the company moved from a single equipment supplier to the upstream industry, i.e. striving to be a main contractor for EPC segment has been a consensus among power transmission and distribution equipment enterprises. EPC main contractor provides comprehensive project solutions to the owners and has equipment purchasing right to drive its own equipment sales. The injection of international engineering company and overseas plant construction are to drive development of high-end power equipment through overseas EPC and plant building. 3.Investment Recommendation The UHV composite apparatus maintained a stable and leading role and its orders have been in a concentrated delivery period, which ensured high growth of earnings this year and next year. Tianjin Medium Voltage Base is expected to achieve RMB1bn revenue next year except UHV. In addition, injecting the group's main contractor asset of MV and overseas projects improved the company s value chain coverage and equipped the company with the supply capacity for full voltage grade switch and core parts and components, which helps build the company to an integrated solution provider from a single equipment supplier. It is estimated that the company will deliver EPS of RMB 0.78 and RMB 1.00 in 2015 and 2016 respectively and maintain our Recommend rating. NBTM New Material Group Co., Ltd. ( SH): Proposed Private Placement for New Energy Automobiles and Vehicle Environmental Protection to Create Re-rating Potential; Maintain Recommend Rating 2
3 1. Event NBTM proposed a private placement to issue no more than 49m shares to no more than 10 specific persons (issue price of no less than RMB12.16/share) for no more than RMB600m in total for new projects including technological transformation of 12,000t powder metallurgy new materials production capacity for automobile power system and new energy industry, renovation of nationalclass enterprise technical center, and working capital purposes. 2. Our Analysis and Views This time, the capital raised is mainly used for the new technological transformation of 12,000t powder metallurgy new materials production capacity for automobile power system and new energy industry, so as to provide auxiliary products for the auto industry and the new energy industry. Core products of the project include powder metallurgy parts for the automatic power system (parts for automobile engine and gearbox) and powder metallurgy parts in the new energy industry (magnetic materials and fuel cell connectors for electric automobile parts and high efficiency motor of electric automobiles). (1) Industrialization of R&D of new automobile powder metallurgy parts to further consolidate its leading industry position Automobile powder metallurgy parts can reduce the weight of automobiles, lower manufacturing costs, optimize products manufacturing process in the auto industry and improve competitiveness, so such parts have become important basic parts for manufacturing of automobiles and auto parts. In recent years, under the trend of environmental protection in the auto industry, demand for automobile powder metallurgy parts of the market have greatly increased in order to adapt to the requirements of environmental protection, energy saving, manufacturing cost reduction and performance improvement. NBTM s VVT/VCT powder metallurgy parts, vacuum pumps and variable pump powder metallurgy parts still remain a high growth of over 50% amid economic downturn. The powder metallurgy parts for the automobile power system of the auto industry invested by the Company were mainly automobile engine parts and reduction gearbox, which were all important parts to be upgraded for environmental protection of the auto industry with vast market for overseas and domestic imported substitutes. It would enrich automobile powder metallurgy parts series of the Company, which may further establish the Company s industrial leading position as a powder metallurgy platform company, gradually promoting the industrialization of the Company s R&D of new products and ensuring continuous release of high-end new products. Continuous technical reserves, R&D and launch of new products are exactly the most important elements to maintain long-term growth of the Company s earnings. (2) Occupying the new energy auto industrial chain to define new growth driver New energy auto industry has become one of the industries in future with the highest potential and certainty in China with the support of national policies. And the technical level of critical parts and the localization requirements for the scale of production would provide huge market for relevant industries. Electric automobile powder metallurgy parts in the project invested by the Company were mainly used for inverter gearbox housing matched with electric automobiles and motor terminal housing. Magnetic material products in the project are mainly used in the high efficiency motor (for electric automobiles and high efficiency household appliances), charging posts and other fields, which would all benefit from the rapid development of the new energy automobile industrial chain. 3
4 However, after several years of preliminary attempt (NBTM and Zhejiang NBTM KEDA Magnetoelectricity Co., Ltd. (KDM) stepped into the supply chain system of Tesla successfully in 2014), the Company determines to step in the new energy automobile industrial chain in a large scale this time, which probably indicates that the Company has entered the mature period of its technical reserves, product R&D and client relations in the new energy automobile field, and the process of industrialization is accelerated. The Company s layout achievements previously in the new energy auto industry began to appear, and the company was about to enter the harvest period and target at its new growth drivers in future earnings. 3. Investment Recommendation With rapid development of the auto industry and the new energy industry in recent years as well as the constantly increased promotion of China in energy saving, emission & consumption reduction and environmental protection, the Company would launch additional private placement plans in a timely manner, positively engage in automobile environmental protection and new energy automobile industrial chain, and achieve industrialization of R&D new products to target for new growth drivers to drive future earnings. The valuation cap of the Company is raised, and there will be more growth upside. We estimated that the EPS in 2015 and 2016 will be RMB0.48 and 0.70, correspondingly the PER in 2015 and 2016 will be 29.56x and 20.27x which are lower than its long-term average of 30x, thus maintaining the Recommend rating. 4. Risk Factors 1) High pressure from the macroeconomic downturn, and sharp decline of traditional services of the Company; 2) Decline of sales growth of VVT/VCT powder metallurgy parts, vacuum pumps, variable pump powder metallurgy parts and other new products; 3) Progress of additional targeted issue of the Company is slower than expectation. 4
