Satisfactory Top-Line; Disappointing Bottom-Line
|
|
- Eileen Booth
- 7 years ago
- Views:
Transcription
1 : 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 sunny.kwok@gtjas.com.hk GTJA Research 国 泰 君 安 研 究 Despite satisfactory top line growth, Tsingtao s interim results were not encouraging due to gross margin pressure. Revenue reached RMB13.4 billion in 1H12, up 11.2% YoY on a 11.3% sales volume growth. Gross margin in 2Q12 was 32.2%, up 1.1 ppts QoQ but down 1.2 ppts YoY. The mild growth in gross profit and net finance income were just able to offset rising operating expenses. As such, reported net profit increased by only 1.8% YoY, to RMB1.0 billion in 1H12 but is wholly attributable to a 14.5% growth in 1Q12. Reported net profit actually fell by 6.6% YoY in 2Q12, to RMB557 million. Slowing economic growth in China posts threats to beer production volume growth. China beer production volume growth in June and July slowed to only 3.2% and 0.8%, respectively. However, Tsingtao s top-line growth is expected to keep outperforming industry average on strong brand recognition and the Company is a major beneficiary from industry consolidation. In addition, we still expect gross margin to keep improving QoQ on a YoY fall in malt price and improving product mix. Rating: 评 级 : Accumulate Maintained 收 集 ( 维 持 ) 6-18m TP 目 标 价 : HK$50.00 Revised from 原 目 标 价 : HK$50.00 Share price 股 价 : Stock performance 股 价 表 现 % of return HK$ Tsingtao will hold an investor presentation next week. Despite the fact that we may cut our earnings forecast on lower-than-expected gross margin, our ACCUMULATE investment rating on the Company with a TP at HK$50.0 are expected to remain unchanged tentatively. The TP represents 23.5x 2012 reported PER and 21.1x 2013 reported PER. A new company report with updated earnings forecast and investment recommendation will be issued after the investor presentation. 虽 然 青 岛 啤 酒 销 售 增 长 理 想, 但 由 于 毛 利 率 持 续 受 压, 其 中 期 业 绩 不 太 令 人 感 到 满 意 公 司 12 年 上 半 年 收 入 为 134 亿 元 人 民 币, 同 比 增 长 11.2%, 主 要 由 11.3% 的 销 量 增 长 所 推 动 12 年 第 2 季 度 的 毛 利 率 为 32.2%, 按 季 上 升 1.1 个 百 分 点 但 同 比 下 跌 1.2 个 百 分 点 毛 利 仅 轻 微 上 升 加 上 净 利 息 收 入 仅 能 抵 消 营 运 成 本 上 涨 的 压 力 因 此,12 年 上 半 年 报 告 纯 利 按 年 仅 轻 微 增 长 1.8%, 至 10 亿 元 人 民 币, 但 该 增 长 完 全 是 来 自 第 1 季 度 14.5% 的 增 长 所 致 于 12 年 第 2 季 度, 报 告 纯 利 实 际 同 比 下 跌 6.6%, 至 5.6 亿 元 人 民 币 国 内 经 济 增 长 放 缓 已 经 开 始 对 啤 酒 产 量 造 成 负 面 影 响 国 内 啤 酒 产 量 增 长 于 6 月 及 7 月 分 别 放 缓 至 3.2% 及 0.8% 然 而, 我 们 仍 然 认 为 青 岛 啤 酒 品 牌 认 知 度 高, 其 销 售 增 长 于 未 来 或 将 继 续 优 于 行 业 增 速, 公 司 将 受 惠 于 行 业 整 合 再 者, 在 麦 芽 价 格 同 比 下 跌 及 青 岛 啤 酒 产 品 组 合 持 续 优 化 下, 我 们 认 为 公 司 的 毛 利 率 按 季 会 继 续 改 善 0.0 (5.0) (10.0) (15.0) (20.0) (25.0) Feb-12 Aug-12 Change in Share Price 股 价 变 动 HSI 1 M 1 个 月 Tsingtao Brewery 3 M 3 个 月 1 Y 1 年 Abs. % 绝 对 变 动 % (1.6) (5.2) (5.5) Rel. % to HS index 相 对 恒 指 变 动 % (6.7) (6.0) (4.5) Avg. share price(hk$) 平 均 股 价 ( 港 元 ) Source: Bloomberg, Guotai Junan International. 青 岛 啤 酒 将 于 下 星 期 举 行 中 期 业 绩 推 介 会 虽 然 由 于 毛 利 率 不 及 我 们 的 预 期 导 致 盈 利 预 测 或 需 要 下 调, 我 们 对 公 司 收 集 的 投 资 评 级 及 目 标 价 50.0 港 元 初 步 估 计 不 会 改 变 该 目 标 价 相 当 于 公 司 12 年 及 13 年 报 告 市 盈 率 分 别 为 23.5 及 21.1 倍 于 青 岛 啤 酒 中 期 业 绩 推 介 会 完 毕 后, 我 们 会 更 新 盈 利 预 测 及 投 资 建 议 Year End 年 结 Turnover 收 入 Profit 股 东 净 利 EPS 每 股 净 利 EPS 每 股 净 利 变 动 PER 市 盈 率 BPS 每 股 净 资 产 PBR 市 净 率 DPS 每 股 股 息 Yield 股 息 率 ROE 净 资 产 收 益 率 12/31 (RMB m) (RMB m) (RMB) ( %) (x) (RMB) (x) (RMB) (%) (%) FY10A 19,898 1, FY11A 23,158 1, FY12F 25,733 2, FY13F 29,822 2, FY14F 33,413 2, Shares in issue (m) 总 股 数 (m) 1,351.0 Major shareholder 大 股 东 Tsingtao Group 30.5% Market cap. (HK$ m) 市 值 (HK$ m) 61,064.4 Free float (%) 自 由 流 通 比 率 (%) month average vol. 3 个 月 平 均 成 交 股 数 ( 000) 2,370.2 FY12 gearing (%) 12 年 净 负 债 / 股 东 资 金 (%) Weeks high/low (HK$) 52 周 高 / 低 / FY11-14 PEG (x) 市 盈 率 / 增 长 率 ( 倍 ) 1.4 Source: the Company, Guotai Junan International. See the last page for disclaimer Page 1 of 7
2 2Q12 Quarterly and 1H12 Interim Results Review: Slight Gross Margin Disappointment. Tsingtao top-line growth in 2Q12 was in line with our expectation but gross margin disappoints us. We previously expect high cost inventories to be used up in 1Q12 and together with improving product mix, gross margin in 2Q12 is expected to show mediocre QoQ improvement. However, the actual results did not totally support our forecast and gross margin in 2Q12 was 32.2%, up 1.1 ppts QoQ. On the other hand, rising labour costs posted negative impacts to manufacturing overheads as well as operating expenses. Core operating profit went down by 7.2% YoY, to RMB709 million in 2Q12. The weak results were partially offset by a rise in net finance income, which is attributable to the Finance Company set up in May Both reported and core net profit declined by 6.6% and 4. YoY, to RMB557 million and RMB519 million in 2H12, respectively. Table-1: Quarterly and Interim Results Review Statement RMB million 1H11 1H12 YoY 1Q11 1Q12 YoY 2Q11 2Q12 YoY Revenue 12,050 13, % 5,245 5, % 6,805 7, % COGS (6,840) (7,979) 16.6% (2,953) (3,403) 15.2% (3,887) (4,576) 17.7% Tax expenses (1,056) (1,166) 10.4% (417) (453) 8.7% (639) (713) 11.6% Gross Profit 4,154 4, % 1,875 1, ,279 2, % Distribution exp. (2,376) (2,462) 3.6% (1,121) (949) -15.3% (1,255) (1,512) 20.5% Administrative