Construction Machinery Sector
|
|
- Ethan Warren
- 6 years ago
- Views:
Transcription
1 Equity Research Construction Machinery Construction Machinery Sector Positive (maintained) Dec sales update; price hikes likely in China s excavator market Dominic Chan, CFA, FRM SFC CE No. APP609 dominicchan@gfgroup.com.hk With Contribution from GF A shares team GF Securities (Hong Kong) Brokerage Limited 29-30/F, Li Po Chun Chambers 189 Des Voeux Road Central Hong Kong Excavator sales remained robust in Dec Excavator sales volume in China came in at 14,005 units during Dec, up 102.6% YoY. Total sales volume during 2017 was 140,303 units, up 99.5% YoY. Loader sales volume likely to have risen by 48% in 2017 Sales data for loaders are yet to be announced. We expect volume to have reached 90,000 units during the year, meaning 48% YoY growth. Exports accelerating According to China Construction Machinery Association (CCMA), 9,672 excavators were exported in Dec, up 32% YoY. Meanwhile, growth during individual months accelerated in 2H17. We believe this was due to demand related to the One Belt, One Road initiative, and recovering global demand. Komatsu increases prices of excavators According to media reports, Komatsu raised selling prices of excavators from Jan 1, 2018, mainly due to strong demand for excavators and higher operating and raw material costs. Komatsu is the fifth largest excavator manufacturer in China, with a 7% market share. Mainland manufacturers likely to follow suit on price hikes Our A-share team expects continued momentum for excavator demand, as 1) inventory levels at distributors should remain at a relatively low level of 15 days, according to channel checks. 2) Several models, especially medium-sized excavators, are out of stock. 3) Key excavator components are experiencing tight production capacity. Given strong demand for excavators, we believe mainland manufacturers are likely to follow suit on price hikes. Price hikes should help to pass on cost pressure Steel prices rose by ~30% YoY during Dec. Steel typically accounts for less than 20% of total COGS for construction machinery manufacturers. A 5-7% increase in ASP should help to pass on cost pressure to downstream customers. Lonking sales volume rose 56.4% in 2017 Lonking s (3339 HK, Buy) sales volume weakened in Dec, mainly due to a high base in Dec Excavator sales volume rose 109.2% YoY during the month, while loaders and road rollers saw increases of 12.6% and 19% YoY. Forklift sales volume declined by 10.3% YoY. In 2017, total machinery sales volume was up 56.4%. Current demand for construction machinery is strong, and we believe the slowdown during Dec was expected by the market, and that it will therefore have minimal impact on the company. We reiterate our Buy rating and target price of HK$4.30. Sector Recommendations Company Ticker Rating Price (HK$) Target price Sources: Company data, Bloomberg, GF Securities (Hong Kong) 2017E EPS (Rmb) 2018E EPS (Rmb) 2017E PE 2018E P/E 2017E P/B Lonking 3339 HK Buy Haitain Int'l 1882 HK NR NR Zoomlion 1157 HK NR 3.82 NR Sany Int'l 631 HK NR 2.16 NR P/B
2 Figure 1: Loaders - Monthly sales volume in China (units) Figure 2: Excavators - Monthly sales volume in China (units) Sources: CCMA, GF Securities (Hong Kong) Figure 3: Forklifts - Monthly sales volume in China (units) Figure 4: Road rollers - Monthly sales volume in China (units) Sources: CCMA, GF Securities (Hong Kong) According to Komtrax monthly utilization hours, the company had utilization hours of in Nov 2017, up 8.29% YoY. The utilization rate for excavators currently being used in industry increased gradually during 2017 and the rate is now higher than during the past three years. Utilization has risen even with an exponential rise in sales volume, suggesting that downstream demand for construction machinery remains robust. Figure 5: Komtrax monthly utilization hours Sources: Komatsu, GF Securities (Hong Kong) 2
3 Steel typically accounts for less than 20% of total COGS for construction machinery manufacturers. Steel prices rose by ~30% YoY during Dec, based on data from Wind. A 5-7% increase in ASP should help to pass on cost pressure to downstream customers. Figure 6: China plate steel price (USD/tonne) Sources: Wind, GF Securities (Hong Kong) Figure 7: Chinese excavator exports (units) Sources: Wind, GF Securities (Hong Kong) 3
4 Figure 8: Valuation comparison EPS EPS CAGR P/E ratio P/B ratio Ticker Company Name Currency Price E 2018E E 2018E E 2018E HK peers 3339 HK LONKING HOLDINGS LTD HKD % HK ZOOMLION HEAVY INDUSTRY - H HKD HK FIRST TRACTOR CO-H HKD % HK HAITIAN INTERNATIONAL HLDGS HKD % HK SANY HEAVY EQUIPMENT INTL HKD HK CHINA INTERNATIONAL MARINE-H HKD % HK CIMC ENRIC HOLDINGS LTD HKD Average A-share peers CH SANY HEAVY INDUSTRY CO LTD-A CNY % CH TAIYUAN HEAVY INDUSTRY CO-A CNY CH INNER MONGOLIA NORTH HAULE-A CNY CH ANHUI HELI CO LTD-A CNY % CH XIAMEN XGMA MACHINERY CO L-A CNY CH ZOOMLION HEAVY INDUSTRY S-A CNY CH XCMG CONSTRUCTION MACHIN-A CNY % CH GUANGXI LIUGONG MACHINERY-A CNY % Average International peers CAT US CATERPILLAR INC EUR % DE US DEERE & CO EUR % TEX US TEREX CORP USD JP KUBOTA CORP USD JP KOMATSU LTD USD % JP HITACHI LTD USD % JP TADANO LTD USD % Average Market Cap (USD m) Sources: Bloomberg, GF Securities (Hong Kong) Note: Updated as of Jan 9,