5 Disclaimer This research report is not directed at, or intended for distribution to or use by, any person or entity who is a citizen or resident of or located in any jurisdiction where such distribution, publication, availability or use would be contrary to applicable law or regulation or which would subject China Galaxy International Securities (Hong Kong) Co., Limited ( Galaxy International Securities ) and/or its group companies to any registration or licensing requirement within such jurisdiction. This report (including any information attached) is issued by China Galaxy International Securities (Hong Kong) Co., Limited, one of the subsidiaries of the China Galaxy International Financial Holdings Limited, to the institutional clients from the information sources believed to be reliable, but no representation or warranty (expressly or implied) is made as to their accuracy, correctness and/or completeness. This report shall not be construed as an offer, invitation or solicitation to buy or sell any securities of the company(ies) referred to herein. Past performance should not be taken as an indication or guarantee of future performance, and no representation or warranty, express or implied, is made regarding future performance. The recipient of this report should understand and comprehend the investment objectives and its related risks, and where necessary consult their own independent financial advisers prior to any investment decision. Where any part of the information, opinions or estimates contained herein reflects the personal views and opinions of the analyst who prepared this report, such views and opinions may not correspond to the published views or investment decisions of China Galaxy International Financial Holdings Limited and any of its subsidiaries ( China Galaxy International ), directors, officers, agents and employees ( the Relevant Parties ). All opinions and estimates reflect the judgment of the analyst on the date of this report and are subject to change without notice. China Galaxy International and/or the Relevant Parties hereby disclaim any of their liabilities arising from the inaccuracy, incorrectness and incompleteness of this report and its attachment/s and/or any action or omission made in reliance thereof. Accordingly, this report must be read in conjunction with this disclaimer. Disclosure of Interests China Galaxy Securities (6881.hk) is the direct and/or indirect holding company of the group of companies under China Galaxy International. China Galaxy International may have financial interests in relation to the subjected company(ies) the securities in respect of which are reviewed in this report, and such interests aggregate to an amount may equal to or more than 1 % of the subjected company(ies) market capitalization. One or more directors, officers and/or employees of China Galaxy International may be a director or officer of the securities of the company(ies) mentioned in this report. China Galaxy International and the Relevant Parties may, to the extent permitted by law, from time to time participate or invest in financing transactions with the securities of the company(ies) mentioned in this report, perform services for or solicit business from such company(ies), and/or have a position or holding, or other material interest, or effect transactions, in such securities or options thereon, or other investments related thereto. China Galaxy International may have served as manager or co-manager of a public offering of securities for, or currently may make a primary market in issues of, any or all of the entities mentioned in this report or may be providing, or have provided within the last 12 months, significant advice or investment services in relation to the investment concerned or a related investment or investment banking services to the company(ies) mentioned in this report. Furthermore, China Galaxy International may have received compensation for investment banking services from the company(ies) mentioned in this report within the preceding 12 months and may currently seeking investment banking mandate from the subject company(ies). Analyst Certification The analyst who is primarily responsible for the content of this report, in whole or in part, certifies that with respect to the securities or issuer covered in this report: (1) all of the views expressed accurately reflect his or her personal views about the subject, securities or issuer; and (2) no part of his or her compensation was, is, or will be, directly or indirectly, related to the specific views expressed by the analyst in this report. Besides, the analyst confirms that neither the analyst nor his/her associates (as defined in the code of conduct issued by The Hong Kong Securities and Futures Commission) (1) have dealt in or traded in the securities covered in this research report within 30 calendar days prior to the date of issue of this report; (2) will deal in or trade in the securities covered in this research report three business days after the date of issue of this report; (3) serve as an officer of any of the Hong Kong-listed companies covered in this report; and (4) have any financial interests in the Hong Kong listed companies covered in this report. Explanation on Equity Ratings BUY SELL HOLD : : share price will increase by >20% within 12 months in absolute terms share price will decrease by >20% within 12 months in absolute terms : no clear catalyst, and downgraded from BUY pending clearer signal to reinstate BUY or further downgrade to outright SELL Copyright Reserved No part of this material may be reproduced or redistributed without the prior written consent of China Galaxy International Securities (Hong Kong) Co., Limited. China Galaxy International Securities (Hong Kong) Co. Limited, CE No.AXM459 Room , 35/F, Cosco Tower, Grand Millennium Plaza, 183 Queen s Road Central, Sheung Wan, Hong Kong. General line:
Kingdee (268 HK) Buy (maintained) Target price: HK$3.58. Solidifying leadership in cloud services; maintain Buy but revise TP down to HK$3.