exp. (495) (565) 14.2% (235) (269) 14.7% (260) (296) 13.7% Core Operating Profit 1,283 1, % % % Investment income % (2) 4 n.a. Finance income, net (2) 84 n.a. (1) 41 n.a. (1) 43 n.a. Core Profit before tax 1,283 1, % % % Other gains, net % % % Profit before tax 1,391 1, % % tax (345) (369) 7. (143) (167) 16.6% (202) (202) 0.2% Profit after tax 1,047 1, % % Minority interests (57) (43) -24.9% (31) (8) -74.9% (26) (35) 34.4% Reported Profit 990 1, % % % Core Profit * % % Gross Margin 34.5% 31.8% -2.7 ppts 35.8% 31.1% -4.6 ppts 33.5% 32.2% -1.2 ppts Core Operating Margin 10.7% 9.2% -1.4 ppts 9.9% 9.4% -0.5 ppts 11.2% 9.1% -2.1 ppts Reported Margin 8.2% 7.5% -0.7 ppts 7.5% ppts 8.8% 7.1% -1.6 ppts Core Margin 7.5% 6.9% -0.6 ppts 6.8% 7.2% +0.4 ppts % -1.3 ppts Source: the Company. * Exclude government grants and other non-core items. Principal Brand for Growth. Sales volume of principal band in 2Q12 reached 12.5 million hl, up 14.3% YoY and accounted for 49.2% of total sales volume, up 0.7 ppts YoY. Sales volume growths of secondary brands have shown some improvement in 2Q12 but we still expect primary brand to be the growth driver of Tsingtao. See the last page for disclaimer Page 2 of 7
3 Table-2: Key Operation Statistics By Brand Sales Volume and ASP Breakdown By Brand million hl 1H11 1H12 YoY 1Q11 1Q12 YoY 2Q11 2Q12 YoY Sales Volume Principal % % % Others % Total % % % ASP (RMB / kl) * 3,209 3, ,497 3, % 3,017 3, % Source: the Company. * Include revenue from other operation. Chinese Beer Industry Outlook: Weak Production Growth in June and July. Beer production volume growth correlates with economic growth. The slowdown in China economic growth is highly likely to post negative impact to beer production volume growth. During the first seven months in 2012, YTD beer production volume growth was just 4.1% and adjusted YoY beer production volume growths in June and July were only 3.2% and 0.8%, correspondingly. Despite weak sales growth expectation, gross margin is likely to improve moderately on a YoY fall in malt price. Figure-1: Production Volume Growth of Beer in China Figure-2: China Beer Industry Sales Growth 25% Adjusted YoY Growth YTD Growth 25% YTD Growth - China YTD Growth - Shandong 2 1 5% -5% Jul-12 Figure-3: China Beer Industry Cumulative Gross Margin 32% China Shandong 2 1 5% -5% -1 Figure-4: China Beer Industry Cumulative EBT Margin 14% 12% 1 28% 26% 8% 6% 4% 24% 2% China Shandong 22% See the last page for disclaimer Page 3 of 7
4 Figure-5: Foreign Malt Price Figure-6: Domestic Rice Price US$ / ton % RMB / kg % % % 260 Jan-11 Feb-11 Jan-12 Feb-12 Jul-12 Imported Malt Price - LHS Y oy Growth - RHS Source: China Customs, NYSE Liffe, Guotai Junan International. Aug Jan-11 Feb-11 Jan-12 Feb-12 Jul-12 Aug-12 Domestic Rice Price - LHS Y oy Growth - RHS Source: National Bureau of Statistics of China, Guotai Junan International. Comparable Results with its Peer. Yanjing Beer ( CH) also posted its 1H12 results. Tsingtao posted faster volume growth in 1H12, while Yanjing was able to raise ASP to combat raw materials pressure. Both companies gross margin suffered due to high production costs but we may observe a rebound in 3Q12 on a YoY fall in malt price. Table-3: Peers 1H12 Results and Operation Comparison Tsingtao Brewery Yanjing Beer RMB million HK CH Sales Volume (mn hl) YoY Growth 11.3% 2.6% ASP (RMB / kl) 3,159 2,281 YoY Growth -0.1% 6.7% Revenue Main Operation 13,206 6,364 YoY Growth 11.2% 9.5% Gross Margin - Main Operation 40.7% 42.5% YoY Growth -2.8 ppts -0.8 ppts Core EBIT 1, YoY Growth -3.8% 10. Core EBIT Margin 9.2% 10.6% YoY Growth -1.4 ppts 0.1 ppts Reported Profit 1, YoY Growth 1.8% 2.7% Core Profit YoY Growth 2.5% 2.7% Core Margin 6.9% 6.4% YoY Growth -0.6 ppts -0.4 ppts Source: the Companies. See the last page for disclaimer Page 4 of 7
5 Previous Earnings Forecast Assumptions and Revisions: Higher Malt Price Expectation. Tsingtao will hold an investor presentation next week and key assumptions and earnings forecast will be revised. Tentatively, we may revise upwards our malt price forecast in 2012 due to high inventory levels of the Company. As such, gross margin and earnings will be negatively affected. Table-4: Previous Key Assumptions 2012F 2013F 2014F Sales Volume Growth Principal Brand 10.3% % Other Brands 8.4% % Consolidated 9.5% 13.1% 8.7% ASP Growth 1.5% 2.5% 3.1% Unit Cost Growth Packaging 0.5% % Malt Price (US$) Rice Source: Guotai Junan International. Table-5: Previous Earnings Estimate RMB million 2012F 2013F 2014F Revenue 25,733 29,822 33,413 Gross Profit 8,612 10,061 11,340 Core Operating Profit 2,498 3,021 3,517 Reported Profit 2,297 2,559 2,963 Core Profit * 1,875 2,274 2,723 Gross Margin 33.5% 33.7% 33.9% Core Operating Margin 9.7% 10.1% 10.5% Reported Margin 8.9% 8.6% 8.9% Core Margin 7.3% 7.6% 8.1% Source: Guotai Junan International. * Exclude government grants and other non-core items. ACCUMULATE and TP at HK$50.0. Despite possible earnings cut given weak 1H12 results, we may not downgrade the Company s investment rating nor revise down the TP. This is because Tsingtao s sales growth has kept outperforming the industry and beery industry consolidation is likely to benefit major players such as Tsingtao. Benefit from YoY fall in malt price, which is expected to be realised in 3Q12, Tsingtao s earnings growth will speed up. We tentatively plan to maintain its investment rating at ACCUMULATE and TP at HK$50.0. The TP represents 23.5x 2012 reported PER and 21.1x 2013 reported PER. A new company report with updated earnings forecast and investment recommendation will be issued after the investor presentation. See the last page for disclaimer Page 5 of 7