5 Rating definitions Benchmark: Hong Kong Hang Seng Index Time horizon: 12 months Company ratings Buy Stock expected to outperform benchmark by more than 15% Accumulate Stock expected to outperform benchmark by more than 5% but not more than 15% Hold Expected stock relative performance ranges between -5% and 5% Underperform Stock expected to underperform benchmark by more than 5% Sector ratings Positive Sector expected to outperform benchmark by more than 10% Neutral Expected sector relative performance ranges between -10% and 10% Cautious Sector expected to underperform benchmark by more than 10% Analyst Certification The research analyst(s) primarily responsible for the content of this research report, in whole or in part, certifies that with respect to the company or relevant securities that the analyst(s) covered in this report: (1) all of the views expressed accurately reflect his or her personal views on the company or relevant securities mentioned herein; and (2) no part of his or her remuneration was, is, or will be, directly or indirectly, in connection with his or her specific recommendations or views expressed in this research report. Disclosure of Interests (1) The proprietary trading division of GF Securities (Hong Kong) Brokerage Limited ( GF Securities (Hong Kong) ) and/or its affiliated or associated companies do not hold any shares of the securities mentioned in this research report. (2) GF Securities (Hong Kong) and/or its affiliated or associated companies do not have any investment banking relationship with the companies mentioned in this research report in the past 12 months. (3) Neither the analyst(s) preparing this report nor his/her associate(s) serves as an officer of the company mentioned in this report and has any financial interests or hold any shares of the securities mentioned in this report. Disclaimer This report is prepared by GF Securities (Hong Kong). It is published solely for information purpose and does not constitute an offer to buy or sell any securities or a solicitation of an offer to buy, or recommendation for investment in, any securities. The research report is intended solely for use of the clients of GF Securities (Hong Kong). The securities mentioned in the research report may not be allowed to be sold in certain jurisdictions. No action has been taken to permit the distribution of the research reports to any person in any jurisdiction that the circulation or distribution of such research report is unlawful. No representation or warranty, either express or implied, is made by GF Securities (Hong Kong) as to their accuracy and completeness of the information contained in the research report. GF Securities (Hong Kong) accepts no liability for all loss arising from the use of the materials presented in the research report, unless is excluded by applicable laws or regulations. Please be aware of the fact that investments involve risks and the price of securities may be fluctuated and therefore return may be varied, past results do not guarantee future performance. Any recommendation contained in the research report does not have regard to the specific investment objectives, financial situation and the particular needs of any individuals. The report is not to be taken in substitution for the exercise of judgment by respective recipients of the report, where necessary, recipients should obtain professional advice before making investment decisions. GF Securities (Hong Kong) may have issued, and may in the future issue, other communications that are inconsistent with, and reach different conclusions from, the information presented in the research report. The points of view, opinions and analytical methods adopted in the research report are solely expressed by the analysts but not that of GF Securities (Hong Kong) or its affiliates. The information, opinions and forecasts presented in the research report are the current opinions of the analysts as of the date appearing on this material only which may subject to change at any time without notice. The salesperson, dealer or other professionals of GF Securities (Hong Kong) may deliver opposite points of view to their clients and the proprietary trading division with respect to market commentary or dealing strategy either in writing or verbally. The proprietary trading division of GF Securities (Hong Kong) may have different investment decision which may be contrary to the opinions expressed in the research report. GF Securities (Hong Kong) or its affiliates or respective directors, officers, analysts and employees may have rights and interests in securities mentioned in the research report. Recipients should be aware of relevant disclosure of interest (if any) when reading the report. Copyright GF Securities (Hong Kong) Brokerage Limited. Without the prior written consent obtained from GF Securities (Hong Kong) Brokerage Limited, any part of the materials contained herein should not (i) in any forms be copied or reproduced or (ii) be re-disseminated. GF Securities (Hong Kong) Brokerage Limited. All rights reserved /F, Li Po Chun Chambers, 189 Des Voeux Road Central, Hong Kong Tel: Fax: Website: 5
CRRC (1766 HK) Accumulate (maintained) Target price: HK$8.20. Weak 1H17 results, but management s optimistic view on EMU orders eases market concern
Equity Research Rail Equipment CRRC (1766 HK) Accumulate (maintained) Target price: HK$8.2 Dominic Chan, CFA, FRM SFC CE No. APP69 dominicchan@gfgroup.com.hk +852 3719 1218 GF Securities (Hong Kong) Brokerage
More informationChinese Banking Sector
Equity Research Financials Jan 17, 218 Chinese Banking Sector Positive (maintained) Strong loan demand expected; intensified competition in deposits Wang Wen SFC CE No. BGL298 wangwen@gfgroup.com.hk +86
More informationAnta Sports (2020 HK)
Equity Research Consumer Discretionary Anta Sports (2020 HK) Buy (maintained) Target price: HK$18.50 Product mix improvement in 4Q15 order book 4Q15 order book kept at low-teen, better product mix Order
