Tse Sui Luen(417.HK) Company Research. Non-rated. 30 Oct 2013

Size: px
Start display at page:

Download "Tse Sui Luen(417.HK) Company Research. Non-rated. 30 Oct 2013"

Transcription

1 Company Research 30 Oct 2013 Tse Sui Luen(417.HK) Room for improvement From a low base, Tse Sui Luen (TSL) reported a strong 55% growth in net profit to HK$47.6m for the interim ended 31 st August The company s double-digit SSSG still underperformed its peers due to product mix geared towards in-house designed jewelry products. To cater for local demand and to raise SSSG, the company plans to transform some of its mainland stores to sell 24-karat gold products and strengthen its brand and service. The stock is trading at a historical PE of 11x and dividend yield of 2.1% in FY13. Net profit jumped 55% from a low base. For the interim ended 31 st August 2013, TSL reported HK$2,129m in revenue and HK$47.6m in net profit (or 23 HK cents per share), up 28.3% and 55.1%, respectively. The strong performance was mainly driven by strong sales of 24-karat gold products. Interim dividend was raised 120% from 1 HK cents per share last year to 2.2 HK cents for FY1H14. SSSG lagged behind its peers. In FY1H14, TSL saw double-digit overall SSSG, which underperformed its peers such as Luk Fook (590.HK) that achieved SSSG of 83% in HK/Macau and 117% in Mainland for 2Q13, and 30% in HK/Macau and 70% in Mainland for 3Q13. We think it was mainly due to difference in product mix: TSL is more or selling in-house designed jewelry products while Luk Fook has more than 55% of its total revenue from selling gold products. Transforming mainland stores for selling gold products. As at 31 August 2013, the company opened 2 new stores in Hong Kong and Macau and 10 outlets in Mainland raising the total number of outlets to 219. In FY2H14, it plans to open 2 more stores in Hong Kong and transforms at least 10 stores in Mainland to sell 24-karat gold products catering for domestic demand. Improving brand image/service for end-user market. We think designed jewelry products are mainly for end-users. As a result, TSL will continue to enhance its brand image and service quality. The company s marketing-team has received the Distinguished Marketing Leadership Award from Hong Kong Retail Management Association, and its staffs have also been awarded the 2013 Outstanding QTS Merchant Service Staff Award from the Hong Kong Tourism Board. Analyst Stephy Wang SFC CE No.:AYC stephy.wong@guosen.com.hk Performance 30,000 25,000 20,000 15,000 10,000 5,000 Source: Bloomberg Key Data Non-rated Jewelry Sector /10/ /10/30 HKI 417.HK Price(HK$) 3.80 Shares Outstanding (m) 210 Market Cap. (HK$ m) 798 Free float (%) 27.28% Average Daily Turnover HK$0.465m, 52 Week Range 4.71/3.4 Controlling Shareholder: Partner Logistics Limited (72.72%) BVPS (HK$) 4.70 Debt ratio (%) 15.7% Financial Summary Year to Feb. 2009A 2010A 2011A 2012A 2013A Revenue (HK$ m) 1,959 2,018 2,518 3,359 3,563 Operating Profit (HK$ m) Reported Profit (HK$ m) Underlying Profit (HK$ m) Underlying EPS (HK$) DPS (HK$) BVPS (HK$) P/E (x) Dividend Yield (%) 1.3% 2.6% 3.9% 4.0% 2.1% P/B (x) Source: Guosen Securities (HK) For ratings definitions and other important disclosures, refer to the Information Disclosures at the end of this report. 1

2 公司报告 非凡增长, 黄金演绎 继上个月周生生公布了抢眼的 2013 中报后, 谢瑞麟也公布了截止 2013 年 8 月 31 日止的中期业绩, 销售额和净利润均录得强劲增长, 分别按年增长 28.3% 和 55% 至 亿港元和 4,760 万港元 然而上半财年仅双位数的同店销售增长率仍然逊于同业, 主要由于谢瑞麟以珠宝产品为主, 因此购金热潮对公司销售额的拉动相对六福 (590.HK) 和周大福 (1929.HK) 较弱 公司下半财年计划增加内地店铺的黄金产品来满足当地需求, 同时进一步加大品牌文化宣传, 保持优质的服务质素 目前的股价相对于 2013 财年的市盈率为 11 倍, 股息率为 2.1% 净利润同比增长 55%. 截止 2013 年 8 月 31 日, 谢瑞麟的 2014 上半财年收入和纯利分别同比增长 28.3% 和 55% 至 亿港元和 4,760 万港元, 每股收益 23 港仙 中期股息由去年同期的每股 1 港仙大幅提升 120% 至每股 2.2 港仙 同店销售数据逊于同业. 上半财年双位数的总体同店销售增长率明显落后于同业, 比如六福 (590.HK) 于 2013 年第二季度在港澳地区和大陆地区的同店销售增长率分别高达 83% 和 117%, 第三季度也分别达 30% 和 70% 我们认为主要原因在于产品结构的差异, 谢瑞麟以珠宝产品为主, 而六福的黄金产品占比超过 55% 内地门店转型销售足金产品. 公司于回顾期内净增 10 间门店, 其中香港和澳门分别新增了 1 间门店, 目前门店总数为 219 间 下半财年, 公司将于香港增设 2 间新店, 分别位于尖沙咀中港城和屯门的 V city, 且计划将超过 10 间的内地门店转为销售足金产品来满足当地需求 继续加强品牌文化宣传. 尽管国内送礼市场的需求减弱, 但我们认为珠宝产品更多用于个人需求, 公司的品牌打造计划也在持续进行中, 非凡工艺, 潮流演绎 的品牌文化也更加的深入人心 公司的品牌宣传活动荣获了香港零售管理协会颁发的 2013 年度十大杰出市场策划奖, 事务董事被评为 杰出市场策划人 ; 此外, 集团的员工也获得了香港旅游发展局颁发的 2013 杰出优质商户员工服务奖 称号 分析师 王奕旻证监会中央编号 :.:AYC stephy.wong@guosen.com.hk 股价表现 30,000 25,000 20,000 15,000 10,000 5,000 资料来源 : 彭博 股票数据 未评级 珠宝行业 /10/ /10/30 HKI 417.HK 收盘价 ( 港元 $) 3.80 流通股本 ( 百万 ) 210 总市值 ( 港元亿 ) 798 流通率 (%) 27.28% 日均成交额 HK$0.465m 52 周最高 / 最低 4.71/3.4 主要控股股东 Partner Logistics Limited (72.72%)) 每股净资产 ( 港元 $) 4.70 负债率 (%) 15.7% 盈利预测 截至 28/2 2009A 2010A 2011A 2012A 2013A 营业额 ( 港元百万 ) 1,959 2,018 2,518 3,359 3,563 经营盈利 ( 港元百万 ) 账面盈利 ( 港元百万 ) 实际盈利 ( 港元百万 ) 每股实际盈利 ( 港元 ) 每股股息 ( 港元 ) 每股账面价值 ( 港元 ) 市盈率 (x) 股息率 (%) 1.3% 2.6% 3.9% 4.0% 2.1% 市净率 (x) 资料来源 :