6 Financial Statements and Ratios Statement Balance Sheet Year end Dec (RMB m) FY10A FY11A FY12F FY13F FY14F As at Dec 31 (RMB m) FY10A FY11A FY12F FY13F FY14F Sales 19,898 23,158 25,733 29,822 33,413 PPE & CIP 5,794 7,829 9,546 10,976 11,756 yoy growth 10.4% 16.4% 11.1% 15.9% 12. Intangible assets & Goodwill 1,442 3,460 5,275 5,055 4,840 COGS (11,234) (13,417) (14,886) (17,202) (19,252) Others Tax expenses (1,663) (2,024) (2,235) (2,559) (2,820) Non-current assets 7,882 12,051 15,486 16,806 17,482 Gross Profit 7,000 7,717 8,612 10,061 11,340 yoy growth % 11.6% 16.8% 12.7% Inventories 1,942 2,718 2,163 3,021 3,308 Distribution expenses (3,918) (4,415) (4,790) (5,543) (6,211) Trade receivables Administrative expenses (1,079) (1,184) (1,324) (1,498) (1,613) Other receivables Core Operating Profit 2,003 2,118 2,498 3,021 3,517 Cash and cash equivalents 7,598 6,108 6,602 7,109 7,276 yoy growth 17.1% 5.7% 17.9% 20.9% 16.4% Others Share of JVs & Associates Current assets 9,895 9,583 9,373 10,819 11,401 Finance income, net (5) Core Profit before tax 2,008 2,159 2,564 3,096 3,694 Trade payables 1,263 1,662 1,795 2,164 2,267 Other gains, net Other payables 3,764 4,578 5,068 5,397 6,114 Profit before tax 2,123 2,455 3,130 3,479 4,017 Borrowings , tax (539) (657) (782) (870) (1,004) Others Profit after tax 1,584 1,798 2,347 2,609 3,013 Current liabilities 6,016 7,156 7,863 10,110 9,481 Minority interests (64) (60) (50) (50) (50) Reported Profit 1,520 1,738 2,297 2,559 2,963 Borrowings 1,275 1,789 1, yoy growth 21.6% 14.3% 32.2% 11.4% 15.8% Others 766 1,412 1, Core Profit * 1,373 1,490 1,875 2,274 2,723 Non-current liabilities 2,042 3,201 3,130 1, yoy growth 23.1% 8.5% 25.8% 21.3% 19.7% Minority interests Reported EPS (RMB) Core EPS (RMB) Shareholders' equity 9,603 11,110 13,356 15,504 17,992 DPS (RMB) BPS (RMB) Cash Flow Statement Financial Ratio Year end Dec (RMB m) FY10A FY11A FY12F FY13F FY14F FY10A FY11A FY12F FY13F FY14F Profit after tax 1,584 1,798 2,347 2,609 3,013 Gross Margin (%) Depreciation ,020 1,169 Core Operating Margin (%) Amortisation Reported Margin (%) Others 1,144 (619) 1,466 (142) 442 Core Margin (%) Operating Cash Flow 3,284 1,872 4,820 3,707 4,839 ROE (%) ROA (%) CAPEX (1,278) (4,210) (4,000) (2,500) (2,000) Others (32) (250) (150) Inventory turnover days Investing Cash Flow (773) (3,414) (4,032) (2,750) (2,150) Account receivable days Account payable days Change in bank borrowings (0) (2,000) Cash conversion cycle Dividends paid (216) (243) (351) (405) (473) Others (44) (91) (114) (120) (47) Current ratio (x) Financing Cash Flow (261) 55 (299) (445) (2,520) Quick ratio (x) Change in cash 2,251 (1,487) gearing (%) Foreign exchange effect (3) (3) 5 (5) (3) interest cover (x) Cash Cash Cash balance at year end 7,598 6,108 6,602 7,109 7,276 Payout ratio (%) Source: the Company, Guotai Junan International. * Exclude government grants, bargain purchase as well as other non-recurring items. See the last page for disclaimer Page 6 of 7
7 Company Rating Definition The Benchmark: Hong Kong Hang Seng Index Time Horizon: 6 to 18 months Rating Definition Buy Relative Performance >; or the fundamental outlook of the company or sector is favorable. Accumulate Relative Performance is 5% to ; or the fundamental outlook of the company or sector is favorable. Neutral Relative Performance is -5% to 5%; or the fundamental outlook of the company or sector is neutral. Reduce Relative Performance is -5% to -; or the fundamental outlook of the company or sector is unfavorable. Sell Relative Performance <-; or the fundamental outlook of the company or sector is unfavorable. Sector Rating Definition The Benchmark: Hong Kong Hang Seng Index Time Horizon: 6 to 18 months Rating Definition Outperform Relative Performance >5%; or the fundamental outlook of the sector is favorable. Neutral Relative Performance is -5% to 5%; or the fundamental outlook of the sector is neutral. Underperform Relative Performance <-5%; or the fundamental outlook of the sector is unfavorable. DISCLOSURE OF INTERESTS (1) The Analysts and their associates do not serve as an officer of the issuer mentioned in this Research Report. (2) The Analysts and their associates do not have any financial interests in relation to the issuer mentioned in this Research Report. (3) Except for Shandong Chenming Paper Holdings Limited-H shares (01812) and China City Railway Transportation Technology Holdings Company Limited (08240), Guotai Junan and its group companies do not hold equal to or more than 1% of the market capitalization of the issuer mentioned in this Research Report. (4) Guotai Junan and its group companies have not had investment banking relationships with the issuer mentioned in this Research Report within the preceding 12 months. DISCLAIMER This Research