More informationLuk Fook (590 HK) Hold Target price: HK$ Downgrade to Hold on more challenging HK & Macau market outlook. Equity Research Consumer Discretionary
Equity Research Consumer Discretionary Luk Fook (590 HK) Hold Target price: HK$24.60 Albert Yip, CFA SFC CE No. ADT599 albertyip@gfgroup.com.hk +852 3719 1010 GF Securities (Hong Kong) Brokerage Limited
More informationHK Retail Sector Monthly
Equity Research Consumer Discretionary May 4, 218 HK Retail Sector Monthly March retail sales jump 11.2%; momentum continued into April and Labor Day holiday Albert Yip, CFA SFC CE No. ADT599 albertyip@gfgroup.com.hk
More informationPICC Group (1339 HK)
Equity Research Financials PICC Group (1339 HK) Accumulate (Maintained) Target price: HK$4.40 Company undervalued; maintain Accumulate Positive signs for both the P&C sector in China and PICC P&C We see
More information2H17 Securities Sector Outlook
Equity Research Financials 2H17 Securities Sector Outlook Positive outlook for Chinese brokers in Hong Kong Felix Luo SFC CE No. AQF573 felixluo@gfgroup.com.hk +852 3719 1048 GF Securities (Hong Kong)
More informationAnta Sports (2020 HK)
Equity Research Consumer Discretionary Anta Sports (2020 HK) Buy (maintained) Target price: HK$18.50 Strong FY14 results; order book momentum maintained FY14 results above expectation Net profit jumped
More information2018 Insurance Sector Outlook
Equity Research Financials 2018 Insurance Sector Outlook Positive (maintained) Felix Luo SFC CE No. AQF573 felixluo@gfgroup.com.hk +852 3719 1048 GF Securities (Hong Kong) Brokerage Limited 29-30/F, Li
More informationChow Tai Fook (1929 HK)
Equity Research Consumer Discretionary Chow Tai Fook (1929 HK) Accumulate Target price: HK$11.60 3QFY15 sales disappoint SSS plunge 21% YoY in HK and Macau The sluggish sales was attributable to protest
More informationGoodbaby (1086 HK) Buy (maintained) Target price: HK$ H16 results miss, but margin expansion continues. Equity Research Consumer Discretionary
Equity Research Consumer Discretionary Goodbaby (1086 HK) Buy (maintained) Target price: HK$4.20 1H16 results miss, but margin expansion continues Maintain Buy Net profit rose 21% YoY to HK$107m in 1H16,
More informationLuk Fook (590 HK) Strong 1Q gem-set SSS in China. Core profit (HK$ m) Net profit (HK$ m) Turnover (HK$ m)
Equity Research Consumer Discretionary Luk Fook (590 HK) Hold (maintained) Target price: HK$23.10 Strong 1Q gem-set SSS in China China gem-set SSS outperformed CTF SSS in China improved from -5% in 1QFY15
More informationKingsoft (3888 HK) Buy (maintained) Target price: HK$ Q16 results in line, renewed growth outlook; maintain Buy with target price of HK$20.
Equity Research Information Technology Kingsoft (3888 HK) Buy (maintained) Target price: HK$2.77 2Q16 results in line, renewed growth outlook; maintain Buy with target price of HK$2.77 2Q16 results in
More informationYuexiu REIT (405 HK)
Equity Research Property Yuexiu REIT (405 HK) Buy (initiation) Target price: HK$5.90 Premium investment property portfolio, attractive dividend yield; initiate at Buy First HK-listed China property REIT,
More informationChina Modern Dairy (1117 HK)
Equity Research Consumer staples China Modern Dairy (1117 HK) Underperform (Downgraded) Target price: HK$2.75 ASP outlook worsens on China Mengniu settlement price cut Milk powder inventory destocking
More informationAnta Sports (2020 HK)
Equity Research Consumer Discretionary Anta Sports (2020 HK) Hold (downgraded) Target price: HK$22.80 Albert Yip, CFA SFC CE No. ADT599 albertyip@gfgroup.com.hk +852 3719 1010 GF Securities (Hong Kong)
More informationKingsoft (3888 HK) Buy (maintained) Target price: HK$ Strong earnings recovery ahead amid continued revenue momentum; maintain Buy
Equity Research Information Technology Mar 29, 216 Kingsoft (3888 HK) Buy (maintained) Target price: HK$24.7 Strong earnings recovery ahead amid continued revenue momentum; maintain Buy FY1 results in
More informationKingsoft (3888 HK) Buy (maintained) Target price: HK$20.77
Equity Research Information Technology May 24, 216 Kingsoft (3888 HK) Buy (maintained) Target price: HK$2.77 Full-year earnings forecast trimmed as 1Q16 results miss; maintain Buy but lower target price
More informationChow Sang Sang (116 HK)
Equity Research Consumer Discretionary Chow Sang Sang (116 HK) Hold (maintained) Target price: HK$14.00 1H16 China sales outperformed peers; still cautious on HK market Maintain Hold We revise down our
More informationChow Tai Fook (1929 HK)
Equity Research Consumer Discretionary Hold (maintained) Target price: HK$8.50 Albert Yip, CFA SFC CE No. ADT599 albertyip@gfgroup.com.hk +852 3719 1010 GF Securities (Hong Kong) Brokerage Limited 29-30/F,
More information2H18 Hong Kong Market Strategy
Equity Research Investment Strategy 2H18 Hong Kong Market Strategy Focus on stocks related to domestic demand amid volatility Ou Yafei SFC CE No. BFN410 oyf@gf.com.cn +86 20 8757 3009 GF Securities (Hong
More informationChina Life Insurance Sector
Research Sector Report Hong Kong China Undervalued; Maintain Positive on long-term outlook China has released a series of policies for the insurance sector following the third Plenum of China. Some policies
More informationLeju Holdings (LEJU US)
Equity Research Property Leju Holdings (LEJU US) Hold (Initiation) Target price: US$16.00 Fairly valued major real estate services provider; initiate at Hold Major real estate services provider in China
More informationDaphne (210 HK) Hold (maintained) Target price: HK$1.07. Takeaways from company visit. Equity Research Consumer Discretionary.