3 Financial Summary Profit & Loss (HK$ m) 2009A 2010A 2011A 2012A 2013A Financial Ratios 2009A 2010A 2011A 2012A 2013A PRC (Including HK and Macao) 1,928 1,995 2,494 3,326 3,529 Revenue growth (%) 2.2% 3.0% 24.8% 33.4% 6.1% Rest of the world Operating profit growth (%) -1.8% 23.3% 7.0% 13.0% -41.4% Reported profit growth (%) 5.6% 16.2% 44.7% -7.8% -55.5% Underlying profit growth (%) 5.6% 16.2% 44.7% -7.8% -55.5% Revenue 1,959 2,018 2,518 3,359 3,563 Underlying EPS growth (%) 4.7% 15.3% 44.4% -7.8% -55.5% Cost of sales (921) (953) (1,225) (1,750) (1,895) Dividend growth (%) 66.7% 100.0% 47.0% 3.4% -47.4% Gross profit 1,039 1,065 1,293 1,609 1,668 Dividend payout (%) 9.9% 17.2% 17.6% 19.7% 23.3% Other net income Gross profit margin (%) 53.0% 52.8% 51.3% 47.9% 46.8% SG&A expenses (911) (872) (1,082) (1,379) (1,532) Operating profit margin (%) 8.4% 10.1% 8.6% 7.3% 4.0% Operating profit Underlying profit margin (%) 5.3% 6.0% 7.0% 4.8% 2.0% Finance costs (7) (4) (6) (9) (44) ROE (%) 18.1% 16.9% 18.9% 17.3% 7.3% Write back of tax surcharge ROA (%) 8.6% 8.3% 10.0% 7.7% 3.3% Gain on disposal of land and buildings Net debt/equity (%) 87.5% 77.8% 76.7% 112.4% 103.8% Profit before taxation Net debt/total assets (%) 41.8% 38.4% 40.4% 50.3% 46.2% Taxation (35) (52) (30) (55) (28) Current ratio (%) 179.8% 184.6% 201.8% 172.3% 217.3% Non-controlling interests (0) Interest cover (x) Net profit Dividend cover (x) Balance Sheet HK$ m) 2009A 2010A 2011A 2012A 2013A Cash Flows (HK$ m) 2009A 2010A 2011A 2012A 2013A Fixed assets Operating profit Associates & JCE Depreciation & amortization Others Interest income (0) (1) (1) (0) (0) Non-current assets Others 10 (4) (23) 6 43 Inventories ,268 1,593 1,585 Change in working capital (33) (111) (267) (255) (97) Debtors & prepayments Tax paid (55) (60) (64) (47) (75) Bank deposits & cash Operating activities (82) (6) 26 Others Purchase of non-current assets (45) (27) (44) (61) (41) Current assets 1,050 1,317 1,625 1,912 2,032 Disposal of non-current assets Bank & other borrowings Associates & JCE (net) Trade & payables Interest received Taxation Purchase of Intangibles (0) Current liabilities , Investing activities (40) (26) (43) (61) (41) Bank & other borrowings New loans raised Others Repayment of loans (19) (20) (13) (18) (57) Non-current liabilities Dividends paid (6) (11) (23) (31) (28) Net assets Others (22) (0) Share capital Financing activities (47) Premium & reserves Inc/(dec) in cash (90) (65) 129 Shareholders' funds Cash at beginning of year Non-controlling interests (0) Foreign exchange effect (2) Total equity Cash at end of year Source: Guosen Securities (HK) 3

4 Information Disclosures Stock ratings, sector ratings and related definitions Stock Ratings: Buy: A return potential of 10 % or more relative to overall market within 6 12 months. Neutral: A return potential ranging from -10% to 10% relative to overall market within 6 12 months. Sell: A negative return of 10% or more relative to overall market within 6 12 months. Sector Ratings: Overweight: The sector will outperform the overall market by 10% or higher within 6 12 months. Neutral: The sector performance will range from -10% to 10% relative to overall market within 6 12 months. Underweight: The sector will underperform the overall market by 10% or lower within 6 12 months. Interest disclosure statement The analyst is licensed by the Hong Kong Securities and Futures Commission. Neither the analyst nor his/her associates serves as an officer of the listed companies covered in this report and has no financial interests in the companies. Guosen Securities (HK) Brokerage Co., Ltd. and its associated companies (collectively Guosen Securities (HK) ) has no disclosable financial interests (including securities holding) or make a market in the securities in respect of the listed companies. Guosen Securities (HK) has no investment banking relationship within the past 12 months, to the listed companies. Guosen Securities (HK) has no individual employed by the listed companies. Disclaimers The prices of securities may fluctuate up or down. It may become valueless. It is as likely that losses will be incurred rather than profit made as a result of buying and selling securities. The content of this report does not represent a recommendation of Guosen Securities (HK) and does not constitute any buying/selling or dealing agreement in relation to the securities mentioned. Guosen Securities (HK) may be seeking or will seek investment banking or other business (such as placing agent, lead manager, sponsor, underwriter or proprietary trading in such securities) with the listed companies. Individuals of Guosen Securities (HK) may have personal investment interests in the listed companies. This report is based on information available to the public that we consider reliable, however, the authenticity, accuracy or completeness of such information is not guaranteed by Guosen Securities (HK). This report does not take into account the particular investment objectives, financial situation or needs of individual clients and does not constitute a personal investment recommendation to anyone. Clients are wholly responsible for any investment decision based on this report. Clients are advised to consider whether any advice or recommendation contained in this report is suitable for their particular circumstances. This report is not intended to be an offer to buy or sell or a solicitation of an offer to buy or sell the securities mentioned. This report is for distribution only to clients of Guosen Securities (HK). Without Guosen Securities (HK) s written authorization, any form of quotation, reproduction or transmission to third parties is prohibited, or may be subject to legal action. Such information and opinions contained therein are subject to change and may be amended without any notification. This 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 Guosen Securities (HK) and its group companies to any registration or licensing requirement within such jurisdiction. 4

5 信息披露 公司评级 行业评级及相关定义 公司评级买入 : 我们预计未来 6-12 个月内, 个股相对大盘涨幅在 10% 以上 ; 中性 : 我们预计未来 6-12 个月内, 个股相对大盘涨幅介于 -10% 与 10% 之间 ; 减持 : 我们预计未来 6-12 个月内, 个股相对大盘跌幅大于 10% 行业评级超配 : 我们预计未来 6-12 个月内, 行业整体回报高于市场整体水平 10% 以上 ; 中性 : 我们预计未来 6-12 个月内, 行业整体回报介于市场整体水平 -10% 与 10% 之间 ; 低配 : 我们预计未来 6-12 个月内, 行业整体回报低于市场整体水平 10% 以上 利益披露声明 报告作者为香港证监会持牌人士, 分析员本人或其有联系者并未担任本研究报告所评论的上市法团高级管理人员, 也未持有其任何 财务权益 本报告中, 经纪有限公司及其所属关联机构 ( 合称) 并无持有该公司须作出披露的财务权益 ( 包 括持股 ), 在过去 12 个月内与该公司并无投资银行关系, 亦无进行该公司有关股份的庄家活动 本公司员工均非该上市公司的雇 员 免责条款证券价格有时可能非常波动 证券价格可升可跌, 甚至变成毫无价值 买卖证券未必一定能够赚取利润, 反而可能会招致损失 本研究报告内容既不代表 的推荐意见, 也并不构成所涉及的个别股票的买卖或交易要约 或其集团公司有可能会与本报告涉及的公司洽谈投资银行业务或其它业务 ( 例如配售代理 牵头经办人 保荐人 包销商或从事自营投资于该股票 ) 国信证券( 香港 ) 不排除其员工有个人投资于本报告内所提及的上市法团 报告中的资料均来自公开信息, 我们力求准确可靠, 但对这些信息的正确性 公正性及完整性不做任何保证 本报告没有考虑到个 别客户特殊的投资目标 财务状况或需要, 并不构成个人投资建议, 客户据此投资, 责任自负 客户在阅读本研究报告时应考虑报 告中的任何意见或建议是否符合其个人特定状况 本报告并不存在招揽或邀约购买或出售任何证券的企图 本报告仅向特定客户传送, 未经国信证券香港书面授权许可, 任何人不得引用 转载以及向第三方传播, 否则可能将承担法律责任 研究报告所载的资料及意见, 如有任何更改, 本司将不作另行通知 在一些管辖区域内, 针对或意图向该等区域内的市民 居民 个人或实体发布 公布 供其使用或提供获取渠道的行为会违反该区域内所适用的法律或规例或令 受制于任何注册或领牌规定, 则本研究报告不适用于该等管辖区域内的市民 居民或身处该范围内的任何人或实体 5

IGG (799 HK) Company Research Non-rated note. 17 May 2017 Non rated N/A

IGG (799 HK) Company Research Non-rated note. 17 May 2017 Non rated N/A Company Research Non-rated note Back in the game IGG s FY16 net profit jumped stunningly at 74%yoy to USD72m, on the launch of Lords Mobile (LM) from Mar-2016. We see LM sales will likely overwhelm IGG

More information

Guosen Expert Series: Accounting and Regulatory Challenges to VIEs in China

Guosen Expert Series: Accounting and Regulatory Challenges to VIEs in China Sector Research Guosen Expert Series: Accounting and Regulatory Challenges to VIEs in China A massive migration of US listed Chinese companies to HK? Alibaba s (Not Listed) long-awaited IPO has put the

More information

China Healthcare. A decent world-class denture maker. Company visit note. 20 February 2017

China Healthcare. A decent world-class denture maker. Company visit note. 20 February 2017 Company visit note China Healthcare A decent world-class denture maker On 13 Feb 2017, we joined the investor tour to visit Modern Dental Group s (MDG) (3600.HK, NR) factory based in Shenzhen. During the

More information

Kingsoft Corporation (3888 HK)

Kingsoft Corporation (3888 HK) Company Research Results Review Kingsoft Corporation (3888 HK) Strong Beat on Mobile Game Expansion Kingsoft s stunning 3Q16 profit surged 151% YoY to RMB304m, 75% above our forecast thanks to stellar

More information

China Economics. Macro Research. sense. Hence, there is still a long way to go for its yoy growth to turn positive. under the present situation.