Report does not constitute an invitation or offer to acquire, purchase or subscribe for securities by Guotai Junan Securities (Hong Kong) Limited ("Guotai Junan"). Guotai Junan and its group companies may do business that relates to companies covered in research reports, including investment banking, investment services and etc. (for example, the placing agent, lead manager, sponsor, underwriter or invest proprietarily). Any opinions expressed in this report may differ or be contrary to opinions or investment strategies expressed orally or in written form by sales persons, dealers and other professional executives of Guotai Junan group of companies. Any opinions expressed in this report may differ or be contrary to opinions or investment decisions made by the asset management and investment banking groups of Guotai Junan. Though best effort has been made to ensure the accuracy of the information and data contained in this Research Report, Guotai Junan does not guarantee the accuracy and completeness of the information and data herein. This Research Report may contain some forward-looking estimates and forecasts derived from the assumptions of the future political and economic conditions with inherently unpredictable and mutable situation, so uncertainty may contain. Investors should understand and comprehend the investment objectives and its related risks, and where necessary consult their own financial advisers prior to any investment decision. 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 Guotai Junan and its group companies to any registration or licensing requirement within such jurisdiction Guotai Junan Securities (Hong Kong) Limited. All Rights Reserved. 27/F., Low Block, Grand Millennium Plaza, 181 Queens Road Central, Hong Kong. Tel.: (852) Fax: (852) Website: See the last page for disclaimer Page 7 of 7
Tough Quarters Ahead, Downgrade to Reduce
: Tsingtao Brewery (00168 HK) Sunny Kwok 郭 日 升 公 司 报 告 : 青 岛 啤 酒 (00168 HK) +852 2509 2642 sunny.kwok@gtjas.com.hk Tough Quarters Ahead, Downgrade to Reduce 未 来 数 季 情 况 更 严 峻, 下 调 至 减 持 GTJA Research 国
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 informationJohnson Sun 孙 凤 强 公 司 报 告 : 国 药 控 股 (01099 HK) +852 25097589 johnson.sun@gtjas.com.hk
GTJA Research 国 泰 君 安 研 究 Company Report: Sinopharm (01099 HK) Johnson Sun 孙 凤 强 公 司 报 告 : 国 药 控 股 (01099 HK) +852 25097589 johnson.sun@gtjas.com.hk 16 April 2013 Dilemma of Fast Growth or Healthy Operating
More informationInvestment Strategy HK STOCK MARKET WRAP
Investment Strategy HK STOCK MARKET WRAP Investment Strategy HK STOCK MARKET WRAP: September 27, 2012 (Thursday) Hong Kong shares moved higher after opening lower. The Hang Seng Index (HSI) opened 40 points
More informationKingdee (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$.8 Lower-than-expected
More informationNo Shining Fundamentals, But Cheap Valuation, Accumulate
: Bank of China (03988 HK) Wilson Li 李 伟 公 司 报 告 : 中 国 银 行 (03988 HK) +86 755 23976870 liwei6870@gtjas.com No Shining Fundamentals, But Cheap Valuation, Accumulate 基 本 面 不 靓 丽, 但 估 值 便 宜, 收 集 评 级 GTJA
More informationExhibit 1: Financial summary of First Tractor in 1H12-1H14 1H12 2H12 1H13 2H13 1H14 (% YoY)
Capital Goods Manufacturing ector August 29, 214 Company Report Rating: HOLD TP: HK$ 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 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 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 informationCoal India Ltd. Subdued e-auction realization impacted profitability BUY. Nov. 17, 2015
17-Nov-14 17-Dec-14 17-Jan-15 17-Feb-15 17-Mar-15 17-Apr-15 17-May-15 17-Jun-15 17-Jul-15 17-Aug-15 17-Sep-15 17-Oct-15 Coal India Ltd. Subdued e-auction realization impacted profitability Coal India Ltd.
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 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 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 informationBright Smart (1428 HK)
Equity Research Financials Bright Smart (1428 ) Hold (initiation) Target price: $1.70 Local broker with high ROE; initiate at Hold Local broker with expansion ambition Bright Smart is a securities, commodities
More informationInterim P&C Insurance Operation Underperformed Life, Supportive Valuation, Maintain Accumulate
GTJA Research 国 泰 君 安 研 究 Company Report: CPIC (02601 HK) Dayton Wang 王 庆 鲁 公 司 报 告 : 中 国 太 保 (02601 HK) +86 755 2397 6680 wangqinglu010421@gtjas.com Interim P&C Insurance Operation Underperformed Life,
More informationYum Cha 飲 茶. October 7, 2014 CHART OF THE DAY WORLD BANK DOWNGRADES CHINA GROWTH, BUT NOT MUCH. INDICES Closing DoD%
Yum Cha 飲 茶 October 7, 2014 CHART OF THE DAY WORLD BANK DOWNGRADES CHINA GROWTH, BUT NOT MUCH INDICES Closing DoD% Hang Seng Index 23,315.0 1.1 HSCEI 10,409.7 0.6 Shanghai COMP 2,363.9 0.3 Shenzhen COMP
More informationAoyuan (3883 HK) Site visit to Guangzhou: Key takeaways
China Real Estates March 10, 2014 Company Report Rating: BUY TP: HK$ 2.20 Ke Share price (HK$) 1.48 Est. share price return 48.6% Est. dividend yield 4.3% Est. total return 52.9% Previous Rating &TP Key
More informationSOHO China (410) Buy Nov 20, 2009. Company update. 4 Acquisitions within 6 Months. Samson Man, CFA (852)-2532-1539 samson.man@firstshanghai.com.