Equity Research Information Technology Aug 2, 21 Kingdee (28 HK) Buy (maintained) Target price: HK$.8 Solidifying leadership in cloud services; maintain Buy but revise TP down to HK$.8 Lower-than-expected
More informationLongfor (960 HK) Unrated Real Estate Development Industry
20 Septemper 2012 Equity Focus Key Data Share price (HK$) 11.78 52Wk H/L(HK$) 13.5/6.5 Issued shares (mn) 5,167.3 Market cap (HK$mn) 60,974 30-day avg vol (HK$mn) 137.14 Auditors Deloitte Major shareholder:
More informationExhibit 1: Financial summary of First Tractor in 1H12-1H14 1H12 2H12 1H13 2H13 1H14 (% YoY)
Capital Goods Manufacturing ector August 29, 214 Company Report Rating: HOLD TP: HK$ 4.8 H-hare price (HK$) 5.17 Est. share price return (7.16%) Est. dividend yield 1.39% Est. total return (5.77%) First
More informationYum Cha 飲 茶. October 7, 2014 CHART OF THE DAY WORLD BANK DOWNGRADES CHINA GROWTH, BUT NOT MUCH. INDICES Closing DoD%
Yum Cha 飲 茶 October 7, 2014 CHART OF THE DAY WORLD BANK DOWNGRADES CHINA GROWTH, BUT NOT MUCH INDICES Closing DoD% Hang Seng Index 23,315.0 1.1 HSCEI 10,409.7 0.6 Shanghai COMP 2,363.9 0.3 Shenzhen COMP
More information2010 2011 2012E 2013E 2014E
11 April 2012 Equity Research Report Company Research Construction Engineering Zhejiang Yasha Decoration (002375) Comments on 2011 annual results Rapid growth in results, while profit quality continued
More informationPrivate drilling fluid technology service leader
21 March 2012 Equity Research Report Company Research Petroleum & Petrochemical Sichuan Renzhi Oilfield Technology Services (002629) Investment value analysis report Private drilling fluid technology service
More informationChina Pacific (2601 HK) Unrated Life & health industry
21 August 2012 Equity Focus Key Data H-share price (HK$) 25.20 Target price (HK$) NA Upside potential (%) NA 52Wk H/L(HK$) 31.0 / 19.8 Issued shares: H-shares (mn) 2,313 A-shares (mn) 6,287 H-share mkt
More informationCompany Report. New China Life (1336 HK) Hold Life & Health Insurance Industry 2013E target price: HK$34.30 (from HK$24.
New China Life Company Report New China Life (1336 HK) Hold Life & Health Insurance Industry 2013E target price: HK$34.30 (from HK$24.85 previously) Key data H-share price (HK$) 31.45 Target price (HK$)
More informationChina Property Sector Expecting lower policy risk due to stabilizing home prices
19 September 2012 Equity Focus Key Data Average FY12E PE (x) 5.69 Average FY12E PB (x) 1.14, ABCI Securities HSCIPC performance (%) Absolute Relative* 1-mth 6.3 3.8 3-mth 10.3 4.5 6-mth 6.2 7.7 *Relative
More informationShanghai-Hong Kong Stock Connect 2015.01.07
Shanghai-Hong Kong Stock Connect 2015.01.07 The launch of Stock Connect further expands the crossborder RMB investment channel Shanghai-Hong Kong Stock Connect officially launched on 17 Nov 2014, enabling
More informationLeading enterprise in domestic TFT liquid crystal material market
13 December Research Report Company Research Mid and Small Cap Yantai Valiant Fine Chemicals (002643) New Issuance Pricing Report Leading enterprise in domestic TFT liquid crystal material market Initial
More informationThree growth drivers amid high base for growth
14 Aug 2012 Equity Research Report Company Research Electronics Huizhou Speed Wireless Technology (300322) Investment value analysis report Three growth drivers amid high base for growth Investment Highlights
More informationGraphite Electrodes. Imposition of antidumping duty augurs well. Sector Update. ICICI Securities Ltd Retail Equity Research.