Equity Research Consumer Discretionary Daphne (21 HK) Hold (maintained) Target price: HK$1.7 Takeaways from company visit Maintain Hold We recently visited Daphne to gain a more in-depth insight into its
More informationChina Property Monthly
Research Sector Report China Property Monthly Hong Kong China GFA sold declined by 6.9% yoy as of April GFA sold declined by 6.9% yoy as of April. According to China NBS, as of April 2014, real estate
More information2018 A-Share Market Strategy
Equity Research 2018 A-Share Market Strategy Favor high growth mid-caps that are improving their product offerings Alex Fan, CFA SFC CE No. ADJ672 alexfan@gfgroup.com.hk +852 3719 1047 With contribution
More informationGeely Auto (175 HK) EPS (Rmb) Turnover (Rmb m) Net profit. Sources: Company data, GF Securities (Hong Kong)
Equity Research Auto Geely Auto (175 HK) Buy (maintained) Target price: HK$ 33.29 Chongjing Deng SFC CE No. BEY953 dengchongjing@gf.com.cn +86 2 8757 6482 GF Securities (Hong Kong) Brokerage Limited 29-3/F,
More informationChina Banking Sector
Equity Research Financials China Banking Sector Positive (maintained) Wang Wen SFC CE No. BGL298 wangwen@gf.com.cn +86 755 8826 1286 With contribution from the GF A-share research team. GF Securities (Hong
More informationChina TCM (570 HK) Buy (maintained) Target price: HK$ H17 earnings beat, 2017 growth guidance reaffirmed; TP raised to HK$5.
Oct-14 Dec-14 Feb-15 Apr-15 Jun-15 Aug-15 Oct-15 Dec-15 Feb-16 Apr-16 Jun-16 Aug-16 Oct-16 Dec-16 Feb-17 Apr-17 Jun-17 Equity Research Healthcare China TCM (570 HK) Buy (maintained) Target price: HK$5.40
More informationChina P&C Insurance Sector
Research Sector Report Hong Kong China Valuation not attractive enough; Downgrade to Neutral Industry-wide Combined Ratio has increased since 2013. For example, PICC P&C s (02328) aggregate combined ratio
More informationSunny Optical (2382 HK)
Equity Research Tech Hardware Optical (2382 HK) Industry leadership continues to strengthen on optical and optoelectronic products Ou Yafei SFC CE No. BFN41 oyf@gf.com.cn +86 2 8757 39 GF Securities (Hong
More informationIndustrial Robots. Breakthrough for core components; import substitution accelerating. Equity Research Machinery. Jun 21, 2018
Equity Research Machinery Industrial Robots Breakthrough for core components; import substitution accelerating Ou Yafei SFC CE No. BFN410 oyf@gf.com.cn +86 20 8757 3009 GF Securities (Hong Kong) Brokerage
More informationPeak Sport (1968 HK)
Equity Research Consumer Discretionary Sport (1968 HK) Buy (maintained) Target price: HK$2.41 Signing of NBA All-Star player to enhance brand equity and ease concerns Signing of Dwight Howard to enhance
More informationLuk Fook (590 HK) Hold (maintained) Target price: HK$ In line results, 1QFY17 remains weak. Equity Research Consumer Discretionary.
Equity Research Consumer Discretionary Luk Fook (590 HK) Hold (maintained) Target price: HK$16.50 In line results, 1QFY17 remains weak In line results Net profit slumped 41% YoY to HK$959m in 1QFY17, in
More informationChina Pulse Check: Steel Sector
Equity Research Sector Watch China Pulse Check: Steel Sector Prices to grow moderately in May, sector earnings to improve significantly Ou Yafei SFC CE No. BFN410 oyf@gf.com.cn +86 20 8757 3009 GF Securities
More informationUS 10Y Treasury Yield: Framework and Forecasts
US Y Treasury Yield: Framework and Forecasts Minggao Shen, PhD SFC CE No. ATQ771 minggaoshen@gfgroup.com.hk + 719 Jianghui Chen, PhD SFC CE No. BLG georgechen@gfgroup.com.hk + 719 Thanks to Zheng Ying*
More informationLuk Fook (590 HK) Hold (downgraded) Target price: HK$ HFY18 results beat, but downgrade from Accumulate to Hold on rich valuation
Equity Research Consumer Discretionary Luk Fook (590 HK) Hold (downgraded) Target price: HK$34.80 Albert Yip, CFA SFC CE No. ADT599 albertyip@gfgroup.com.hk +852 3719 1010 GF Securities (Hong Kong) Brokerage
More informationBrilliance China (1114 HK)
Equity Research Consumer Discretionary Brilliance China (1114 HK) Buy (maintained) Target price: HK$25.75 New 5 Series continues to drive new product cycle, highly anticipated X3 SUV to be launched in
More informationChina Pulse Check: Coal Sector
Equity Research China Pulse Check China Pulse Check: Coal Sector Thermal coal price stabilized, eyes on maintenance of the Daqin line and winter restocking Ou Yafei SFC CE No. BFN41 oyf@gf.com.cn +86 2
More informationJewelry Sector. YTD HK market stronger-than-expected; FY18 results could beat. Equity Research Consumer Discretionary. Mar 12, 2018.
Equity Research Consumer Discretionary Jewelry Sector YTD HK market stronger-than-expected; FY18 results could beat Albert Yip, CFA SFC CE No. ADT599 albertyip@gfgroup.com.hk +852 3719 1010 GF Securities
More information2018 A-Share Defense Sector Outlook
Equity Research Defense Sector 218 A-Share Defense Sector Outlook Sector likely to experience upcycle over next three years Alex Fan, CFA SFC CE No. ADJ672 alexfan@gfgroup.com.hk +852 3719 147 GF Securities
More informationDim Sum Express. A-Share Market. Hong Kong Market. Equity Research. Mar 23, 2016
Equity Research Dim Sum Express Key index performance Chg (%) EPS (%) P/E Market 1D 1M YTD 15E 16E 15E 16E HSI -0.1 6.4-5.7 11.4 3.6 9.8 9.5 HSCEI -0.3 8.9-7.9 9.2-1.2 6.5 6.5 MXCN -0.1 8.2-5.6 13.8 4.1
More informationPapermaking Sector. Waste import regulations coming into effect; still positive on domestic waste price increases. Equity Research Light Industry
Equity Research Light Industry Papermaking Sector Waste import regulations coming into effect; still positive on domestic waste price increases Alex Fan, CFA SFC CE No. ADJ672 alexfan@gfgroup.com.hk +852
More informationIGG (799 HK) Buy (maintained) Target price: HK$3.75. Strengthened global operation and development capability; maintain Buy but cut TP to HK$3.