SOHO China (410) Company update Buy Nov 20, 2009 4 Acquisitions within 6 Months Purchase Nexus Centre in Beijing. SOHO China announced to acquire Nexus Centre in Beijing. Total GFA is 103,340 sqm. Total
More informationThree growth drivers amid high base for growth
14 Aug 2012 Equity Research Report Company Research Electronics Huizhou Speed Wireless Technology (300322) Investment value analysis report Three growth drivers amid high base for growth Investment Highlights
More informationRenminbi Depreciation and the Hong Kong Economy
Thomas Shik Acting Chief Economist thomasshik@hangseng.com Renminbi Depreciation and the Hong Kong Economy If the recent weakness of the renminbi persists, it is likely to have a positive direct impact
More informationLeading enterprise in domestic TFT liquid crystal material market
13 December Research Report Company Research Mid and Small Cap Yantai Valiant Fine Chemicals (002643) New Issuance Pricing Report Leading enterprise in domestic TFT liquid crystal material market Initial
More informationBiostime International (1112 HK) Expensive acquisition brings more challenges; maintain SELL
03/14 04/14 05/14 06/14 07/14 08/14 09/14 10/14 11/14 12/14 01/15 02/15 03/15 04/15 05/15 06/15 07/15 08/15 Biostime International Sep 22, 2015 Company Report Rating: SELL TP: HK$ 12.91 Share price (HK$)
More informationKuehne + Nagel International AG Analyst Conference Call Full-year 2015 results. March 2, 2016 (CET 14.00) Schindellegi, Switzerland
Kuehne + Nagel International AG Analyst Conference Call Full-year results March 2, 2016 (CET 14.00) Schindellegi, Switzerland Forward-looking statements This presentation contains forward-looking statements.
More information2 September 2015 YOC AG. FIRST BERLIN Equity Research
FIRST ERLIN Equity Research RATING Germany / Advertising Primary exchange: Frankfurt, Xetra Q2/15 Results PRICE TARGET 2.80 loomberg: YOC GR Return Potential 29.6% ISIN: DE0005932735 Risk Rating High SALES
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 informationKuehne + Nagel International AG Analyst Conference Call First quarter 2016 results. April 19, 2016 (CET 14.00) Schindellegi, Switzerland
Kuehne + Nagel International AG Analyst Conference Call First quarter 2016 results April 19, 2016 (CET 14.00) Schindellegi, Switzerland Forward-looking statements This presentation contains forward-looking
More informationInterim Nine Months 2015 Results
1 February 2015 to 31 October 2015 Inditex continues to expand its global, fully integrated store and online sales platform. Strong operating performance: Store & Online sales in local currencies increased
More informationBetter FY13 Results in Life than P&C, Maintain Accumulate
CPIC 中 国 太 保 (2601 HK) Apr-13 May-13 Jul-13 Aug-13 Aug-13 Sep-13 Oct-13 Oct-13 Nov-13 Jan-14 Feb-14 Mar-14 Mar-14 Apr-14 GTJA Research 国 泰 君 安 研 究 Company Report: CPIC (02601 HK) Dayton Wang 王 庆 鲁 公 司
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$) 68.46 Upside
More informationKuehne + Nagel International AG Analyst Conference Call Q1 results 2015. April 14, 2015 (CET 14.00) Schindellegi, Switzerland
Kuehne + Nagel International AG Analyst Conference Call Q1 results 2015 (CET 14.00) Schindellegi, Switzerland Forward-looking statements This presentation contains forward-looking statements. Such statements
More informationLongfor (960 HK) Unrated Real Estate Development Industry
20 Septemper 2012 Equity Focus Key Data Share price (HK$) 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 informationRAJESH EXPORTS LIMITED GLOBAL PRESENCE IN GOLD AND GOLD PRODUCTS. Earnings Presentation Q2 FY16
RAJESH EXPORTS LIMITED GLOBAL PRESENCE IN GOLD AND GOLD PRODUCTS Earnings Presentation Q2 FY16 Company Overview COMPANY OVERVIEW Rajesh Exports Ltd. (REL) was incorporated in 1989. Currently REL is a leader
More informationGrandVision reports Revenue growth of 13.8% and EPS growth of 31.7%
GrandVision reports Revenue of 13.8% and EPS of 31.7% Schiphol, the Netherlands 16 March 2015. GrandVision NV (EURONEXT: GVNV) publishes Full Year and Fourth Quarter 2015 results. 2015 Highlights Revenue
More informationKINDLY REFER TO THE LAST PAGE OF THIS PUBLICATION FOR IMPORTANT DISCLOSURES
25 July 2014 2QFY14 Results Review Public Bank ROE likely to continue to trend lower moving forward INVESTMENT HIGHLIGHTS Modest growth in net income in 1HFY14 of 3.5%yoy. Group loan growth decent at 9.9%
More informationBorussia Dortmund GmbH & Co. KGaA
BANKHAUS LAMPE // 58 Borussia Dortmund GmbH & Co. KGaA There is still potential 28/01/2016 Buy (Buy) 5.00 EUR (5.00 EUR ) Close 25/01/2016 3.93 EUR Bloomberg: BVB GY WKN: 549309 Sector Share price performance
More informationCompany Overview. Financial Performance
Jan/15 Feb/15 Mar/15 Apr/15 May/15 Jun/15 Jul/15 Aug/15 Sep/15 Oct/15 Nov/15 Dec/15 SPS Finquest Ltd CMP: 84.60 January 13, 2015 Stock Details BSE code 538402 BSE ID SPS Face value ( ) 10 No of shares
More information1Q 2016 Highlights Total volume (kmt) Adjusted EBITDA (EUR/Millions) Adjusted EPS (EUR) 1Q16 1Q15 Y-o-Y Comparison 277.8 252.9 9.9% 54.0 53.9 0.1% 0.28 0.33-15.2% Strong volume gains from both Specialty
More informationSummary of Consolidated Business Results for the First Quarter of Fiscal 2015 For the fiscal year ending May 31, 2016
October 9, 2015 Summary of Consolidated Business Results for the First Quarter of Fiscal 2015 For the fiscal year ending May 31, 2016 Toyo Denki Seizo K.K. Stock Exchange: 1st Section of the Tokyo Stock
More informationHOA SEN GROUP JOINT STOCK COMPANY (HSG)
HOA SEN GROUP JOINT STOCK COMPANY (HSG) OVERVIEW Hoa Sen Group JSC (HSG) was established in August 2001 with initial charter capital of VND 30 bn, mainly operating in the fields of import, production and
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 informationprice target of 7.40. We reiterate our Buy rating. Figure 1: Reported figures versus forecasts Source: First Berlin Equity Research, SFC Energy AG
FIRST ERLIN Equity Research RATING Germany / Energy Primary exchange: Frankfurt Q3 figures PRICE TARGET 7.40 loomberg: F3C GR Return Potential 38.1% ISIN: DE0007568578 Risk Rating High PROJECT DELAYS URDEN
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 informationSummary of Financial Statements (J-GAAP) (Consolidated)
Summary of Financial Statements (J-GAAP) (Consolidated) February 10, 2016 Company Name: Sodick Co., Ltd. Stock Exchange: Tokyo Stock Exchange, 1st Section Code Number: 6143 URL: http://www.sodick.co.jp
More information2 nd Quarter 2014 Financial Results Celulosa Arauco y Constitución S.A.