Sector Update Rating matrix Target price Company Old New CMP Potential Upside HEG 225 275 238 19% Graphite India 85 15 91 18% Target period 12-15 months Price performance (%) Return % 1M 3M 6M 12M HEG
More informationCinda International. Hold (Initiation) Target price: HK$1.55. Facing intense competition from Chinese brokers in HK; initiate at Hold
Equity Research Financials Cinda (111 HK) Hold (Initiation) Target price: HK$1.55 Facing intense competition from Chinese brokers in HK; initiate at Hold China Cinda s international business platform Cinda
More informationBright Smart (1428 HK)
Equity Research Financials Bright Smart (1428 ) Hold (initiation) Target price: $1.70 Local broker with high ROE; initiate at Hold Local broker with expansion ambition Bright Smart is a securities, commodities
More informationRating Action: Moody's changes Nexteer's Ba1 ratings outlook to positive Global Credit Research - 24 Nov 2015
Rating Action: Moody's changes Nexteer's Ba1 ratings outlook to positive Global Credit Research - 24 Nov 2015 Hong Kong, November 24, 2015 -- Moody's Investors Service has changed to positive from stable
More informationCompany Report. Ping An (2318 HK) Sell Life & Health Insurance Industry 2013E target price: HK$68.46 (from HK$58.04 previously)
Ping An Company Report Ping An (2318 HK) Sell Life & Health Insurance Industry 2013E target price: HK$68.46 (from HK$58.04 previously) Key data H-share price (HK$) 66.95 Target price (HK$) 68.46 Upside
More informationSOHO China (410) Buy Nov 20, 2009. Company update. 4 Acquisitions within 6 Months. Samson Man, CFA (852)-2532-1539 samson.man@firstshanghai.com.
SOHO China (410) Company update Buy Nov 20, 2009 4 Acquisitions within 6 Months Purchase Nexus Centre in Beijing. SOHO China announced to acquire Nexus Centre in Beijing. Total GFA is 103,340 sqm. Total
More informationEarnings Conference Call Q1 2016 Update Wednesday, May 25 th 2016
Earnings Conference Call Q1 2016 Update Wednesday, May 25 th 2016 These materials may not be used or relied upon for any purpose other than as specifically contemplated by a written agreement with Credit
More information1H15 Results Review: Table-1: Chanjet s Income Statement Analysis RMB (Thousand) 1H15 1H14 YoY Comments -Sale of software 170,096 169,278 0.
GTJA Research 国 泰 君 安 研 究 Company Report: Chanjet Information Technology Co. Ltd. (01588 HK) Ricky Lai 黎 柏 坚 公 司 报 告 : 畅 捷 通 (01588 HK) +852 2509 2603 ricky.lai@gtjas.com.hk Stronger Effort to Push Cloud
More informationHow to make Uber work in Hong Kong
Industry Report NOT RATED How to make work in Hong Kong Police Actions Sparked Controversial Topic On 11 th August, 2015, Hong Kong police had arrested 5 drivers and 3 office staffs allegedly for operating
More informationIturan Location & Control Ltd. In-line Quarter, Big Dividend, Maintain Outperform
EQUITY RESEARCH COMPANY UPDATE February 23, 2012 Stock Rating: OUTPERFORM 12-18 mo. Price Target $16.00 ITRN - NASDAQ $13.47 3-5 Yr. EPS Gr. Rate 8% 52-Wk Range $16.96-$11.27 Shares Outstanding 21.0M Float
More informationSBERBANK GROUP S IFRS RESULTS. March 2015
SBERBANK GROUP S IFRS RESULTS 2014 March 2015 SUMMARY OF PERFORMANCE FOR 2014 STATEMENT OF PROFIT OR LOSS Net profit reached RUB 290.3bn (or RUB 13.45 per ordinary share), compared to RUB 362.0bn (or RUB
More informationThe Hongkong and Shanghai Banking Corporation Limited (incorporated in Hong Kong with limited liability under the Companies Ordinance of Hong Kong)
This announcement appears for information purposes only and does not constitute an invitation or offer to acquire, purchase or subscribe for the CBBCs described below. Hong Kong Exchanges and Clearing
More informationBUY Target: 215p. Strategic impact: cross-selling. Financial impact: good value
UK Daily Letter 1 K3 Business Technology Group KBT : AIM : 144p BUY Target: 215p Bob Liao, CFA 44.20.7050.6654 bliao@canaccordgenuity.com COMPANY STATISTICS: 52-week Range: 0.82-1.50 Avg. Daily Vol. (000s):
More informationAmoreG (002790) BUY ( initiate ) Growth beyond Amorepacific? 2Q13 results met market consensus
KOREA August 7, 13 Company Earnings Review t AmoreG (79) BUY ( initiate ) Hyerim Kim Analyst Pharmaceuticals, Cosmetics 8--611-91 hyerim.kim@hdsrc.com Ernest Kim RA 8--611-957 ernest.kim@hdsrc.com Current
More informationGREAT WALL MOTOR COMPANY LIMITED *
Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness
More informationBDI BioEnergy Intern. 20.0 Neutral. Activity level in Q3 might not support FY estimates
8/11/1 8/1/11 8/3/11 8/5/11 8/7/11 8/9/11 8/11/11 8/1/12 8/3/12 8/5/12 8/7/12 8/9/12 MATELAN Research Preview Note Price as of 9/11/12: 8.69 12 November 212 Company / Sector Fair Value Recommendation BDI