Equity Research Information Technology IGG (799 HK) Buy (maintained) Target price: HK$3.7 Strengthened global operation and development capability; maintain Buy but cut TP to HK$3.7 Lowerthanexpected 2Q
More informationMarket Snapshot. Further re-rating of low valuation sectors ahead; high growth sectors to recover. Equity Research Investment Strategy.
Equity Research Market Snapshot Further re-rating of low valuation sectors ahead; high growth sectors to recover Alex Fan, CFA SFC CE No. ADJ672 alexfan@gfgroup.com.hk +852 3719 1047 GF Securities (Hong
More informationDim Sum Express. A-Share Market. Hong Kong Market. Equity Research. May 10, 2016
Equity Research Dim Sum Express Key index performance Chg (%) EPS (%) P/E Market 1D 1M YTD 15E 16E 15E 16E HSI 0.2-1.0-8.0 10.5 10.5 9.8 8.9 HSCEI -0.3-2.9-12.5 9.3 7.6 6.4 5.9 MXCN -0.3-3.2-9.3 13.8 10.3
More informationXtep International (1368 HK)
Equity Research Consumer Discretionary International (1368 HK) Hold (Initiation) Target price: HK$3.66 Albert Yip, CFA SFC CE No. ADT599 albertyip@gfgroup.com.hk +852 3719 1010 GF Securities (Hong Kong)
More informationElectrode Foil Industry
Equity Research Electrode Foil Industry Electrode Foil Industry Supply still weaker than demand, prices to continue to rise Ou Yafei SFC CE No. BFN410 oyf@gf.com.cn +86 20 8757 3009 GF Securities (Hong
More informationYuexiu Property (123 HK)
Equity Research Property Yuexiu Property (123 HK) Buy (initiation) Target price: HK$1.70 Earnings to resume growth in 2017; initiate at Buy Major Guangzhou developer focused on residential property Previously
More informationDim Sum Express. A-Share Market. Hong Kong Market. Equity Research. Jul 6, 2016
Equity Research Key index performance Chg (%) EPS (%) P/E Market 1D 1M YTD 15E 16E 15E 16E HSI -1.5-1.3-5.3 10.2 10.5 10.4 9.4 HSCEI -1.8-2.5-10.5 8.8 8.5 6.8 6.2 MXCN -1.4-1.4-6.8 14.9 12.6 10.0 8.9 SHSZ300
More informationTargeted RRR cut. Targeted RRR cut not signifying a reversal in neutral monetary policy. Equity Research Investment Strategy.
Equity Research Investment Strategy Targeted RRR cut Targeted RRR cut not signifying a reversal in neutral monetary policy Ou Yafei SFC CE No. BFN410 oyf@gf.com.cn +86 20 8757 3009 GF Securities (Hong
More information2H16 Power Equipment Sector Outlook
Equity Research Industrials 2H16 Power Equipment Sector Outlook Opportunities in power grid construction Dominic Chan, CFA, FRM SFC CE No. APP609 dominicchan@gfgroup.com.hk +852 3719 1218 GF Securities
More informationDim Sum Express. A-Share Market. Hong Kong Market. Equity Research. Aug 5, 2014
Equity Research Dim Sum Express Alex Fan, CFA Head of Research SFC CE No. ADJ672 alexfan@gfgroup.com.hk +852 3719 1047 Ryan Zhu Research Analyst SFC CE No. BDK820 zhuran@gfgroup.com.hk +86 0755 88263160
More information2H18 Hong Kong TMT Sector Outlook
Equity Research TMT 2H18 Hong Kong TMT Sector Outlook Optical leaders benefiting from increased penetration of dual-cameras and 3D sensing; semiconductors to enter development upcycle Ou Yafei SFC CE No.
