VSTï¼856 HKï¼ Strong Buy Sectorï¼IT Hardware
Transcription
VSTï¼856 HKï¼ Strong Buy Sectorï¼IT Hardware
股票报告网整理http://www.nxny.com Initia tion Research Report [Table_MainInfo] 14 April 2015 Strong Buy VST(856 HK) [Table_Title] Sector:IT Hardware [Table_Author] Research Analyst Leading IT product distributor in Asia-Pacific Dennis Chien [Table_Summary] VST is principally engaged in the distribution of information technology products and the provision of enterprise systems and IT services (852) 3983 0835 [email protected] Investment Highlights: HK$ 3.87 (+21.7%) 3.18 Initiation [Table_BaseInfo] Basic Information Total no. of shares 1,525mn Free Floats 35.0% Market Cap HK$ 4,850mn Trading Volume 1,026,023 Trading Turnover HK$ 2,838,585 Aimed to involve more enterprise systems business. The enterprise systems business segment of VST was growing at a CAGR of 20.0% between FY2010 to FY2014. Enterprise systems in this segment refer to servers, cloud data storage, Share [Table_QuotePic] Price Performance etc. We believe VST will be able to benefit from the ongoing development of cloud 856HK Hang Seng Index computing in PRC in terms of revenue and enhance GPM. FY2014 FY2015E FY2016E FY2017E Net Profit to com. Shareholder 41,893 4.1% 626 44,314 5.8% 674 46,001 3.8% 712 47,261 2.7% 745 YoY (%) 19.1% 7.7% 5.7% 4.6% GPM (%) ROE (%) 3.99% 17.0% 3.94% 16.0% 3.99% 15.0% 4.00% 14.0% 0.418 7.75 0.442 7.20 0.467 6.81 0.488 6.51 1.21 1.07 0.95 0.85 Revenue YoY (%) EPS (HK$) P/E (x) P/B (x) 20.0% 10.0% 0.0% -10.0% -20.0% -30.0% -40.0% Please read the analysts and company disclosure and the disclaimer in the last page 14/3/2015 14/2/2015 14/1/2015 14/12/2014 14/11/2014 [Table_Report] Related Research Reports Source: CIS(HK), Bloomberg [Table_MainInfo] 14/9/2014 -50.0% 14/10/2014 Financial Data Unit:Million (HK$) [Table_Profit] 30.0% 14/8/2014 Strong Buy recommendation with target price of HK$3.87. VST trade at 7.20x FY15E PE, implied a 30.1% discount from peers’ average of 10.31x. We predict the valuation discount will be narrowed as VST has a much larger potential to grow given i) the company has entered into many other Asian countries for the past 3 years, ii) just entered into gaming distribution in PRC, namely PS4 and Xbox One, iii) exclusive distributorships of Yota phone in certain regions. We initiate Strong Buy on VST with a target price of HK$3.87, implied a 15% discount of peers FY15E PE. 14/7/2014 Current Price: Change of Rating 14/6/2014 Regional player with excellent operating efficiency. VST is being unique as they have presence in 9 countries with 33,000 reseller network. VST obtained excellent operating efficiency among chosen peers, which justified by the gap difference between GPM and OPM. We believe such result is mainly due to i) good pick of its product portfolio, ii) corporate structure and culture that bring a higher efficiency, iii) good in cost control. We believe GPM and OPM would be the key factors for an I.T. products distributor to be success in the long term. [Table_Target] 6-12m TP: 14/5/2014 E-commerce benefit VST while eliminate small players. While e-commerce is becoming very popular in PRC, VST as a wholesaler has also been benefited from this growing trend. Operating figures from VST showed the total turnover from internet resellers (JD.com, Yixun, Gome, Suning, Amazon) increased 30% yoy to HK$2.6bn in 2014. This suggested the topline of VST contributed by internet resellers has been increased from 5.05% in 2013 to 6.32% in 2014. We believe the e-commerce trend is speeding up the consolidation of I.T. products distribution business, where larger players such as VST, Digital China and Synnex, are going to gain larger market share. 14/4/2014 股票报告网整理http://www.nxny.com Initiation Research Report 2015 年 4 月 14 日 伟仕控股(856 HK) 强烈推荐 行业:资讯科技硬件 [Table_Title] [Table_Author] 作者 [Table_Summary] 署名人:钱仲霖 (852) 3983 0835 [email protected] 亚太区领先的资讯科技产品分销企业 伟仕控股主要业务为分销资讯科技产品以及供应企业系统及资讯科技服务 投资要点: 伟仕控股受益于电子商务,小型竞争对手将被淘汰。电子商务于中国日益 流行,伟仕控股作为资讯科技产品分销商得以亦受惠于该增长趋势。从伟 仕控股的经营数据显示,公司供货给电商(包括京东商城, 易迅网, 国美, 苏宁,亚马逊中国)的总营业额在 2014 年同比增长 30%,增加至港币 26 亿。该互联网电商贡献伟仕控股的营业额占比从 2013 年的 5.05%上升至 2014 年的 6.32%。我们相信电子商务的趋势正在加快资讯科技产品分销 商的整合,其中较大的分销商,如伟仕控股、神州数码及联强,将会获得 更大的市场份额。 区域分销商,拥有良好的运营效率。伟仕控股拥有区域优势,于 9 个国家 设有办事处,共 33000 经销商网络。目前伟仕控股是我们挑选的同行中运 营效率相对较高的,这能体现在毛利率与营业利润率之间的差距。