Conference Call Presentation 2 nd Quarter 2014 Financial Results Celulosa Arauco y Constitución S.A. Gianfranco Truffello, C.F.O. Santiago, August 28 th, 2014 Disclaimer Forward-looking statements are
More informationGAIL (India) Ltd. INR 346
Feb-15 Apr-15 Jun-15 Aug-15 Oct-15 Dec-15 Feb-16 India Equity Institutional Research Oil & Gas RESULT UPDATE GAIL (India) Ltd. INR 346 Good performance; Near term outlook looks stable BUY GAIL reported
More informationCorporate Profile. Quarterly Highlights. Financial Review. Operation Highlights
Your Testing Quality is Our Commitment. CHROMA ATE INC. 2013 4Q. 2012 Investor Conference Paul Ying, CFO Leo Huang, Chairman & CEO 22 nd February, 2013 1 Disclaimer This presentation contains some forward-looking
More informationDATRON AG. Investor day supports our positive view. Buy (Buy) 12.50 EUR (12.50 EUR ) BANKHAUS LAMPE // 1 17/09/2015
BANKHAUS LAMPE // 1 DATRON AG Investor day supports our positive view 17/09/2015 Buy (Buy) 12.50 EUR (12.50 EUR ) Close 15/09/2015 9.75 EUR Bloomberg: DAR GY WKN: A0V9LA Sector Engineering Share price
More informationSales increased 15 percent to $4.5 billion Earnings per Share increased 37 percent to $0.96 Operating Cash Flow increased 22 percent to $319 million
Contact: Mark Polzin (314) 982-1758 John Hastings (314) 982-8622 EMERSON REPORTS RECORD FIRST-QUARTER 2006 RESULTS Sales increased 15 percent to $4.5 billion Earnings per Share increased 37 percent to
More informationPI Industries. 2QFY16 Result Review HOLD. Custom synthesis restricted 2Q revenue growth ; maintain HOLD. Sector: AGRI
$Com panyname$ Oct-14 Nov-14 Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 2QFY16 Result Review (Wholly owned subsidiary of Bank of Baroda) HOLD PI Industries Ltd. Custom synthesis
More information22 December 2015 YOC AG. FIRST BERLIN Equity Research
FIRST ERLIN Equity Research RATING Germany / Advertising Primary exchange: Frankfurt, Xetra 9M/15 Results PRICE TARGET 3.00 loomberg: YOC GR Return Potential 53.3% ISIN: DE0005932735 Risk Rating High Q3
More informationASMPT ANNOUNCES 2013 INTERIM RESULTS * * * Net Profits Surged 28 Times Over The First Quarter
[For Immediate Release] ASMPT ANNOUNCES 2013 INTERIM RESULTS * * * Net Profits Surged 28 Times Over The First Quarter Highlights Second Quarter of 2013 Group turnover of US$367.1 million, a significant
More informationChapter. How Well Am I Doing? Financial Statement Analysis
Chapter 17 How Well Am I Doing? Financial Statement Analysis 17-2 LEARNING OBJECTIVES After studying this chapter, you should be able to: 1. Explain the need for and limitations of financial statement
More informationAksa Enerji Outperform (Maintained)
01.14 03.14 05.14 07.14 09.14 11.14 01.15 03.15 05.15 May 26, 2015 Outperform (Maintained) Turkey - Equity - Company Update On the verge of a new era s commissioning of the Company s first lignite power
More informationChina Cord Blood Corporation Reports Financial Results for the Fourth Quarter and Full Year Fiscal 2010
China Cord Blood Corporation Reports Financial Results for the Fourth Quarter and Full Year Fiscal 2010 Annual Revenue up 34.4% to RMB 261.5 Million Fiscal 2010 New Subscribers grew 30.5% Conference Call
More informationFlexituff International Ltd. (FIL)
s $CompanyN ame$ Nov-14 Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 (Wholly owned subsidiary of Bank of Baroda) Q2FY16 Result Review BUY Flexituff International Ltd. (FIL)
More informationFSA Note: Summary of Financial Ratio Calculations
FSA Note: Summary of Financial Ratio Calculations This note contains a summary of the more common financial statement ratios. A few points should be noted: Calculations vary in practice; consistency and
More informationTrxade Group, Inc. (TCQB: TRXD): Record Revenues in Q3
Siddharth Rajeev, B.Tech, MBA, CFA Analyst November 5, 2015 Trxade Group, Inc. (TCQB: TRXD): Record Revenues in Q3 Sector/Industry: E-commerce Market Data (as of November 5, 2015) Current Price $1.15 Fair
More informationChapter Financial Forecasting
Chapter Financial Forecasting PPT 4-2 Chapter 4 - Outline What is Financial Forecasting? 3 Financial Statements for Forecasting Constructing Pro Forma Statements Basis for Sales Projections Steps in a
More informationHerzogenaurach, Germany, July 27, 2004 PUMA AG announces its consolidated nd
P Quarter P Half-Year For immediate release MEDIA CONTACT: INVESTOR CONTACT: U.S.A.: Lisa Beachy, Tel. +1 617 488 2945 Europe: Ulf Santjer, Tel. +49 9132 81 2489 Dieter Bock, Tel. +49 9132 81 2261 Herzogenaurach,
More informationFull Year Results 2014
Full Year Results 2014 18 March 2015 Conference call on FY Results 2014 Corporate Finance & Investor Relations AGENDA FY 2014 results presentation Highlights 2014 Financials 2014 Outlook 2015 Appendix
More informationMedia Contact: Mike Conway Director, Corporate Communications Sherwin-Williams Direct: 216.515.4393 Pager: 216.422.3751 mike.conway@sherwin.