More informationA-Share Securities Sector
Equity Research Financials AShare Securities Sector Trading recovered; 19 listed brokers saw May net profit up 24% Ou Yafei SFC CE No. BFN410 oyf@gf.com.cn +86 20 8757 3009 GF Securities (Hong Kong) Brokerage
More informationCrude Oil Price Outlook
Crude Oil Price Outlook Positivity from risk appetite, supply-demand structure and Middle East tensions Minggao Shen SFC CE No. ATQ771 minggaoshen@gfgroup.com.hk +852 3719 1055 GF Securities (Hong Kong)
More informationDim Sum Express. A-Share Market. Hong Kong Market. Equity Research. May 5, 2017
Equity Research Dim Sum Express Key index performance Chg (%) EPS (%) P/E Market 1D 1M YTD 17E 18E 17E 18E HSI -0.1 1.2 12.2 10.2 9.4 12.3 11.2 HSCEI -0.8-2.7 7.4 1.1 9.1 8.1 7.5 MXCN -0.8 1.0 15.7 14.0
More informationFar East Horizon (3360 HK)
Equity Research Financials Far East Horizon (3360 HK) Buy (upgraded) Target price: HK$9.30 Wang Wen SFC CE No. BGL298 wangwen@gfgroup.com.hk +86 755 8826 1286 GF Securities (Hong Kong) Brokerage Limited
More informationDim Sum Express. A-Share Market. Equity Research. Jun 27, 2018
Equity Research Dim Sum Express Key index performance Chg (%) EPS (%) P/E Market 1D 1M YTD 18E 19E 18E 19E HSI -0.3-5.6-3.5 40.7 10.5 11.4 10.3 HSCEI -0.8-7.7-5.0 21.4 10.3 7.6 6.9 MXCN -0.6-5.5-1.7 54.4
More informationDim Sum Express. A-Share Market. Hong Kong Market. Equity Research. Feb 16, 2017
Equity Research Dim Sum Express Key index performance Chg (%) EPS (%) P/E Market 1D 1M YTD 16E 17E 16E 17E HSI 1.2 5.6 9.1-11.4 9.0 12.0 11.0 HSCEI 1.8 8.0 11.1-14.7 8.2 8.5 7.8 MXCN 1.1 7.1 11.3-15.5
More informationExport-oriented dividend yield play; initiate at Hold. Net profit (US$ m) Turnover (US$ m) YoY chg (%)
Equity Research Information Technology VTech (303 HK) Hold (initiation) Target price: HK$109.00 Exportoriented dividend yield play; initiate at Hold Initiate at Hold We initiate coverage of VTech with
More informationChow Tai Fook (1929 HK)
Equity Research Consumer Discretionary Chow Tai Fook (1929 HK) Accumulate (initiation) Target price: HK$11.70 Albert Yip, CFA SFC CE No. ADT599 albertyip@gfgroup.com.hk +852 3719 1010 GF Securities (Hong
More informationYili ( CH) Improved margins in 1Q17 May 8, 2017
Yili (600887 CH) Improved margins in 1Q17 In 1Q17, Yili s revenue, gross profit, and net profit grew 3.03% YoY, 10.49% YoY and 11.58% YoY The Group s NPM improved from 9.34% in FY16 to 10.98% in 1Q17;
More informationDim Sum Express. A-Share Market. Hong Kong Market. Equity Research. Aug 1, 2017
Equity Research Dim Sum Express Key index performance Chg (%) EPS (%) P/E Market 1D 1M YTD 17E 18E 17E 18E HSI 1.3 6.1 24.2 12.1 9.0 13.1 12.0 HSCEI 0.7 4.5 15.3 3.4 8.8 8.6 7.9 MXCN 0.8 8.4 35.0 17.9
More informationChina Pulse Check: Building Materials Sector
Equity Research Sector Watch China Pulse Check: Building Materials Sector Demand recovery in line with expectation, watch for sector opportunities Ou Yafei SFC CE No. BFN410 oyf@gf.com.cn +86 20 8757 3009
More informationLuk Fook (590 HK) Buy (initiation) Target price: HK$ Strong China growth, undemanding valuation; initiate at Buy
Equity Research Consumer Discretionary Luk Fook (59 HK) Buy (initiation) Target price: HK$28.8 Albert Yip, CFA SFC CE No. ADT599 albertyip@gfgroup.com.hk +852 3719 11 GF Securities (Hong Kong) Brokerage
More informationChina Auto Sector. Manageable impact from reduction in import tariffs on domestic auto market. Equity Research Auto. Mar 28, 2018
Equity Research Auto Mar 28, 218 China Auto Sector Manageable impact from reduction in import tariffs on domestic auto market Chongjing Deng SFC CE No. BEY953 dengchongjing@gf.com.cn +86 2 8757 6482 With
More informationKingboard Laminates (1888 HK)
Equity Research Information Technology Kingboard Laminates (1888 HK) Accumulate (initiation) Target price: HK$3.44 Value and dividend yield play; initiate at Accumulate Initiation at Accumulate rating
More informationCompany Update. China Oriental Group (581 HK) Rating: Buy; TP: HK$8.4. HK equity market China Materials Steel. 04 Sep Reverse NDR Takeaways
Company Update HK equity market China Materials Steel China Oriental Group (581 HK) Reverse NDR Takeaways Last week, we hosted a reverse NDR with China Oriental Group (COG) in Shanghai, which was generally
More informationMaple Leaf (1317 HK)
Equity Research Consumer Discretionary Maple Leaf (1317 HK) Buy (maintained) Target price: HK$8.00 Student number below expectation, but company still benefitting from China s rising middle class Albert