我们相 信这样的结果主要是因为 i)产品组合;ii)企业结构和文化带来了更高的 效率;iii)良好的成本控制。我们相信毛利率和营业利润率将是资讯科技产 品分销商在长期取得成功的关键因素。 涉及更多企业系统业务。 伟仕控股的企业系统业务在 2010 至 2014 财年 之间,营业额複合年均增長达 20.0%。企业系统主要包括商业用途的服务 器,云数据存储等等。我们相信伟仕控股未来将能够从国内云计算产业持 续发展中获益,并提高毛利率水平。 [Table_Target] 6-12 个月目标价:3.87 (+21.7%) 当前股价: 3.18 评级调整: 首发报告 [Table_BaseInfo] 基本资料 总股本(百万股) 1,525 流通量 35.0% 总市值(百万元) 4,850 成交量(百万股) 1,026,023 成交额(百万元) 2,838,585 [Table_QuotePic] 股价表现 恒指 856HK 30.0% 净利润同比(%) 毛利率(%) ROE(%) 每股收益(港元) P/E P/B 资料来源:中投(香港),彭博 19.1% 7.7% 5.7% 4.6% 3.99% 17.0% 3.94% 16.0% 3.99% 15.0% 4.00% 14.0% 0.418 7.75 0.442 7.20 0.467 6.81 0.488 6.51 1.21 1.07 0.95 0.85 14/3/2015 14/2/2015 14/1/2015 14/12/2014 -50.0% 14/11/2014 47,261 2.7% 745 -40.0% 14/9/2014 17 年预测 46,001 3.8% 712 -30.0% 14/10/2014 16 年预测 44,314 5.8% 674 -20.0% 14/8/2014 15 年预测 41,893 4.1% 626 0.0% -10.0% 14/7/2014 14 年 营业收入 收入同比(%) 归属母公司净利润 10.0% 14/6/2014 财务数据 单位:百万港元 [Table_Profit] 20.0% 14/5/2014 建议评级为「强烈推荐」,目标价 3.87 港币。 伟仕控股目前市盈率为 7.20 陪 FY15E,比同行平均水平的 10.31 倍折让 30.1%。我们预测伟仕控股未 来的增长潜力将收窄估值折让,主要是因为 i)公司在过去的 3 年已进入许 多其他亚洲国家市场,期待有所增长 ii)刚进入中国的游戏分销市场,即 PS4 和 Xbox, iii)取得 Yota 电话在某些地区的独家分销权。我们评级伟 仕控股「强烈推荐」,目标价 3.87 港币,比同行平均水平折让 15.0%。 14/4/2014 [Table_Report] 相关报告 Please read the analysts and company disclosure and the disclaimer in the last page 2/14 股票报告网整理http://www.nxny.com Initiation Research Report 1. Company Background 1.1 Top 3 IT Hardware Distributor in Asia Pacific VST Holdings Limited was incorporated in 1991 and became listed on the main board of the Stock Exchange of Hong Kong Limited in 2002 (HKSE: 00856.HK). In 2014, turnover of the Group amounted to HK$ 41.9 billion. VST is a leading IT products and services supplier in the Asia Pacific, which integrates global information industry resources to create value-added services to over 100 top global IT brands. The Group’s business system consists of IT supply chain financial services, planning and implementation of enterprise-class systems, IT value-added services and distribution. Its products include cloud computing, mobile Internet, digital peripherals, network infrastructure, storage solutions, software and services, information security, IT products and distribution of related accessories, as well as successfully expanded game business in 2014 . The Group has over 33,000 channel partners serving a wide regional customer base and 81 offices in nine countries, namely China, Thailand, Malaysia, Singapore, Indonesia, Cambodia, Myanmar, Laos and the Philippines. Business segments of VST are divided into 3 categories: i) Distribution, ii) Enterprise systems, and iii) IT services, contributing 73.0%/ 26.5%/ 0.5% of turnover in FY2014, respectively. Figure 1.1 Products range of VST Source: Company, CIS(HK) Please read the analysts and company disclosure and the disclaimer in the last page 3/14 股票报告网整理http://www.nxny.com Initiation Research Report 1.2 Product Portfolio VST offers a wide range of IT products through direct non-exclusive authorized distributorships from many hardware brands over the past 20 years, and more importantly the product portfolio include many 1st tier international brands. In FY2014, Top 5 customers were Seagate, HP, WD, Apple and Lenovo, where together contributed 65% of its revenue. Figure 1.2 Comprehensive Products Line Source: Company, CIS(HK) 1.3 Distribution Channels Acting as a wholesaler, VST has built up an extensive regional network with over 33,000 distribution network partners, spreading across Asia Pacific regions. Notice that majority of the channel partners are classified as direct/single layer resellers. Figure 1.3 Extensive regional network Source: Company, CIS(HK) Please read the analysts and company disclosure and the disclaimer in the last page 4/14 股票报告网整理http://www.nxny.com Initiation Research Report 1.4 Milestones VST has successfully diversified its product line and expanding their distribution network over the past 20 years. Figure 1.4 Milestones of VST 1991 VST Computers(H.K.) Limited was founded in Hong Kong 1993 Became the Seagate hard disks distributor in Hong Kong and Mainland China 1997 Became the AMD processors distributor in Hong Kong and Mainland China 1998 Became the largest distributor for Seagate in APAC 2002 VST (856.HK) listed on the Main Board in HKEx 2005 Became the Maxtor, Lexar and Corsair distributor in China 2006 