China Economics. Macro Research. sense. Hence, there is still a long way to go for its yoy growth to turn positive. under the present situation. China Economics CPI ticks higher statistically while PPI still in a downward trend The March CPI grew 2.4 yoy due to the tail raising factor and seasonality. As the mom growth of food prices decreased

More information

Vinda(3331.HK) A fair deal for Vinda shareholders. Company Research

Vinda(3331.HK) A fair deal for Vinda shareholders. Company Research Company Research 05 November 2013 Vinda(3331.HK) A fair deal for Vinda shareholders SCA s cash offer of HK$11/share for Vinda had become unconditional. Post acquisition, we believe SCA will reap immediate

More information

中国东方航空股份有限公司 China Eastern Airlines Corporation Limited

中国东方航空股份有限公司 China Eastern Airlines Corporation Limited 中国东方航空股份有限公司 China Eastern Airlines Corporation Limited 股东提名董事候选人程序说明 Procedures for Shareholders to Nominate Director Candidates 第一章总则 Chapter One General Provisions 第一条根据 中华人民共和国公司法 上市公司治理准则 公司章程 关于在上市公司建立独立董事制度的指导意见

More information

Company Research. Not Rated

Company Research. Not Rated Company Research Sept 4, 2013 China Ruifeng(527.HK) Transforming into a wind farm operator China Ruifeng Renewable Energy Hldg. Ltd. (527.hk) is currently transforming into a wind farm operator, after

More information

2015年度审计报告及财务报表 02 03

2015年度审计报告及财务报表 02 03 2015年度审计报告及财务报表 02 03 2015 年度审计报告及财务报表 04 05 资产负债表 单位 : 中国石化财务有限责任公司 金额单位 : 元 资产行次 2015-12-31 2014-12-31 负债及所有者权益行次 2015-12-31 2014-12-31 资产 : 1 负债 : 52 现金 2 200,861.73 192,601.71 拆入资金 53 10,000,000,000.00

More information

Mining Could Bring Positive Surprise in 2017, Maintain Accumulate

Mining Could Bring Positive Surprise in 2017, Maintain Accumulate Infrastructure Sector Equity Research Report Company Report Equity Research 股票研究公司报告证券研究报告 Company Report: Gary Wong 黄家玮 公司报告 : 中国中铁 (39 HK) +852 259 2616 gary.wong@gtjas.com.hk Mining Could Bring Positive

More information

Natural Gas Sales Growth to Accelerate, Maintain Buy

Natural Gas Sales Growth to Accelerate, Maintain Buy 股票研究 Equity Research : Binhai Investment (02886 HK) Kevin Guo 郭勇公司报告 : 滨海投资 (02886 HK) +86 755 23976671 kevin.guo@gtjas.com Natural Gas Sales Growth to Accelerate, Maintain Buy 天然气销售增速将会加快, 维持 买入 评级 公司报告证券研究报告清洁能源行业

More information

Nagacorp Ltd (3918 HK)

Nagacorp Ltd (3918 HK) Company Research Company update An emerging market game NagaCorp is the only Cambodian company listed in Hong Kong. It is under a monopoly guarantee and operates a casino in Phnom Penh. The unique location

More information

5% BONUS 5% 赠金条款 ( 适用于 1 月 ) TERMS AND CONDITIONS

5% BONUS 5% 赠金条款 ( 适用于 1 月 ) TERMS AND CONDITIONS 5% BONUS 5% 赠金条款 ( 适用于 1 月 ) TERMS AND CONDITIONS 1 GENERAL 1 总则 The terms and conditions contained herein apply to the Promotional Bonus (the Promotion ) offer made available through the websites of Fair

More information

ACCA F3/FIA FFA. Provided by Academy of Professional Accounting (APA) Financial Accounting(FA) Financial Reporting ACCA Lecturer: Tom Liu

ACCA F3/FIA FFA. Provided by Academy of Professional Accounting (APA) Financial Accounting(FA) Financial Reporting ACCA Lecturer: Tom Liu Professional Accounting Education Provided by Academy of Professional Accounting (APA) ACCA F3/FIA FFA Financial Accounting(FA) Financial Reporting ACCA Lecturer: Tom Liu ACCAspace 中国 ACCA 特许公认会计师教育平台

More information

Lee'S Pharm (950 HK) Company Research Company visit. 24 July 2014 Non rated HK$10.28

Lee'S Pharm (950 HK) Company Research Company visit. 24 July 2014 Non rated HK$10.28 Company Research Company visit Leveraging global opportunities By our latest talking with Dr. Li, we were impressed by Lee s pharm s drug pipeline. The international background of key shareholders has

More information

中国中铁 -H [390.HK] 中国建筑业 收盘价 : 7.19 港元 (2018 年 11 月 30 日 ) 目标价 : 8.30 港元 (+15.4%) 股价表现 (852)

中国中铁 -H [390.HK] 中国建筑业 收盘价 : 7.19 港元 (2018 年 11 月 30 日 ) 目标价 : 8.30 港元 (+15.4%) 股价表现 (852) 中国中铁 -H [390.HK] 继续看好 2019 年盈利增长前景我们已更新了公司的 2018-2019 年盈利预测 公司 18 年首九个月的净利润同比增长 18.2%, 同期整体基础设施投资增长则基本持平 凭借中央国有企业建筑公司的地位, 公司在 18 年首九个月成功获得市场份额, 亦增加了对利润率较高的 PPP 投资业务的规模 面对经济增长下行的强大压力, 中央政府将明显依靠基础设施固定资产投资来稳定经济增长

More information

Weekly HKFRS Q&As Q&A # 7

Weekly HKFRS Q&As Q&A # 7 China National Technical Weekly HKFRS Q&As Q&A # 7 中文 March 2014 Since January 2014, we started to publish weekly HKFRS Q&As that aim to help you deal with the application issues during the busy financial

More information

Account Maintenance Fee. USD 10 or equivalent per month for average account balance(s) less than USD 100,000 or equivalent. Account Maintenance Fee

Account Maintenance Fee. USD 10 or equivalent per month for average account balance(s) less than USD 100,000 or equivalent. Account Maintenance Fee Charges and Commissions (Effective from 1 st October, 2015) Account Maintenance Fee Account Maintenance Fee USD 10 or equivalent per month for average account balance(s) less than USD 100,000 or equivalent.