More informationDim Sum Express. Hong Kong Market. Equity Research. Feb 5, 2018
Equity Research Dim Sum Express Key index performance Chg (%) EPS (%) P/E Market 1D 1M YTD 17E 18E 17E 18E HSI -0.1 5.8 9.0 42.8 10.5 12.7 11.5 HSCEI 0.8 10.9 15.6 31.8 10.8 8.6 7.7 MXCN -0.5 4.3 10.2
More informationDim Sum Express. A-Share Market. Hong Kong Market. Equity Research. Jan 9, 2015
Equity Research Key index performance Chg (%) EPS (%) P/E Market 1D 1M YTD 14E 15E 14E 15E HSI 0.7 1.5 1.0 3.5 10.0 10.7 9.8 HSCEI 0.3 6.1 0.3 11.9 9.8 7.9 7.2 MXCN 0.8 5.4 2.5 7.6 11.5 9.7 8.7 SHSZ300-2.3
More informationDim Sum Express. A-Share Market. Hong Kong Market. Equity Research. Mar 5, 2015
Equity Research Dim Sum Express Key index performance Chg (%) EPS (%) P/E Market 1D 1M YTD 14E 15E 14E 15E HSI -1.0-1.2 3.6-1.9 11.8 11.6 10.4 HSCEI -1.7-0.4-2.1 5.3 12.6 8.2 7.2 MXCN -1.0-0.5 3.2 2.6
More informationDim Sum Express. A-Share Market. Hong Kong Market. Equity Research. Jan 12, 2018
Equity Research Dim Sum Express Key index performance Chg (%) EPS (%) P/E Market 1D 1M YTD 17E 18E 17E 18E HSI 0.2 8.1 4.0 38.0 10.2 12.6 11.4 HSCEI 0.1 8.7 5.0 25.9 10.7 8.2 7.4 MXCN -0.5 9.5 6.1 48.0
More informationChina Pulse Check: Coal Sector
Equity Research Sector Watch China Pulse Check: Coal Sector Daily coal consumption has begun to recover, seasonal peak for thermal coal down the road Ou Yafei SFC CE No. BFN41 oyf@gf.com.cn +86 2 877 39
More informationDim Sum Express. A-Share Market. Hong Kong Market. Equity Research. Sep 29, 2017
Equity Research Dim Sum Express Key index performance Chg (%) EPS (%) P/E Market 1D 1M YTD 17E 18E 17E 18E HSI -0.8-1.2 24.6 21.5 8.9 12.6 11.5 HSCEI -1.5-3.7 15.7 8.2 9.5 8.4 7.7 MXCN -1.1 1.0 40.3 25.2
More informationDim Sum Express. A-Share Market. Hong Kong Market. Equity Research. Nov 14, 2017
Equity Research Dim Sum Express Key index performance Chg (%) EPS (%) P/E Market 1D 1M YTD 17E 18E 17E 18E HSI 0.2 2.5 32.6 22.5 8.8 13.3 12.2 HSCEI -0.5 1.4 24.4 9.1 9.6 8.9 8.2 MXCN 0.0 3.0 52.1 26.3
More informationDim Sum Express. A-Share Market. Hong Kong Market. Equity Research. Feb 23, 2016
Equity Research Key index performance Chg (%) EPS (%) P/E Market 1D 1M YTD 15E 16E 15E 16E HSI 0.9 2.0-11.2 11.7 6.0 8.9 8.4 HSCEI 1.3 1.4-14.9 10.0-7.9 5.8 6.3 MXCN 1.0 2.1-12.2 14.5 2.9 8.1 7.8 SHSZ300
More informationDim Sum Express. A-Share Market. Hong Kong Market. Equity Research. Nov 16, 2016
Equity Research Dim Sum Express Key index performance Chg (%) EPS (%) P/E Market 1D 1M YTD 16E 17E 16E 17E HSI 0.5-3.9 1.9-11.4 9.4 12.4 11.3 HSCEI 0.6-2.1-2.7-14.7 8.5 8.3 7.7 MXCN 0.9-5.3 0.0-15.5 14.3
More informationDim Sum Express. A-Share Market. Hong Kong Market. Equity Research. Feb 14, 2017
Equity Research Dim Sum Express Key index performance Chg (%) EPS (%) P/E Market 1D 1M YTD 16E 17E 16E 17E HSI 0.6 3.4 7.8-11.4 9.2 11.9 10.9 HSCEI 1.3 4.8 9.2-14.7 8.4 8.4 7.7 MXCN 1.0 5.3 10.6-15.5 12.9
More informationDim Sum Express. A-Share Market. Hong Kong Market. Equity Research. Jun 24, 2016
Equity Research Key index performance Chg (%) EPS (%) P/E Market 1D 1M YTD 15E 16E 15E 16E HSI 0.4 5.2-4.8 10.3 10.1 10.3 9.4 HSCEI 0.3 5.8-9.1 8.7 8.2 6.8 6.3 MXCN 0.2 3.6-6.7 14.5 12.5 9.9 8.8 SHSZ300-0.5
More informationDim Sum Express. A-Share Market. Hong Kong Market. Equity Research. Feb 16, 2015
Equity Research Dim Sum Express Key index performance Chg (%) EPS (%) P/E Market 1D 1M YTD 14E 15E 14E 15E HSI 1.1 2.4 4.6 0.0 11.3 11.5 10.3 HSCEI 1.2-1.3-0.5 6.8 11.4 8.2 7.3 MXCN 1.1 1.4 4.0 3.9 13.1
More informationDim Sum Express. A-Share Market. Hong Kong Market. Equity Research. Jun 5, 2017
Equity Research Dim Sum Express Key index performance Chg (%) EPS (%) P/E Market 1D 1M YTD 17E 18E 17E 18E HSI 0.4 5.9 17.8 12.1 9.0 12.8 11.7 HSCEI 0.4 7.5 13.5 3.4 8.4 8.5 7.9 MXCN 0.2 7.6 23.6 17.9
More informationDim Sum Express. A-Share Market. Hong Kong Market. Equity Research. Jul 23, 2015
Equity Research Dim Sum Express Key index performance Chg (%) EPS (%) P/E Market 1D 1M YTD 14E 15E 14E 15E HSI -1.0-7.5 7.1-3.2 10.0 12.2 11.1 HSCEI -1.2-13.8-2.1 2.0 10.0 8.4 7.7 MXCN -1.3-10.9 4.9 0.9
More informationZoomlion Heavy Industry (1157) BUY 12-month target price at HK$13.59
Key Data H-share price (31/5/2012) HK$11.38 Price target HK$13.59 Upside potential 19.4% 52Wk H/L(HK$) 16.44 / 7.19 Issued shares (mn) 7,706 H-share 1,430 A-share 6,276 H-share market cap (HK$mn) 16,273