More informationWill the Chinese market welcome foreign investors? Reasons for the Focus on Future Reforms
Mizuho Bank, Ltd., Hong Kong Corporate Banking Division No.1 China ASEAN Research & Advisory Department September 2015 Will the Chinese market welcome foreign investors? Reasons for the Focus on Future
More informationLAUNCH TECH COMPANY LIMITED* (a joint stock limited company incorporated in the People s Republic of China with limited liability) (Stock code: 2488)
Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness
More informationDISCLOSEABLE TRANSACTION IN RESPECT OF FINANCE LEASE AGREEMENTS
Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness
More informationGujarat State Petronet Ltd. INR 135
Jan-15 Mar-15 May-15 Jul-15 Sep-15 Nov-15 Jan-16 India Equity Institutional Research Oil & Gas RESULT UPDATE Gujarat State Petronet Ltd. INR 135 Growth in volumes to propel earnings Accumulate Gujarat
More informationHMS Group 3 months 2015 IFRS Results Conference call presentation. 16 June 2015
HMS Group 3 months 2015 IFRS Results Conference call presentation 16 June 2015 Financial results Business & Outlook Appendix Financial Highlights Financial highlights, Rub mn 3m 2015 3m 2014 chg, yoy Revenue
More informationCHINA MOBILE LIMITED
Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness
More informationComba Telecom Systems annual report 2003
8 Comba Telecom Systems annual report Business Review Turnover of the Group for the year ended 31 December was HK$806,232,000, representing an increase of approximately 39.4% from the previous year. This
More informationMorning Buzz. Research Picks INDIA. India IT Services: Mixed quarter from Accenture. 21 December 2015
Morning Buzz INDIA Research Picks 21 December 2015 India IT Services: Mixed quarter from Accenture This report has been prepared by Religare Capital Markets Limited or one of its affiliates. For analyst
More informationDISCLOSEABLE TRANSACTION PROPOSED ACQUISITION OF A PRC NATURAL GAS COMPANY IN WUHU CITY, ANHUI PROVINCE, THE PRC
Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness
More informationWhy ECB QE is Negative for Commodities. Investment Research & Advisory. Deltec International Group
Atul Lele alele@deltecinv.com +1 242 302 4135 David Munoz dmunoz@deltecinv.com +1 242 302 4106 David Frazer dfrazer@deltecinv.com +1 242 302 4156 Why ECB QE is Negative for Commodities Recent ECB Quantitative
More informationChina Cord Blood Corporation Reports Financial Results for the Second Quarter and First Half of Fiscal 2016
China Cord Blood Corporation Reports Financial Results for the Second Quarter and First Half of Fiscal 2016 2Q16 Added 16,744 New Subscribers 2Q16 Revenue Up 12.7% YOY to RMB171.5 Million ($27.0 Million)
More informationJuly 30 th, 2015 2015 HALF-YEAR RESULTS
Disclaimer Confidential IMPORTANT NOTICE: By attending the meeting where this presentation is given, or by reading the presentation slides, you agree to be bound by the following limitations and qualifications:
More informationMaruti Suzuki. Source: Company Data; PL Research
Q3 results subdued, Outlook remains good; BUY January 28, 2016 Rohan Korde rohankorde@plindia.com +91 22 66322235 Rating BUY Price Rs4,103 Target Price Rs4,844 Implied Upside 18.1% Sensex 24,470 Nifty
More informationEUROPE S LEADING ONLINE FASHION DESTINATION Q3 2015 Earnings Call 12 November 2015
EUROPE S LEADING ONLINE FASHION DESTINATION Q3 2015 Earnings Call 12 November 2015 Results highlights and business update 1 ACCELERATING GROWTH THROUGH TARGETED INVESTMENTS Strong Growth revenue accelerates
More informationConsolidated Financial Review for the Second Quarter Ended September 30, 2014
Consolidated Financial Review for the Second Quarter Ended September 30, 2014 TOKYO ELECTRON Oct 29, 2014 Company name: Tokyo Electron Limited URL: http://www.tel.com Telephone number: (03) 5561-7000 Stock
More informationAoyuan (3883 HK) Site visit to Guangzhou: Key takeaways
China Real Estates March 10, 2014 Company Report Rating: BUY TP: HK$ 2.20 Ke Share price (HK$) 1.48 Est. share price return 48.6% Est. dividend yield 4.3% Est. total return 52.9% Previous Rating &TP Key
More information2014 FIRST QUARTER RESULTS CONFERENCE CALL. May 15th, 2014
2014 FIRST QUARTER RESULTS CONFERENCE CALL May 15th, 2014 DISCLAIMER This presentation has been prepared by Eurotech S.p.A.(or Eurotech ) and has to be read in conjunction with its oral presentation. The
More informationCIO Flash Chinese equities: what happens next? July 8, 2015