More information

Overvalued communication tower infrastructure service provider

Overvalued communication tower infrastructure service provider ChinaTower (788.HK) 3 th Jan 219 Target Price(HKD) 1.36 29 th Jan 219 1.67 Close Price 1.67 HSI 2762.85 52-Week Range.99/1.76 Market Cap(HKDm) 293,93 3-mth ave. T/O(HKDm) 1.3 Auditor Data source:bloomberg

More information

1H17 Results In Line, Accumulate

1H17 Results In Line, Accumulate - Samsonite (01910 HK) Consumer Sector - Retailing Equity Research 股票研究 : Samsonite (01910 HK) 公司报告 : 新秀丽 (01910 HK) 1H17 Results In Line, Accumulate 2017 年上半年业绩符合预期, 收集 Terry Hong 洪学宇 (86755) 2397 6722

More information

2018 Interim Results Beat Expectations, Maintain "Buy"

2018 Interim Results Beat Expectations, Maintain Buy - Clean Energy Sector-Natural Gas Equity Research 股票研究 Company Report: 公司报告 : 北京控股 (392 HK) Kevin Guo 郭勇 (86755) 2397 6671 kevin.guo@gtjas.com 218 Interim Results Beat Expectations, Maintain "Buy" 218

More information

Gas Sales Prospect Remains Bright, Maintain Buy

Gas Sales Prospect Remains Bright, Maintain Buy : Binhai Investment (02886 HK) Kevin Guo 郭勇 公司报告 : 滨海投资 (02886 HK) +86 755 23976671 kevin.guo@gtjas.com Gas Sales Prospect Remains Bright, Maintain Buy 天然气销售前景光明, 维持 买入 评级 GTJA Research 国泰君安研究 The 2015

More information

CSE: LUX XETRA: NGO Frankfurt: NGO. Environmentally Responsible Gold Recovery

CSE: LUX XETRA: NGO Frankfurt: NGO. Environmentally Responsible Gold Recovery CSE: LUX XETRA: NGO Frankfurt: NGO Environmentally Responsible Gold Recovery Cautionary Disclaimer Forward Looking Statements Certain statements contained herein regarding Newlox Gold Ventures Corp. (the

More information

Management Buyout Offer at HK$6.30 Per Share, Sell

Management Buyout Offer at HK$6.30 Per Share, Sell Belle Int l (01810 HK) Equity Research Report Equity Research 股票研究 : Terry Hong 洪学宇 公司报告 : 百丽国际 (01880 HK) +86 755 23976722 hongxueyu@gtjas.com Management Buyout Offer at HK$6.30 Per Share, Sell 管理层收购要约以每股

More information

中国人民银行上海总部关于支持中国 ( 上海 ) 自由贸易试验区扩大人民币跨境使用的通知

中国人民银行上海总部关于支持中国 ( 上海 ) 自由贸易试验区扩大人民币跨境使用的通知 Unofficial Translation 中国人民银行上海总部关于支持中国 ( 上海 ) 自由贸易试验区扩大人民币跨境使用的通知 Notice of the Shanghai Head Office of the People's Bank of China to Promote Cross-border Use of Renminbi in the China (Shanghai) Pilot

More information

DEVELOPING ASIAN CAPITAL MARKETS

DEVELOPING ASIAN CAPITAL MARKETS Updated: August 2017 Pre-deal Research Addenda for the Hong Kong IPO process Prepared with the kind assistance of Herbert Smith Freehills and Norton Rose Fulbright DEVELOPING ASIAN CAPITAL MARKETS Contents

More information

加码高端物管市场维持彩生活买入评级 彩生活服务集团 (1778:HK) BUY Unchanged. Real Estate Company Research. Bringing China to the World

加码高端物管市场维持彩生活买入评级 彩生活服务集团 (1778:HK) BUY Unchanged. Real Estate Company Research. Bringing China to the World 15-08 15-09 15-10 15-11 15-12 16-01 16-02 16-03 16-04 16-05 16-06 16-07 16-08 SWS Research Co. Ltd is a subsidiary of ShenwanHongyuan Securities. 99 East Nanjing Road, Shanghai +86 21 2329 7818 www.swsresearch.com

More information

CUSTOMER INFORMATION/CNY BASIC SETTLEMENT ACCOUNT (SOLE ACCOUNT) OPENING FORM

CUSTOMER INFORMATION/CNY BASIC SETTLEMENT ACCOUNT (SOLE ACCOUNT) OPENING FORM CUSTOMER INFORMATION/CNY BASIC SETTLEMENT ACCOUNT (SOLE ACCOUNT) OPENING FORM!"#L!"#$%&E!F!" HSBC Bank (China) Company Limited!!! Branch Date W NOTE: 1Please tick( ) where applicable and complete : this

More information

2016 Results above Expectations, Neutral

2016 Results above Expectations, Neutral Cement and Construction Materials Sector Equity Research 股票研究 Company Report: Ray Zhao 赵睿 公司报告 : 金隅股份 (02009 HK) +86 755 23976755 zhaorui@gtjas.com 2016 Results above Expectations, Neutral 2016 年业绩超预期,

More information

Metal Prices Under Pressure, Maintain "Neutral"

Metal Prices Under Pressure, Maintain Neutral CMOC (3993 HK) Nonferrous Metals Sector Equity Research 股票研究 Company Report: CMOC (3993 HK) 公司报告 : 洛阳钼业 (3993 HK) [Table_Summary] Metal Prices Under Pressure, Maintain "Neutral" 金属价格承压, 维持 中性 评级 Kevin

More information

Frequently Asked Questions On Fast Service

Frequently Asked Questions On Fast Service 第 1 页共 8 页 Frequently Asked Questions On Fast Service 1. What is FAST? FAST (Fast And Secure Transfers) is a new electronic funds transfer service that allows a secure and almost immediate transfer of

More information

ORI for the 2 nd Quarter of 2015 概要 2015 年二季度末中国银行离岸人民币指数 (ORI) 为 1.37%, 较一季度末上升 0.1 个百分点

ORI for the 2 nd Quarter of 2015 概要 2015 年二季度末中国银行离岸人民币指数 (ORI) 为 1.37%, 较一季度末上升 0.1 个百分点 ORI for the 2 nd Quarter of 2015 概要 2015 年二季度末中国银行离岸人民币指数 (ORI) 为 1.37%, 较一季度末上升 0.1 个百分点 与上季度相比, 二季度人民币兑美元汇率保持稳定 ; 境内外利差保持在较窄区间 ; 离岸金融市场整体金融活动规模继续回落, 人民币在离岸金融市场的使用规模及使用份额提升 境外存款总量中, 人民币存款份额回升 人民币债券融资再度活跃

More information

Static on the line CHINA TELECOM (728:HK)

Static on the line CHINA TELECOM (728:HK) 17-04 17-05 17-06 17-07 17-08 17-09 17-10 17-11 17-12 18-01 18-02 18-03 18-04 本研究报告仅通过邮件提供给国投瑞银国投瑞银基金管理有限公司 (res@ubssdic.com) 使用 1 SWS Co. Ltd is a subsidiary of Shenwan Hongyuan Securities. 99 East Nanjing

More information

ATA Inc. Financial Results Conference Call for the Three- and Nine-Month Transition Periods Ended December 31, 2017 TRANSCRIPT

ATA Inc. Financial Results Conference Call for the Three- and Nine-Month Transition Periods Ended December 31, 2017 TRANSCRIPT ATA Inc. Financial Results Conference Call for the Three- and Nine-Month Transition Periods Ended December 31, 2017 TRANSCRIPT March 19, 2018 at 9 p.m. ET SPEAKERS Carolyne Sohn Senior Associate, The Equity

More information

Analysis. ORI for the 3 rd Quarter of 2017 概要 2017 年三季度末中国银行离岸人民币指数 (ORI) 为 1.22%, 较上季度末微升 0.03 个百分点, 超出预测值 0.04 个百分点

Analysis. ORI for the 3 rd Quarter of 2017 概要 2017 年三季度末中国银行离岸人民币指数 (ORI) 为 1.22%, 较上季度末微升 0.03 个百分点, 超出预测值 0.04 个百分点 ORI for the 3 rd Quarter of 2017 概要 2017 年三季度末中国银行离岸人民币指数 (ORI) 为 1.22%, 较上季度末微升 0.03 个百分点, 超出预测值 0.04 个百分点 离岸市场人民币存款规模继续回升 ; 贷款及融资活动有所下降 ; 境内资本市场开放继续带动离岸市场人民币计价权益类投资 Main Points The BOC Off-shore RMB

More information

2017 Annual Results Beat Expectations, Maintain Accumulate

2017 Annual Results Beat Expectations, Maintain Accumulate Zijin Mining (02899 HK) Precious Metals Sector Equity Research 股票研究 Company Report: Zijin Mining (02899 HK) 公司报告 : 紫金矿业 (02899 HK) Kevin Guo 郭勇 (86755) 2397 6671 kevin.guo@gtjas.com [Table_Summary] 2017