More informationDim Sum Express. A-Share Market. Hong Kong Market. Equity Research. Aug 12, 2016
Equity Research Dim Sum Express Key index performance Chg (%) EPS (%) P/E Market 1D 1M YTD 15E 16E 15E 16E HSI 0.4 6.4 3.0 10.3 10.4 11.3 10.3 HSCEI 1.2 6.4-2.5 10.0 8.4 7.4 6.8 MXCN 1.2 6.0 1.4 15.1 12.6
More informationDim Sum Express. A-Share Market. Hong Kong Market. Equity Research. Mar 6, 2018
Equity Research Dim Sum Express Key index performance Chg (%) EPS (%) P/E Market 1D 1M YTD 17E 18E 17E 18E HSI -2.3-2.3-0.1 41.4 10.9 11.8 10.6 HSCEI -1.7-5.5 2.4 25.6 11.3 8.0 7.2 MXCN -1.4-1.1 2.6 53.1
More informationDim Sum Express. A-Share Market. Hong Kong Market. Equity Research. Aug 19, 2014
Equity Research Dim Sum Express Alex Fan, CFA Head of Research SFC CE No. ADJ672 alexfan@gfgroup.com.hk +852 3719 1047 Dennis Yao Research Analyst SFC CE No. ALK994 dennisyao@gfgroup.com.hk +852 3719 1065
More informationSolar Sector Update The feed-in-tariff is rolling out
. The feed-in-tariff is rolling out Equity Research Tue, 02 Aug 2011 Alternative energy/ China Sector Update The long-awaited feed-in-tariff is finally announced by the NDRC. According to NDRC website
More informationDim Sum Express. A-Share Market. Hong Kong Market. Equity Research. Jun 7, 2016
Equity Research Dim Sum Express Key index performance Chg (%) EPS (%) P/E Market 1D 1M YTD 15E 16E 15E 16E HSI 0.4 4.6-4.0 10.5 11.5 10.4 9.4 HSCEI 0.6 4.6-8.2 9.0 8.4 6.8 6.2 MXCN 0.8 3.8-5.5 14.8 12.4
More informationDim Sum Express. A-Share Market. Hong Kong Market. Equity Research. Oct 3, 2016
Equity Research Dim Sum Express Key index performance Chg (%) EPS (%) P/E Market 1D 1M YTD 16E 17E 16E 17E HSI -1.9 0.1 6.3-10.4 9.7 12.8 11.6 HSCEI -2.2-1.1-0.8-13.4 9.0 8.4 7.7 MXCN -1.7 1.1 6.2-15.0
More informationYum Cha 飲茶. November 17, 2014 TALKING POINTS CHART OF THE DAY CHINA S SLOWING CREDIT GROWTH SPURS INTEREST IN YIELDS. INDICES Closing DoD%
Yum Cha 飲茶 November 17, 2014 CHART OF THE DAY CHINA S SLOWING CREDIT GROWTH SPURS INTEREST IN YIELDS INDICES Closing DoD% Hang Seng Index 24,087.4 0.3 HSCEI 10,761.5 (0.4) Shanghai COMP 2,478.8 (0.3) Shenzhen
More informationDim Sum Express. A-Share Market. Hong Kong Market. Equity Research. Oct 27, 2014
Equity Research Dim Sum Express Key index performance Chg (%) EPS (%) P/E Market 1D 1M YTD 14E 15E 14E 15E HSI -0.1-1.6 0.0 1.2 8.2 10.7 9.9 HSCEI -0.5-1.8-3.9 8.1 8.3 7.0 6.5 MXCN -0.1-1.9-1.5 3.7 9.8
More informationDim Sum Express. A-Share Market. Hong Kong Market. Equity Research. May 24, 2017
Equity Research May 24, 217 Dim Sum Express Key index performance Chg (%) EPS (%) P/E Market 1D 1M YTD 17E 18E 17E 18E HSI.1 5.2 15.5 11.8 9.1 12.6 11.5 HSCEI.2 2.8 1.6 3.2 8.7 8.4 7.7 MXCN -.3 5.8 21.8
More informationChina Construction Machinery Sector
Asia Pacific/China Equity Research Construction & Farm Machinery (Construction & Farm Equipment) / UNDERWEIGHT Research Analysts Yang Y. Song 852 2101 6550 yang.y.song@credit-suisse.com Contribution by:
More informationDim Sum Express. Hong Kong Market. Equity Research. Dec 7, 2017
Equity Research Key index performance Chg (%) EPS (%) P/E Market 1D 1M YTD 17E 18E 17E 18E HSI -2.1-2.7 28.3 24.5 9.7 12.6 11.5 HSCEI -2.8-4.1 18.8 12.0 9.8 8.3 7.6 MXCN -1.9-5.4 43.8 28.1 15.0 14.6 12.7
More informationDim Sum Express. A-Share Market. Hong Kong Market. Equity Research. Sep 30, 2014
Equity Research Dim Sum Express Key index performance Chg (%) EPS (%) P/E Market 1D 1M YTD 14E 15E 14E 15E HSI -1.9-6.1-0.3 1.6 8.6 10.7 9.8 HSCEI -1.4-4.8-3.5 8.5 8.5 7.0 6.5 MXCN -1.3-5.4-0.9 4.0 10.2
More informationDim Sum Express. A-Share Market. Hong Kong Market. Equity Research. Sep 25, 2017
Equity Research Key index performance Chg (%) EPS (%) P/E Market 1D 1M YTD 17E 18E 17E 18E HSI -0.8 0.1 26.7 22.3 8.7 12.7 11.7 HSCEI -0.8-1.6 18.2 9.3 9.4 8.5 7.8 MXCN -0.7 3.1 44.3 25.9 14.9 14.9 13.0
More informationChina Pulse Check: Coal Sector
Equity Research Sector Watch Jan 4, 218 China Pulse Check: Coal Sector Sector to see tight supply-demand balance in Jan; watch implementation of coal inventory limits and coal consumption at power plants
More informationCompany Report. TCL Comm (2618 HK) Strong FY15E ahead backed by solid product roadmap in smartphone/wearables/apps/cloud; Reiterate BUY BUY
Company Report China Merchants Securities (HK) Co.Ltd. Hong Kong Equity Research TCL Comm (2618 HK) Strong FY15E ahead backed by solid product roadmap in smartphone/wearables/apps/cloud; Reiterate BUY
More information