CIO Flash Chinese equities: what happens next? July 8, 2015 +++ CIO FLASH +++ CIO FLASH +++ CIO FLASH +++ CIO FLASH +++ CIO FLASH +++ CIO FLASH +++ CIO FLASH +++ CIO FLASH +++ CIO FLASH Market falls force
More informationIn line performance. Results update 4Q2015. Banks UAE 28 January 2016 DUBAI ISLAMIC BANK
28 Jan 15 28 Apr 15 28 Jul 15 28 Oct 15 DUBAI ISLAMIC BANK In line performance Results update 4Q2015 Banks UAE 28 January 2016 Dubai Islamic Bank s (DIB) reported net profit of AED865mn, in-line with our
More informationFocus on fleet customers SAF-HOLLAND Annual Financial Statements 2013
Focus on fleet customers SAF-HOLLAND Annual Financial Statements 213 Detlef Borghardt, CEO Wilfried Trepels, CFO March 13, 214 Agenda 1 Financials 3 2 Appendix 21 2 Executive Summary 1 2 3 Group sales
More informationCHARACTERISTICS OF THE GROWTH ENTERPRISE MARKET ( GEM ) OF THE STOCK EXCHANGE OF HONG KONG LIMITED (THE STOCK EXCHANGE )
CHARACTERISTICS OF THE GROWTH ENTERPRISE MARKET ( GEM ) OF THE STOCK EXCHANGE OF HONG KONG LIMITED (THE STOCK EXCHANGE ) GEM has been positioned as a market designed to accommodate companies to which a
More informationSatisfactory Top-Line; Disappointing Bottom-Line
: Tsingtao Brewery (00168 HK) 公 司 报 告 : 青 岛 啤 酒 (00168 HK) Satisfactory Top-Line; Disappointing Bottom-Line 销 售 增 长 理 想 但 盈 利 能 力 令 人 失 望 Sunny Kwok 郭 日 升 +852 2509 2642 sunny.kwok@gtjas.com.hk GTJA Research
More informationInternational Financial Reporting Standards (IFRS)
FACT SHEET September 2011 IAS 7 Statement of Cash Flows (This fact sheet is based on the standard as at 1 January 2010.) Important note: This fact sheet is based on the requirements of the International
More informationNon-collateralised Structured Products. Goldman Sachs Structured Products (Asia) Limited (incorporated in the Cayman Islands with limited liability)
Hong Kong Exchanges and Clearing Limited, The Stock Exchange of Hong Kong Limited (the Stock Exchange) and Hong Kong Securities Clearing Company Limited take no responsibility for the contents of this
More informationQuant Picks United Breweries
October 6, 2015 Quant Picks United Breweries Research Analyst Amit Gupta amit.gup@icicisecurities.com Raj Deepak Singh rajdeepak.singh@icicisecurities.com Azeem Ahmad azeem.ahmad@icicisecurities.com i
More informationConsolidated and Non-Consolidated Financial Statements
May 13, 2016 Consolidated and Non-Consolidated Financial Statements (For the Period from April 1, 2015 to March 31, 2016) 1. Summary of Operating Results (Consolidated) (April 1,
More informationCONVERTIBLE DEBENTURES A PRIMER
What are convertible debentures? CONVERTIBLE DEBENTURES A PRIMER They are hybrid securities, combining the features of a conventional debenture with the option of converting, under certain circumstances,
More informationDISCLOSEABLE TRANSACTION IN RESPECT OF POSSIBLE ACQUISITION OF 38% OF THE ISSUED SHARE CAPITAL OF REDSUN DEVELOPMENTS LIMITED
Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness
More informationINDUSTRY OVERVIEW SOURCE OF INFORMATION. Report prepared by Euromonitor
The information that appears in this Industry Overview has been prepared by Euromonitor International Limited and reflects estimates of market conditions based on publicly available sources and trade opinion
More informationTHIRD QUARTERLY REPORT 2015
(a joint stock company incorporated in the People s Republic of China with limited liability) (Stock Code: 8205) THIRD QUARTERLY REPORT 2015 * For identification purposes only CHARACTERISTICS OF THE GROWTH
More informationDAILY TECHNICAL REPORT
RESEARCH TEAM DAILY TECHNICAL REPORT DISCLAIMER & DISCLOSURES Please read the disclaimer and the disclosures which can be found at the end of this report EUR / USD Bouncing back. EUR/USD is now moving
More informationChina Insurance Longer-term Value Emerges
China Insurance Longer-term Value Emerges 2 February 2012 Some improvement in 2012 for the industry after a challenging 2011 2011 a difficult operating environment for life insurers 2011 was a tough year
More informationDAILY TECHNICAL REPORT
RESEARCH TEAM DAILY TECHNICAL REPORT DISCLAIMER & DISCLOSURES Please read the disclaimer and the disclosures which can be found at the end of this report EUR / USD Moving higher. EUR/USD has been range-bound
More informationKurita Water Industries Reports Earnings for the First Half Ended September, 2004
FOR IMMEDIATE RELEASE Kurita Water Industries Reports Earnings for the First Half Ended September, Tokyo Japan November 4, Kurita Water Industries Ltd. (TSE Security Code 6370) announced revenue for the
More informationSOHO CHINA (410.HK) At the Key Phase of Business Transformation. Neutral (Update) HONG KONG PROPERTY COMPANY UPDATE.