More information

杠杆之殇. Bringing China to the World. New Energy Company Research. 下调 GCL New Energy (451HK) Market Data: Aug 29, 2018

杠杆之殇. Bringing China to the World. New Energy Company Research. 下调 GCL New Energy (451HK) Market Data: Aug 29, 2018 SWS Co. Ltd 99 East Nanjing Road, Shanghai +86 21 2329 7818 www.swsresearch.com Bringing China to the World New Energy Company 30 Aug 2018 中性 杠杆之殇 下调 GCL New Energy (451HK) Market Data: Aug 29, 2018 Financial

More information

NYU Shanghai CAMPUS GUIDELINES

NYU Shanghai CAMPUS GUIDELINES NYU Shanghai CAMPUS GUIDELINES 上海纽约大学校园导则 Title Guidelines on the Use of NYU Shanghai Faculty Funds 名称上海纽约大学教职经费使用导则 Effective Date: December 1, 2015 生效日期 : 2015 年 12 月 1 日 Supersedes: Guidelines on the

More information

Weak 1Q16 Results, Neutral 2016 年第一季业绩疲弱, 中性

Weak 1Q16 Results, Neutral 2016 年第一季业绩疲弱, 中性 GTJA Research 国泰君安研究 Company Report: COSCO Pacific (01199 HK) Ivan Zhou 周一帆 公司报告 : 中远太平洋 (01199 HK) +86 755 23976685 zhouyifan013593@gtjas.com Weak 1Q16 Results, Neutral 2016 年第一季业绩疲弱, 中性 Shareholders

More information

Asia Practice Group 亚洲事务组

Asia Practice Group 亚洲事务组 Asia Practice Group 亚洲事务组 Introduction to the Firm is a dynamic full-service law firm headquartered in the heart of Manhattan specializing in Corporate, Capital Markets and Securities Law. Our objective

More information

Benign Prospective Fundamentals with Strong Contracted Sales, Reiterate "Buy"

Benign Prospective Fundamentals with Strong Contracted Sales, Reiterate Buy 股 票 研 究 公 司 报 告 证 券 研 究 报 告 房 地 产 行 业 Equity Research Property Sector Equity Research Report : Longfor Properties (00960 HK) Van Liu 刘斐凡 公司报告 : 龙湖地产 (00960 HK) +86 755 23976672 liufeifan@gtjas.com Benign

More information

Market Pressure Remains, Reiterate Neutral

Market Pressure Remains, Reiterate Neutral : Prada (01913 HK) Terry Hong 洪学宇公司报告 : 普拉达 (01913 HK) +86 755 23976722 hongxueyu@gtjas.com Market Pressure Remains, Reiterate Neutral 市场压力仍在持续, 重申 中性 GTJA Research 国泰君安研究 Increasing presence in social

More information

中国人民银行关于金融支持中国 ( 上海 ) 自由贸易试验区建设的意见

中国人民银行关于金融支持中国 ( 上海 ) 自由贸易试验区建设的意见 Unofficial Translation 中国人民银行关于金融支持中国 ( 上海 ) 自由贸易试验区建设的意见 Opinions of People's Bank of China to Support China (Shanghai) Pilot Free Trade Zone in Financial Sector 为贯彻落实党中央 国务院关于建设中国 ( 上海 ) 自由贸易试验区 ( 以下简称试验区

More information

芯系天下 ( 線上法說會 ) Q Quarterly Online Investor Conference. March 15, March 3, 2016

芯系天下 ( 線上法說會 ) Q Quarterly Online Investor Conference. March 15, March 3, 2016 環宇 芯系天下 March 3, 2016 Q4 2018 Quarterly Online Investor Conference ( 線上法說會 ) March 15, 2019 Disclaimer Statement This presentation includes forward-looking statements. All statements, other than statements

More information

株洲南车时代电气 ( 3898.HK ) 中报业绩显示环比改善迹象

株洲南车时代电气 ( 3898.HK ) 中报业绩显示环比改善迹象 本研究报告仅通过邮件提供给泰信基金朱志权 (zhuzhiquan@ftfund.com) 使用 1 wwwww1 SWS Research Co. Ltd 99 East Nanjing Road, Shanghai +86 21 2329 7818 www.swsresearch.com Capital Goods Company Research The Chinese View on China

More information

HOW TO DEVELOP A SUCCESSFUL JOINT-VENTURE IN CHINA. is a business unit of

HOW TO DEVELOP A SUCCESSFUL JOINT-VENTURE IN CHINA. is a business unit of HOW TO DEVELOP A SUCCESSFUL JOINT-VENTURE IN CHINA WHAT IS A JOINT-VENTURE Joint-Venture in China SIMPLY PUT, A JOINT VENTURE (JV) IS NOTHING MORE THAN AN ECONOMIC COOPERATION, OR BUSINESS COMBINATION,

More information

环境险峻 京东集团 (JD:US) 中性维持. Bringing China to the World. Internet Software &Services Company Research

环境险峻 京东集团 (JD:US) 中性维持. Bringing China to the World. Internet Software &Services Company Research 本研究报告仅通过邮件提供给国投瑞银国投瑞银基金管理有限公司 (res@ubssdic.com) 使用 1 SWS Co. Ltd 99 East Nanjing Road, Shanghai +86 21 2329 7818 www.swsresearch.com Internet Software &Services Company Bringing China to the World 2018

More information

流动性补充 配股将最多为华油能源带来约 2.3 亿港币现金 (1.9 亿人民币 ), 相当于 17 年底在手现金的 1.3 倍 获得的流动性补充不仅满足了在订单量激增下日益增长的项目垫资需求, 而且在行业景气周期中为企业未来业务发展打下了坚实的资金基础, 打开了未来的增长空间

流动性补充 配股将最多为华油能源带来约 2.3 亿港币现金 (1.9 亿人民币 ), 相当于 17 年底在手现金的 1.3 倍 获得的流动性补充不仅满足了在订单量激增下日益增长的项目垫资需求, 而且在行业景气周期中为企业未来业务发展打下了坚实的资金基础, 打开了未来的增长空间 本研究报告仅通过邮件提供给国投瑞银国投瑞银基金管理有限公司 (res@ubssdic.com) 使用 1 SWS Co. Ltd is a subsidiary of Shenwan Hongyuan Securities 99 East Nanjing Road, Shanghai (8621)23297818 www.swsresearch.com Utilities Bringing China

More information

Media Announcement (For Immediate Release) 即时新闻发布. LionGold Corp Signs MOU with China SOE-backed Mining Contractor 瑞狮集团和中国国有企业背景的矿山工程承包商 签订合作备忘录

Media Announcement (For Immediate Release) 即时新闻发布. LionGold Corp Signs MOU with China SOE-backed Mining Contractor 瑞狮集团和中国国有企业背景的矿山工程承包商 签订合作备忘录 LionGold Corp Ltd (Incorporated in Bermuda) 59 Mohamed Sultan Road Sultan Link 02-08 Singapore 238999 Tel: (65) 6690 6860 Fax: (65) 6690 6844 info@liongoldcorp.om www.liongoldcorp.com LIONGOLD CORP Highlights

More information

Possible Effects from Slower Weibo User Growth, "Buy"

Possible Effects from Slower Weibo User Growth, Buy Equity Research Report Internet Sector Equity Research 股 票 研 究 公 司 报 告 证 券 研 究 报 告 互联网行业 : 公司报告 : 新浪 (SINA US) Possible Effects from Slower Weibo User Growth, "Buy" 或受微博增速放缓的影响, 买入 Sina s 1Q18 results

More information

Rapid Growth for 1Q18 Power Generation, "Accumulate" 2018 年 1 季度发电量维持高速增长, 收集

Rapid Growth for 1Q18 Power Generation, Accumulate 2018 年 1 季度发电量维持高速增长, 收集 - Datang Renewable (01798 HK) Clean Energy Sector - Wind & Others Equity Research 股 票 研 究 公 司 报 告 证 券 研 究 报 告 清洁能源行业 风电及其它 大唐新能源 Equity Research Report Company Report Company Report: Datang Renewable (01798