The Sherwin-Williams Company Reports First Quarter 2012 Financial Results Consolidated net sales increased 15.1% to a record $2.14 billion Diluted net income per common share increased 50.8% to a record
More informationThe Sherwin-Williams Company Reports 2016 First Quarter Financial Results
The Sherwin-Williams Company Reports 2016 First Quarter Financial Results First quarter consolidated net sales increased 5.1% to a record $2.57 billion; Net sales from stores open more than twelve calendar
More informationCENTRAL SECURITIES CLEARING SYSTEM PLC. CSCS: from West Africa to the rest of the world. Recommendation: BUY
CENTRAL SECURITIES CLEARING SYSTEM PLC NASD EQUITY NIGERIA FINANCIAL SERVICES CSCS: from West Africa to the rest of the world INVESTMENT HIGHLIGHT HALF YEAR 2015: Growing Revenue and Bottom-Line Amidst
More informationBDI BioEnergy Internat. 14.5 Buy
20/08/13 20/10/13 20/12/13 20/02/14 20/04/14 20/06/14 20/08/14 20/10/14 20/12/14 20/02/15 20/04/15 20/06/15 MATELAN Research Update Note Price as of 20/08/15: 10.80 21 August 2015 Company / Sector Fair
More informationDrägerwerk AG & Co. KGaA Analyst Conference 2015. Frankfurt, March 11, 2015
Drägerwerk AG & Co. KGaA Analyst Conference 2015 Frankfurt, March 11, 2015 Disclaimer This presentation does not constitute an offer of securities for sale or a solicitation of an offer to purchase any
More informationTLG IMMOBILIEN AG H1 2015 Results August 2015
TLG IMMOBILIEN AG H1 2015 Results August 2015 Disclaimer This presentation includes statements, estimates, opinions and projections with respect to anticipated future performance of TLG IMMOBILIEN ("Forward-Looking
More informationINVESTOR NEWSLETTER. Contents. 2... Financial Highlights 6... Share Price History 7... About LTLS. November 4 th, 2015
November 4 th, Distributor and Manufacturer - Basic and Specialty Chemicals INVESTOR NEWSLETTER Contents 2... Financial Highlights 6... Share Price History 7... About LTLS PT Lautan Luas Tbk @PTLAUTANLUASTbk
More informationAxis Bank. Strong core performance. Source: Company Data; PL Research
Strong core performance January 17, 2011 Abhijit Majumder abhijitmajumder@plindia.com +91 22 66322236 Umang Shah umangshah@plindia.com +91 22 66322242 Rating BUY Price Rs1,230 Target Price Rs1,600 Implied
More informationSAF-HOLLAND Annual Financial Statements 2012. Detlef Borghardt, CEO Wilfried Trepels, CFO. March 14, 2013
SAF-HOLLAND Annual Financial Statements 212 Detlef Borghardt, CEO Wilfried Trepels, CFO March 14, 213 Executive Summary business volume successfully expanded in 212 1 Group sales increased yoy by 3.4%
More informationHow To Report Third Quarter 2013 Results From Tomtom.Com
De Ruyterkade 154 1011 AC Amsterdam, The Netherlands corporate.tomtom.com ir@tomtom.com 30 October 2013 TomTom reports third quarter 2013 results Financial summary Group revenue of 244 million (Q3 '12:
More informationAk Enerji OUTPERFORM (M) 11 February 2010
Equity / Mid Cap. / Utilities 11 February 2010 Bloomberg: AKENR TI New hydro plants offset the negative impact of lower DUY prices... Revisions in our natural gas price and electricity tariffs estimates
More informationSUPREME INDUSTRIES LTD Plastic Products HOLD RETAIL EQUITY RESEARCH
Q2FY16 RESULT UPDATE GEOJIT BNP PARIBAS Research RETAIL EQUITY RESEARCH SUPREME INDUSTRIES LTD Plastic Products BSE CODE:509930 NSE CODE: SUPREMEIND Bloomberg CODE: SIL IN SENSEX: 24,470 HOLD CMP Rs725
More information20 May 2015 OpenLimit Holding AG. FIRST BERLIN Equity Research
FIRST ERLIN Equity Research RATING Switzerland / Software Primary exchange: Frankfurt Q1 figures PRICE TARGET 1.10 loomberg: O5H GR Return Potential 37.3% ISIN: CH0022237009 Risk Rating High STRONG SALES
More informationHyundai Wia (011210 KS)
Company Report (011210 KS) Auto parts Weaker top-line growth, but margins still strong 4Q12 review: 8.5% OPM beats consensus Ês 4Q12 consolidated earnings beat our forecasts and the market consensus, with
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 informationBUY SCIENTEX (SCI MK) R e t a i l M a r k e t M o n i t o r 18 December 2014. 1QFY15: Within Expectations. (Maintained) MONEY TALK
R e t a i l M a r k e t M o n i t o r 18 December 214 MONEY TALK SCIENTEX (SCI MK) 1QFY15: Within Expectations Scientex s 1QFY15 core net profit of RM35.5m was within our estimate. Both yoy and qoq top-lines
More informationNEUTRAL. Weak FY14, but positive outlook thereafter. June 5 th, 2015
EQUITY RESEARCH FY14 Update June 5 th, 2015 Weak FY14, but positive outlook thereafter NEUTRAL Current Share Price ( ): 3.4 Target Price ( ): 3.8 Enertronica 1Y Performance 120 Weak FY2014 figures, due
More informationNumbers, Business, Market Update Scott Barnett, US Divisional Chief Financial Officer
James Hardie US Investor/Analyst Tour 14-17 September 2008 Denver, Colorado Numbers, Business, Market Update Scott Barnett, US Divisional Chief Financial Officer In this Management Presentation, James
More informationHIGHLIGHTS FIRST QUARTER 2016
Q1-16 EUROPRIS ASA 2 CONTENTS / HIGHLIGHTS FIRST QUARTER 2016 HIGHLIGHTS FIRST QUARTER 2016 (Figures for the corresponding period of last year in brackets. The figures are unaudited.) Group revenues increased
More informationHCC BUY. Infrastructure January 29, 2016