SOHO CHINA (410.HK) At the Key Phase of Business Transformation HONG KONG PROPERTY COMPANY UPDATE 26 August 2015 Summary Realized revenue of SOHO China dropped by 92% yoy to RMB393 million while realized
More informationHAIER ELECTRONICS GROUP CO., LTD (STOCK CODE: 1169)
To: Business Editor [For immediate release] HAIER ELECTRONICS GROUP CO., LTD (STOCK CODE: 1169) ANNOUNCES INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2012 TURNOVER UP 8.4% TO RMB 26,303,993,000 PROFIT
More informationCHINA E-LEARNING GROUP LIMITED
Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness
More informationTrends and Technology A Capital Markets Perspective
EQUITY I RESEARCH Trends and Technology A Capital Markets Perspective RBC Capital Markets, LLC Jonathan Atkin (Analyst) (415) 633-8589 jonathan.atkin@rbccm.com January 2013 All values in U.S. dollars unless
More informationTHIRD QUARTERLY RESULTS ANNOUNCEMENT FOR THE NINE MONTHS ENDED 31 DECEMBER 2015
THIRD QUARTERLY RESULTS ANNOUNCEMENT FOR THE NINE MONTHS ENDED 31 DECEMBER 2015 CHARACTERISTICS OF THE GROWTH ENTERPRISE MARKET ( GEM ) OF THE STOCK EXCHANGE OF HONG KONG LIMITED (THE STOCK EXCHANGE )
More informationCREDIT CHINA HOLDINGS LIMITED
Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness
More informationDalian Wanda Commercial Properties Co., Ltd. (A joint stock limited liability company incorporated in the People s Republic of China)
Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness
More informationMATELAN Research. Intelligent Transportation Systems MEGATRENDS DRIVE MARKET GROWTH FINANCIALS ACCELERATING IVU AND INIT SHOW HIGHEST UPSIDES
MATELAN Research Intelligent Transportation Systems MEGATRENDS DRIVE MARKET GROWTH FINANCIALS ACCELERATING IVU AND INIT SHOW HIGHEST UPSIDES 2/5/12 2/7/12 2/9/12 2/11/12 2/1/13 2/3/13 2/5/13 2/7/13 2/9/13
More informationSberbank Group s IFRS Results for 6 Months 2013. August 2013
Sberbank Group s IFRS Results for 6 Months 2013 August 2013 Summary of 6 Months 2013 performance: Income Statement Net profit reached RUB 174.5 bn (or RUB 7.95 per ordinary share), a 0.5% decrease on RUB
More informationGoldman Sachs Structured Products (Asia) Limited
Hong Kong Exchanges and Clearing, (the Stock Exchange) and Hong Kong Securities Clearing Company take no responsibility for the contents of this announcement, make no representation as to its accuracy
More informationCHINA ENERGINE INTERNATIONAL (HOLDINGS) LIMITED ( ) * (Incorporated in Cayman Islands with limited liability)
Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness
More informationCIO Flash Chinese equities: what happens next? July 8, 2015
CIO Flash Chinese equities: what happens next? July 8, 2015 +++ CIO FLASH +++ CIO FLASH +++ CIO FLASH +++ CIO FLASH +++ CIO FLASH +++ CIO FLASH +++ CIO FLASH +++ CIO FLASH +++ CIO FLASH Market falls force
More informationConsolidated Financial Results (Japanese Accounting Standards) for the First Half of the Fiscal Year Ending February 28, 2013
Consolidated Financial Results (Japanese Accounting Standards) for the First Half of the Fiscal Year Ending February 28, 2013 September 27, 2012 Company name Aeon Mall Co., Ltd. Listings The First Section
More informationChina Life Insurance Co. Ltd.
December 30, 2010 China Life Insurance Co. Ltd. Primary Credit Analyst: Eunice Tan, Hong Kong (852) 2533 3553; eunice_tan@standardandpoors.com Secondary Contact: Ryan Tsang, CFA, Hong Kong (852) 2533-3532;
More informationJanuary 27, 2016 Consolidated Financial Results for the First Nine Months of the Fiscal Year Ending March 31, 2016 <under Japanese GAAP>
Translation January 27, 2016 Consolidated Financial Results for the First Nine Months of the Fiscal Year Ending March 31, 2016 Company name: Alpine Electronics, Inc. Listing: First
More informationHolistic Company Report
Holistic Company Report Prestige International 4290 TSE First Section Update Report March 7, 2014 The Stock Research Center (General Incorporated Association) Copyright 2012 The Stock Research Center.