More information

CAR Inc Annual Results. Feb 27 th, 2018

CAR Inc Annual Results. Feb 27 th, 2018 CAR Inc. 2017 Annual Results Feb 27 th, 2018 Operational & Financial Highlights Q4 17 Highlights (RMB in millions) Car rental 1,211 684 Continue to demonstrate strong growth momentum with YOY price reduction

More information

Monex Securities Schedule of Fees and Charges. Monex Brokerage Fees. Monex Securities Australia Pty Ltd AFSL No: ABN:

Monex Securities Schedule of Fees and Charges. Monex Brokerage Fees. Monex Securities Australia Pty Ltd AFSL No: ABN: Monex Securities Schedule of Fees and Charges Monex Brokerage Fees Markets Brokerage Fee *1 Settlement Currency *2 United States New York Stock Exchange (NYSE) NASDAQ Australia *3 Australian Stock Exchange

More information

业绩符合预期 交行周四公布中报业绩 期末贷款余额同比增长 7.4%, 存款余额同比增长 4.9% 净息差同比下降 30 个基点至 1.97% 净利息收入同比下降 4.1%, 非利息收入同比增速达到 8.1% 上半年净利润达到 亿元, 基本每股收益 0.

业绩符合预期 交行周四公布中报业绩 期末贷款余额同比增长 7.4%, 存款余额同比增长 4.9% 净息差同比下降 30 个基点至 1.97% 净利息收入同比下降 4.1%, 非利息收入同比增速达到 8.1% 上半年净利润达到 亿元, 基本每股收益 0. SWS Research Co. Ltd is a subsidiary of Shenwan Hongyuan Securities. 99 East Nanjing Road, Shanghai +86 21 2329 7818 www.swsresearch.com Bringing China to the World August 26, 2016 买入 维持 Market Data: Aug

More information

1H Results Worse Than Our Expectations, Cut TP and Maintain Sell

1H Results Worse Than Our Expectations, Cut TP and Maintain Sell : Sihuan Pharmaceuticals (00460 HK) Johnson Sun 孙凤强 公司报告 : 四环医药 (00460 HK) +852 25097589 johnson.sun@gtjas.com.hk 1H Results Worse Than Our Expectations, Cut TP and Maintain Sell 上半年业绩差于我们的预期, 下调目标价, 维持卖出评级

More information

主要催化双双延期 金山软件 (3888:HK) 增持维持. Bringing China to the World. Internet Software &Services Company Research

主要催化双双延期 金山软件 (3888:HK) 增持维持. Bringing China to the World. Internet Software &Services Company Research 本研究报告仅通过邮件提供给国投瑞银国投瑞银基金管理有限公司 (res@ubssdic.com) 使用 1 SWS Co. Ltd 99 East Nanjing Road, Shanghai +86 21 2329 7818 www.swsresearch.com Internet Software &Services Company Bringing China to the World 2018

More information

Analysis. ORI for the 2 nd Quarter of 2017 概要 2017 年二季度末中国银行离岸人民币指数 (ORI) 为 1.19%, 较上季度末微升 0.02 个百分点, 符合前期预测. Main Points

Analysis. ORI for the 2 nd Quarter of 2017 概要 2017 年二季度末中国银行离岸人民币指数 (ORI) 为 1.19%, 较上季度末微升 0.02 个百分点, 符合前期预测. Main Points ORI for the 2 nd Quarter of 2017 概要 2017 年二季度末中国银行离岸人民币指数 (ORI) 为 1.19%, 较上季度末微升 0.02 个百分点, 符合前期预测 人民币在离岸权益类资产 贷款及外汇储备等方面的使用水平提升 ; 境外及非居民人民币存款总量经历七个季度回落后首次上升 ; 离岸人民币指数保持回稳态势 Main Points The BOC Off-shore

More information

For personal use only

For personal use only U & D COAL LIMITED A.C.N. 165 894 806 Off-Market Buyback Booklet 28 November 2014 This is an important document and requires your urgent attention. If you are in any doubt as to how to deal with this Booklet,

More information

常见问题及答案 Frequently Asked Question & Answers

常见问题及答案 Frequently Asked Question & Answers 常见问题及答案 Frequently Asked Question & Answers 1. 如何能成为会员? How can an entity become a member? 申请者可直接向 CBM 或通过总商会申请成为会员 会员确认步骤将由 CBM 和总商会完成 An interested entity may apply directly to The Bureau for membership

More information

Bond Connect Admission Guide and Forms

Bond Connect Admission Guide and Forms Bond Connect Admission Guide and Forms Updated: 20 June 2018 Overseas investors who comply with the China Interbank Bond Market (CIBM) admission criteria prescribed in the People s Bank of China (PBC)

More information

Improving fundamentals LEE & MAN PAPER MANUFACTURING (2314:HK) Financial summary and valuation

Improving fundamentals LEE & MAN PAPER MANUFACTURING (2314:HK) Financial summary and valuation 本研究报告仅通过邮件提供给国投瑞银国投瑞银基金管理有限公司 (res@ubssdic.com) 使用 1 SWS Co. Ltd is a subsidiary of Shenwan Hongyuan Securities. 99 East Nanjing Road, Shanghai +86 21 2329 7818 www.swsresearch.com Materials Company 1

More information

R&D tax incentives in the EU 欧盟的研发税收奖励

R&D tax incentives in the EU 欧盟的研发税收奖励 R&D tax incentives in the EU 欧盟的研发税收奖励 By Vinod Kalloe Head of international tax policy KPMG The Netherlands 荷兰毕马威会计事务所国际税收政策部负责人 IP Key-CAS IPM Conference Beijing, 4 December 2014 北京,2014 年 12 月 4 日 Content

More information

Key Topics on China -Venezuela Business 中国 - 委内瑞拉投资关键考虑. Tax overview July 2011 税务概述 2011 年 7 月. Espiñeira, Sheldon y Asociados1

Key Topics on China -Venezuela Business 中国 - 委内瑞拉投资关键考虑. Tax overview July 2011 税务概述 2011 年 7 月. Espiñeira, Sheldon y Asociados1 Key Topics on China -Venezuela Business 中国 - 委内瑞拉投资关键考虑 Tax overview July 2011 税务概述 2011 年 7 月 1 Agenda 目录 Choice of entity Registrations Restrictions on cross-border cash flows Key tax issues Individual

More information

Pay your ICBC Credit Cards Bills via FAST 通过 FAST 支付工银信用卡账单

Pay your ICBC Credit Cards Bills via FAST 通过 FAST 支付工银信用卡账单 Pay your ICBC Credit Cards Bills via FAST 通过 FAST 支付工银信用卡账单 Pay your ICBC Credit Card bills immediately by simply conducting a funds transfer. 您可通过资金转账立即支付工银信用卡账单 ICBC Credit Cards can receive payments

More information

Audit Report 30 JUN : Henan Provincial Audit Office of the People's Republic of China *F# (2016) 71 # HENAN AUDIT REPORT C 2016) NO.