Jan-15 Mar-15 Apr-15 May-15 Jul-15 Aug-15 Sep-15 Nov-15 Dec-15 Jan-16 India Research Infrastructure January 29, 2016 QUARTERLY REVIEW Bloomberg: IN Reuters: HCNS.BO BUY Better margins drive earnings s
More informationBOŚ S.A. GROUP Q3 2012
BOŚ S.A. GROUP Q3 2012 PU\Warsaw\Bos\C20120377 Agenda 1. Key information about BOŚ S.A. Group 2. BOŚ S.A. Group after Q3 2012 Appendices 2 3 Key information about BOŚ S.A. Group BOŚ S.A. Group Bank Ochrony
More informationKuehne + Nagel International AG Analyst Conference Call Q1 Results 2014
Kuehne + Nagel International AG Analyst Conference Call Q1 Results 2014 April 14, 2014 Schindellegi, Switzerland Forward-Looking Statements This presentation contains forward-looking statements. Such statements
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 informationFebruary 2, 2016 Consolidated Financial Results for the Third Quarter of Fiscal Year 2015 (From April 1, 2015 to December 31, 2015) [Japan GAAP]
February 2, 2016 Consolidated Financial Results for the Third Quarter of Fiscal Year 2015 (From April 1, 2015 to December 31, 2015) [Japan GAAP] Company Name: Idemitsu Kosan Co.,Ltd. (URL http://www.idemitsu.com)
More information2 N D Q U A R T E R 2 0 1 6. O s l o, 1 8 J u l y 2 0 1 6
2 N D Q U A R T E R 2 1 6 O s l o, 1 8 J u l y 2 1 6 Agenda Per A Sørlie, President & CEO Highlights Business areas Outlook Per Bjarne Lyngstad, CFO Financial performance 2 Highlights 2 nd quarter 216
More informationMinda Industries Ltd. INR 886
Jan-15 Mar-15 May-15 Jul-15 Sep-15 Nov-15 Jan-16 India Equity Institutional Research Automobiles RESULT UPDATE Minda Industries Ltd. INR 886 Profit boosted by margins ACCUMULATE In Q3FY16, Minda Industries
More informationBorussia Dortmund GmbH & Co. KGaA
A cc or # $T ypcap$ 1628 1 0 4 2 Page 1/7 Equity flash Trading Update Entertainment BUY (BUY) Target EUR 6.00 (EUR 6.00) Price (last closing price) : EUR 4.07 Upside : 47% Est. change 2015e 2016e EPS -
More informationCompany Presentation VTG AG Connecting worlds. Analyst Conference April 14, 2015
Company Presentation VTG AG Connecting worlds Analyst Conference April 14, 2015 Table of content 1 Highlights 2014 2 Performance & Financials 2014 3 Update on Strategy 4 Outlook 2015 5 Appendix 1 Executive
More informationCONSOLIDATED FINANCIAL REPORT FIRST QUARTER FISCAL 2009
CONSOLIDATED FINANCIAL REPORT FIRST QUARTER FISCAL 2009 (March 1, 2009 to May 31, 2009) July 9, 2009 F&A Aqua Holdings, Inc. is listed on the First Section of the Tokyo Stock Exchange under the securities
More informationArrow Reports Solid First Quarter Operating Results and Strong Asset Quality Ratios
250 Glen Street Glens Falls, NY Contact: Timothy C. Badger Tel: (518)745-1000 Fax: (518)745-1976 TO: All Media DATE: Tuesday, April 19, 2011 Arrow Reports Solid First Quarter Operating Results and Strong
More informationEast India Hotels (EIH) 114
Result Update Rating matrix Rating : Hold Target : 124 Target Period : 12-15 months Potential Upside : 8% What s Changed? Target Changed from 133 to 124 EPS FY16E Unchanged EPS FY17E Changed from 2.8 to
More informationHarbin Pharmaceutical Group
1 Analysts Kevin Wang (774) 670-8530 zhwang@clarku.edu Ellen Li (651) 269-8477 yili@clarku.edu Harbin Pharmaceutical Group Sector: Healthcare Industry: Pharmaceuticals Core Business: Raw material drug
More informationNorsk Gjenvinning Group 1st Quarter 2016 Erik Osmundsen, CEO and Dean Zuzic, CFO
Norsk Gjenvinning Group 1st Quarter 2016 Erik Osmundsen, CEO and Dean Zuzic, CFO Disclaimer VV Holding AS is providing the following interim financial statements for Q1 2016 to holders of its NOK 2,235,000,000
More informationAnalyst Conference Call
1 st December 2015 Analyst Conference Call Dr Wolfgang Büchele - CEO Disclaimer This presentation contains forward-looking statements about Linde AG ( Linde ) and their respective subsidiaries and businesses.
More informationManagement s Discussion and Analysis
Management s Discussion and Analysis of Financial Conditions and Results of Operations For the quarter and six months ended June 30, 2012 All figures in US dollars This Interim Management s Discussion
More informationGrowth in ReSound leveling off
11.2.214 GN STORE NORD - REDUCE Growth in ReSound leveling off We expect GN Store Nord to report strong Q4 13 results, but reiterate our Reduce recommendation ahead of the report. With high expectations
More informationChapter 17: Financial Statement Analysis
FIN 301 Class Notes Chapter 17: Financial Statement Analysis INTRODUCTION Financial ratio: is a relationship between different accounting items that tells something about the firm s activities. Purpose
More informationConsolidated Settlement of Accounts for the First 3 Quarters Ended December 31, 2011 [Japanese Standards]
The figures for these Financial Statements are prepared in accordance with the accounting principles based on Japanese law. Accordingly, they do not necessarily match the figures in the Annual Report issued
More informationA X A L T A C O A T I N G S Y S T E M S. Q1 2016 FINANCIAL RESULTS April 28, 2016
A X A L T A C O A T I N G S Y S T E M S Q1 2016 FINANCIAL RESULTS April 28, 2016 Legal Notices Forward-Looking Statements This presentation and the oral remarks made in connection herewith may contain
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 information