More informationTerms of Use & Privacy Policy
Terms of Use & Privacy Policy These terms and conditions apply to your access and use of the Registration website and the Live Streaming website to UOB Privilege Conversations Live Webcast(collectively
More informationSANY HEAVY EQUIPMENT INTERNATIONAL HOLDINGS COMPANY LIMITED
Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness
More informationStatement of Cash Flows
HKAS 7 Revised February November 2014 Hong Kong Accounting Standard 7 Statement of Cash Flows HKAS 7 COPYRIGHT Copyright 2014 Hong Kong Institute of Certified Public Accountants This Hong Kong Financial
More informationHow To Understand The Performance Of An International Consulting Firm
Sector Update INDIA INFORMATION TECHNOLOGY 28 September 2015 India IT Services Accenture Strong Q4 but guidance disappoints Accenture s (ACN) Q4FY15 revenues of US$ 7.9bn (+12% YoY LC) beat expectations
More informationChina Resources (Holdings) Proposes to Acquire the Non-Beer Businesses of China Resources Enterprise
For Immediate Press Release China Resources (Holdings) Proposes to Acquire the Non-Beer Businesses of China Resources Enterprise CRH proposes group restructuring of its consumer and retail businesses CRE
More informationOVERSEAS REGULATORY ANNOUNCEMENT
Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness
More informationNOBLE CENTURY INVESTMENT HOLDINGS LIMITED 仁 瑞 投 資 控 股 有 限 公 司
Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness
More informationIntroduction of Chinese Debt Capital Market From Private Sector Perspective
Presented To: ABMI Conference Introduction of Chinese Debt Capital Market From Private Sector Perspective CITIC Securities Corporation Limited December 2009 Table of Contents Contents Part 1 OVERVIEW OF
More informationConsolidated Earnings Report for the Second Quarter of Fiscal 2011 [Japanese GAAP]
Consolidated Earnings Report for the Second Quarter of Fiscal 2011 [Japanese GAAP] October 27, 2010 Company Name: KOITO MANUFACTURING CO., LTD. Stock Listing: First Section, Tokyo Stock Exchange Code Number:
More informationTian Ge Interactive Holdings Limited
Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness
More informationManagement s Discussion and Analysis
Management s Discussion and Analysis 6 Financial Policy Sysmex regards increasing its market capitalization to maximize corporate value an important management objective and pays careful attention to stable
More informationCOSCO Pacific Limited
Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness
More informationGEELY AUTOMOBILE HOLDINGS LIMITED (Incorporated in the Cayman Islands with limited liability) (Stock Code: 175)
The Stock Exchange of Hong Kong Limited takes no responsibility for the contents of this announcement, makes no representation as to its accuracy or completeness and expressly disclaims any liability whatsoever
More informationFOMC review Less confident Fed likely to stay on hold in March as well
Investment Research General Market Conditions 27 January 2016 FOMC review Less confident Fed likely to stay on hold in March as well As expected, the Fed funds target rate was unchanged at 0.25%-0.50%.
More informationConsolidated Financial Results for the Six Months Ended September 30, 2013 Japanese Standards
Consolidated Financial Results for the Six Months Ended September 30, 2013 Japanese Standards October 31, 2013 Summary of Quick Financial Announcement of Consolidated Financial Information For the Second
More informationG5 Entertainment. G5 Entertainment. Quarter Update Q3 15. Amended strategy and boosted profitability
Quarter Update Q3 15 Last updated on the 18/11/2015 Share Price Market Capitalisation Target Price 41.00 SEK 360.8m SEK 49.05 SEK Amended strategy and boosted profitability reported their third quarter
More informationZHONG FA ZHAN HOLDINGS LIMITED
Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness
More informationPROPOSED ISSUE OF USD DENOMINATED CREDIT ENHANCED BONDS
Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness
More informationFY2008 First Quarter Consolidated Financial Results:
FY2008 First Quarter Consolidated Financial Results: For the Three Months Ended June 30, 2007 July 30, 2007 Company name Stock exchange listing Representative URL Contact person : Isuzu Motors Limited
More informationARCH CAPITAL ADVISORS
ARCH CAPITAL ADVISORS TERM SHEET Mezzanine Debt This term sheet does not constitute an offer and is solely for discussion purposes. This term sheet shall not be construed as creating any obligations on
More informationDecoding the Financial World
Decoding the Financial World The collapse of Lehman Brothers heralded the beginning of 2008 financial crisis that affected every one of us directly or indirectly. Yet, mystery of the financial world remains
More informationConsolidated Financial Results for the Six Months Ended September 30, 2015 [Japanese GAAP]
Consolidated Financial Results for the Six Months Ended September 30, 2015 [Japanese GAAP] November 6, 2015 Company name: Shibaura Electronics Co., Ltd. Stock exchange listing: Tokyo Stock Exchange Code
More information