Audit Report 30 JUN : Henan Provincial Audit Office of the People's Republic of China *F# (2016) 71 # HENAN AUDIT REPORT C 2016) NO. Public Disclosure Authorized Henan Provincial Audit Office of the People's Republic of China 30 JUN 2016 Public Disclosure Authorized Audit Report *F# (2016) 71 # HENAN AUDIT REPORT C 2016) NO.71 Public

More information

全面进入 EMC 模式 同方泰德 (1206:HK) BUY. Technology Hardware & Equipment Company. Bringing China to the World. Unchanged

全面进入 EMC 模式 同方泰德 (1206:HK) BUY. Technology Hardware & Equipment Company. Bringing China to the World. Unchanged SWS Co. Ltd is a subsidiary of ShenwanHongyuan Securities. 99 East Nanjing Road, Shanghai +86 21 2329 7818 www.swsresearch.com Technology Hardware & Equipment Company Bringing China to the World 2 June

More information

经营稳健, 新并购落地. BUY Unchanged. Pharmaceuticals, Biotechnology & Life Company. Bringing China to the World. Analyst

经营稳健, 新并购落地. BUY Unchanged. Pharmaceuticals, Biotechnology & Life Company. Bringing China to the World. Analyst 17-03 17-04 17-05 17-06 17-07 17-08 17-09 17-10 17-11 17-12 18-01 18-02 SWS Co. Ltd 99 East Nanjing Road, Shanghai +86 21 2329 7818 www.swsresearch.com Pharmaceuticals, Biotechnology & Life Company Bringing

More information

2017 & 10 th ANNUAL CHINA OUTBOUND INVESTMENT SUMMIT

2017 & 10 th ANNUAL CHINA OUTBOUND INVESTMENT SUMMIT 2017 & 10 th ANNUAL CHINA OUTBOUND INVESTMENT SUMMIT May 25 th 2017, Beijing China Critical Regulatory Update from Key Issues to be Addressed National Development & Reform Commission Ministry of Commerce

More information

绿城服务集团 (2869:HK) 中期业绩符合预期增长有质有量 扩张稳中有进 截至 6 月末, 公司产生收入的总在管合同建筑面积从去年年中的 6900 万方增长至 9140 万方 ( 同比增长 32.5%), 同期储备合同面积从

绿城服务集团 (2869:HK) 中期业绩符合预期增长有质有量 扩张稳中有进 截至 6 月末, 公司产生收入的总在管合同建筑面积从去年年中的 6900 万方增长至 9140 万方 ( 同比增长 32.5%), 同期储备合同面积从 07/2016 07/2016 07/2016 Fortune Cookies Company visit Not Rated Greentown Service Group Co Ltd Sector: Industrials Industry: Commercial Services & Supplies Sub-industry: Diversified Support Services Key

More information

Results Need Time to Improve, Low Valuation, Maintain "Buy"

Results Need Time to Improve, Low Valuation, Maintain Buy Modern Land (01107 HK) Property Sector Equity Research 股票研究公司报告证券研究报告 Equity Research Report Company Report Company Report: Modern Land (01107 HK) 公司报告 : 当代置业 (01107 HK) Van Liu 刘斐凡 (86755) 2397 6672 liufeifan@gtjas.com

More information

1 欧美经济增长数据好于预期, 但次贷阴影远未消除, 美国经济衰退的可能性仍然较大 月初, 标准普尔下调了雷曼兄弟 美林和摩根士丹利三大华尔街投资银行的信用评级, 另外, 标普还将美美国银行 摩根大通的评级展望由稳定下调至负面

1 欧美经济增长数据好于预期, 但次贷阴影远未消除, 美国经济衰退的可能性仍然较大 月初, 标准普尔下调了雷曼兄弟 美林和摩根士丹利三大华尔街投资银行的信用评级, 另外, 标普还将美美国银行 摩根大通的评级展望由稳定下调至负面 一 宏观经济 ( 一 ) 国际经济形势 1 欧美经济增长数据好于预期, 但次贷阴影远未消除, 美国经济衰退的可能性仍然较大 2018-01 美国将 1 季度 GDP 增速由 0.6% 向上修修正至 0.9%, 主要由净出口带动 : 净出口贡献率从 0.2 个百分点上调至 0.8 个百分点 5 月制造业指数从 4 月份的 48.6 升至 49.6, 略高于市场预预期 欧元区一季度 GDP 季调后季比增长

More information

Profitability Improved Greatly; the Worst is Over

Profitability Improved Greatly; the Worst is Over - Vinda International (3331 HK) Consumer Sector-Household Products Equity Research 股票研究 Company Report: Vinda International (3331 HK) 公司报告 : 维达国际 (3331 HK) Barney Wu 吴宇扬 (86755) 2397 668 wuyuyang@gtjas.com

More information

Audit Report 30 JUN W'k h4hi E Audit Service Center of China National Audit Office for. Foreign Loan and Assistance Projects

Audit Report 30 JUN W'k h4hi E Audit Service Center of China National Audit Office for. Foreign Loan and Assistance Projects Public Disclosure Authorized Public Disclosure Authorized Audit Service Center of China National Audit Office for Foreign Loan and Assistance Projects Audit Report 30 JUN 2016 1 44q3 3 Public Disclosure

More information

Week 1: Financial reporting requirements & Conceptual Framework 1. Disclosing entity: 2. Proprietary company: 3. Public company: annual

Week 1: Financial reporting requirements & Conceptual Framework 1. Disclosing entity: 2. Proprietary company: 3. Public company: annual Week 1: Financial reporting requirements & Conceptual Framework 3 types of entities: 1. Disclosing entity: An entity whose securities are listed on securities exchange 2. Proprietary company: Can, cannot,

More information

业绩如期,2015 年车型升级. Hold Downgrade 吉利汽车 (175:HK) Automobiles Company Research. Bringing China to the World

业绩如期,2015 年车型升级. Hold Downgrade 吉利汽车 (175:HK) Automobiles Company Research. Bringing China to the World SWS Research Co. Ltd is a subsidiary of Shenwan Hongyuan Securities. 99 East Nanjing Road, Shanghai +86 21 2329 7818 www.swsresearch.com Automobiles Company Research Bringing China to the World 19 March

More information

年报前瞻 中广核新能源 (1811:HK) Renewable Energy Company. Bringing China to the World

年报前瞻 中广核新能源 (1811:HK) Renewable Energy Company. Bringing China to the World 本研究报告仅通过邮件提供给方正富邦基金方正富邦基金管理有限公司 (research@founderff.com) 使用 1 SWS Co. Ltd is a subsidiary of Shenwan Hongyuan Securities. 99 East Nanjing Road, Shanghai +86 21 2329 7818 www.swsresearch.com Renewable Energy

More information

The Yuan Exchange rate and Firms Atturo Giulia

The Yuan Exchange rate and Firms Atturo Giulia 1 The yuan exchange rate and firms How the Chinese exchange rate can influence strategic entering into the Chinese market Abstract 中国人民币汇率跟企业的关系 随着时代的进步, 国与国的距离拉近, 各国间政府, 经济, 文化等方面的常常交流, 全球化已经到了 外贸经济的地位越来越紧要,

More information

Please select one of the following purposes for using this Application Form* [please tick ONE box only]( 每表只选一项 )

Please select one of the following purposes for using this Application Form* [please tick ONE box only]( 每表只选一项 ) COMPANY INFORMATION 客户基本信息表 Please select one of the following purposes for using this * [please tick ONE box only]( 每表只选一项 ) New Application / Cancellation of Account / Amendment 申请撤销网银帐户修改 Please select

More information

Earnings in 1H2018 Surprised, Upgrade to "Buy"

Earnings in 1H2018 Surprised, Upgrade to Buy - Singyes Solar (75 HK) Clean Energy Sector Solar Equity Research 股票研究 Company Report: Singyes Solar (75 HK) 公司报告 : 兴业太阳能 (75 HK) Earnings in 1H218 Surprised, Upgrade to "Buy" 218 上半年盈利超预期, 上调至 买入 Jun

More information

Session 4b China Health Insurance Industry A Ever Changing Landscape. Davout Yean, FSA

Session 4b China Health Insurance Industry A Ever Changing Landscape. Davout Yean, FSA Session 4b China Health Insurance Industry A Ever Changing Landscape Davout Yean, FSA China Health Insurance Industry - A Ever Changing Landscape DAVOUT YEAN FSA AIG Business Consulting(BJ), Chief Strategy

More information

7%). 我们将目标价从 16 港币提高至 18.5 港币, 对应 14.5x 17 年 PE 对应约 24.2% 上行空间 我们维持买入评级

7%). 我们将目标价从 16 港币提高至 18.5 港币, 对应 14.5x 17 年 PE 对应约 24.2% 上行空间 我们维持买入评级 SWS Co. Ltd is a subsidiary of Shenwan Hongyuan Securities. 99 East Nanjing Road, Shanghai +86 21 2329 7818 www.swsresearch.com Technology Industry Company Bringing China to the World 31 May 2017 BUY Unchanged

More information

Net Margin Improvement on Low Raw Milk Price

Net Margin Improvement on Low Raw Milk Price : Mengniu Dairy (02319 HK) Sunny Kwok 郭日升 公司报告 : 蒙牛乳业 (02319 HK) +852 2509 2642 sunny.kwok@gtjas.com.hk Margin Improvement on Low Raw Milk Price 原奶价格走低, 净利率有提升空间 GTJA Research 国泰君安研究 Mengniu held a reverse

More information

Positive Long-term Outlook, Upgrade to Accumulate

Positive Long-term Outlook, Upgrade to Accumulate Sinopharm (01099 HK) Health Care Sector Equity Research 股 票 研 究 公 司 报 告 证 券 研 究 报 告 医药行业 Equity Research Report : Sinopharm (01099 HK) 公司报告 : 国药控股 (01099 HK) [Table_Summary] Positive Long-term Outlook,

More information

2 KPlas Holdings Limited annual report Contents

2 KPlas Holdings Limited annual report Contents annual report 007 2 KPlas Holdings Limited annual report Contents 01 Corporate Profile 02 Chairman s & Managing Director s Message 04 Profile of Directors 05 Management Team 05 Corporate Structure 06 Corporate

More information

Properties Sector: Minimum Down payment Increase in Shanghai and Tianjin

Properties Sector: Minimum Down payment Increase in Shanghai and Tianjin Morning Research Department Table of Contents 目录 29 November 2016 Industry and Company Focus 行业和公司焦点 Samsonite (01910 HK): 3Q16 Financial Results Met Expectations 新秀丽 (01910 HK):2016 年 3 季度财务数据符合预期 Properties

More information

ACCA IFRS Seminar in Shenzhen 16 September 2006

ACCA IFRS Seminar in Shenzhen 16 September 2006 ACCA IFRS Seminar in Shenzhen 16 September 2006 IFRS Nelson Lam CFA FCCA FCPA(Practising) MBA MSc BBA CPA(US) ACA 2005-06 Nelson 1 Today s Agenda Introduction Presentation and Disclosure IFRS and PRC GAAP

More information

PeopleSoft Global Payroll for China 9.1 Reports

PeopleSoft Global Payroll for China 9.1 Reports PeopleSoft Global Payroll for China 9.1 Reports March 2012 PeopleSoft Global Payroll for China 9.1 Reports SKU hcm91fp2hgpx-r0312 Copyright 1988, 2012, Oracle and/or its affiliates. All rights reserved.

More information

Chapter 24 Credit Risk

Chapter 24 Credit Risk Chapter 24 Credit Risk 郑振龙厦门大学金融系课程网站 :http://efinance.org.cn Email: zlzheng@xmu.edu.cn 1 Credit Ratings In the S&P rating system, AAA is the best rating. After that comes AA, A, BBB, BB, B, CCC, CC, and

More information

迎头赶上. Bringing China to the World. Automobiles Company Research. Related Reports GWM (2333:HK)-Engine restart August 28, 2017 投资要点 : 29 September 2017

迎头赶上. Bringing China to the World. Automobiles Company Research. Related Reports GWM (2333:HK)-Engine restart August 28, 2017 投资要点 : 29 September 2017 SWS Co. Ltd is a subsidiary of Shenwan Hongyuan Securities 99 East Nanjing Road, Shanghai +862123297818 www.swsresearch.com Bringing China to the World 29 September 2017 买入 维持 Market Data: 28 September

More information

APPLICATION PACK FOR WEALTH MANAGEMENT SERVICES 财富管理服务申请手册

APPLICATION PACK FOR WEALTH MANAGEMENT SERVICES 财富管理服务申请手册 Bank of China (UK) Limited Tel: 0800 38 95566 +44 20 7282 8926 www.bankofchina.com/uk APPLICATION PACK FOR WEALTH MANAGEMENT SERVICES 财富管理服务申请手册 SECTION A: Personal Details 个人信息 For all accounts/services,

More information

FINANCIAL STATEMENT AND RELATED ANNOUNCEMENT

FINANCIAL STATEMENT AND RELATED ANNOUNCEMENT FINANCIAL STATEMENT AND RELATED ANNOUNCEMENT https://www1.sgxnet.sgx.com/sgxnet/lcanncsubmission.nsf/vwprint/bb0a31278a988363482579... Page 1 of 1 27-Feb-2012 Print this page Full Year Results * Financial

More information

Measures to Ease the Restrictions on Cross-border RMB Settlement of Goods Exports -Moves to remove the pilot enterprise system for goods exports-

Measures to Ease the Restrictions on Cross-border RMB Settlement of Goods Exports -Moves to remove the pilot enterprise system for goods exports- March 5, 2012 People s Bank of China Announcements Mizuho Bank (China), Ltd. Advisory Division Mizuho China Business Express (No. 214) Measures to Ease the Restrictions on Cross-border RMB Settlement of

More information

附件 3.Trading Code Application Form for Overseas Institutional Client Date of application:

附件 3.Trading Code Application Form for Overseas Institutional Client Date of application: 附件 3.Trading Code Application Form for Overseas Institutional Client Date of application: Futures Firm or Overseas Broker Internal Funds Account Principal-Agent Relations Holly Su Futures (Hongkong) Co.,

More information

THE FUTURE OF TRADE FOR THE UK

THE FUTURE OF TRADE FOR THE UK 英国贸易的未来 企业指南 THE FUTURE OF TRADE FOR THE UK March 2017 CLIFFORD CHANCE LLP Clifford Chance is one of the world s pre-eminent law firms with significant depth and range of resources across five continents.

More information

A Feasibility Property Development and Finance Study of Building up Huaxi Photography Base

A Feasibility Property Development and Finance Study of Building up Huaxi Photography Base A Feasibility Property Development and Finance Study of Building up Huaxi Photography Base SHEN LIN (Guiyang, Guizhou, 550025) Abstract: Property development is the process by which buildings are erected

More information

INVEST TO SUCCEED. INVEST TORONTO CCBC RECEPTION

INVEST TO SUCCEED. INVEST TORONTO CCBC RECEPTION INVEST TO SUCCEED. INVEST TORONTO CCBC RECEPTION INVEST TORONTO 多伦多投资促进局 Invest Toronto is your connection to the global business opportunities found in Toronto. We can facilitate all of the government

More information

Investing in Australian Real Property Tax structuring 投资澳洲不动产的税务考量

Investing in Australian Real Property Tax structuring 投资澳洲不动产的税务考量 Investing in Australian Real Property Tax structuring 投资澳洲不动产的税务考量 5 June 2017 Inbound investment - Key messages 境外投资者 投资澳洲地产的关键考量 相比本地投资者, 可能适用更低的税率 :Inbound investors can often access lower Australian

More information

The 12 th five year plan. The Formulation of China s Major Plans and Programs and onwards

The 12 th five year plan. The Formulation of China s Major Plans and Programs and onwards The Formulation of China s Major Plans and Programs 2008-2010 and onwards S u p p o r t i n g a h a r m o n i o u s s o c i e t y BACKGROUND China s five year plans In recent years, not only has the methodology

More information

中集安瑞科控股有限公司 (03899.HK)

中集安瑞科控股有限公司 (03899.HK) 公司报告 中集安瑞科控股有限公司 (03899.HK) 股价充分反映天然气汽车概念 我们把中集安瑞科 ( 集团 或 安瑞科 ) 的评级由 买入 下调至 中性 目前股价已接近我们根据分类加总值法 (SOTP) 而计算出的目标价, 而对应的市盈率较更历史平均值高逾一个标准差 我们认为其股价已充分反映政府推动以天然气取代石油的利好因素 天然气加气站的供大于求对设备销售加快形成矛盾在使用天然气作为汽车燃料的主要国家中,

More information

A DECADE OF ENABLING BUSINESSES ANNUAL REPORT FY11/12

A DECADE OF ENABLING BUSINESSES ANNUAL REPORT FY11/12 A DECADE OF ENABLING BUSINESSES ANNUAL REPORT FY11/12 A DECADE OF ENABLING BUSINESSES THE GROWTH RINGS OF A-REIT Growth rings in a tree trunk signify radial growth as the tree produces new layers of wood

More information