Became the Western Digital and Patriot distributor in China 2007 Became the ADATA and ThinkPad distributor in China August 2007 Acquired ECS Holdings Limited and became the top 3 IT distributor in Asia Pacific 2008 Became the HITACHI Storage Business distributor in China 2009 Became the INTEL distributor in China 2010 Subsidiary ECS became the Apple iPad distributer in China 2011 VST, Foxconn, Chi Mei signed a strategic cooperation 2013 VST entered into joint venture agreement with Bodatong Technology Source: Company, CIS(HK) The acquisition of ECS Holdings Limited in Aug 2007 became one of the key milestones which bought VST to become one of the top IT distributors in Asia Pacific region. Figure 1.5 Revenue trend since listed in HKEx Source: Company, CIS(HK) Please read the analysts and company disclosure and the disclaimer in the last page 5/14 股票报告网整理http://www.nxny.com Initiation Research Report Figure 1.6 Net profit trend since listed in HKEx Source: Company, CIS(HK) 1.5 Industry Supply Chain VST act as an important link between I.T. product suppliers and resellers. Upstream players, for example Western Digital and Seagate, are normally focused on R&D and certain parts of manufacturing while they will appoint 3-6 wholesalers to distribute their products at a specific region. Downstream players refer to retail shops or online shops that provide the products to end-user, such as individual store at retail outlet or electronic chain stores, for example Gome, Broadway, TMall. 1.6 Business Model VST, acting as a wholesaler, created three important values: (1) Extensive Distribution Network: VST can be treated as the collective buyer of I.T. products, saving the time and cost for I.T. products suppliers to build their own distribution channel at minimum cost; (2) Stock Management and Conversion of Cash: while upstream players are likely to focus more on R&D and certain parts of manufacturing, they would also like to shorten the time of cash conversion cycle by appointing a wholesaler (e.g. VST) with sale target, and in exchange, a % fee commission will be given; (3) to offer other related value-added services such as after-sales services, warranty services, enterprise system & solutions services, training, etc. Please read the analysts and company disclosure and the disclaimer in the last page 6/14 股票报告网整理http://www.nxny.com Initiation Research Report 1.7 Revenue Model VST is able to monetize its value which mentioned on the above through charging a price difference between cost of purchasing inventories from I.T. product suppliers and the price sold to resellers, often express in % on top of the cost. Hence, gross profit, GPM and operating expense would become the three important factors to judge the quality of a wholesale, in our view. GPM is highly fluctuated mainly contributed by different product mix. However, we consider the revenue model of VST is quite safe, in terms of making positive earnings, due to the fact that most I.T. products suppliers do offer price protection in order to hedge against rapid price reduction of the products sold to VST within the first 30-45 days, depending on each case. Figure 1.7 GPM and NPM of VST GPM 5.00% 4.40% NPM 4.64% 4.50% 4.00% 3.79% 3.77% 1.25% 1.31% FY2012 FY2013 3.99% 3.50% 3.00% 2.50% 2.00% 1.56% 1.50% FY2010 FY2011 1.50% 1.49% 1.00% 0.50% 0.00% FY2014 Source: Company, CIS(HK) Please read the analysts and company disclosure and the disclaimer in the last page 7/14 股票报告网整理http://www.nxny.com Initiation Research Report 2. Peers comparison 2.1 VST is a regional player with highest operating efficiency We believe VST, Digital China, Synnex and Ingram Micro are some of the listed leading I.T. product distributors in Asia Pacific / China / other region. Base on the FY2014 data below, Digital China achieved the highest GPM of 7.05% mainly due to its revenue mix where only 53% of its revenue is contributed by distribution of I.T. products. Base on the segments breakdown, distribution segment of Digital China only achieved a GPM of 3.28% in FY2014. VST obtained an excellent operating efficiency among chosen peers, justified by the gap difference between GPM and OPM. We believe such result is mainly due to i) good pick of its product portfolio, ii) corporate structure and culture that bring a higher efficiency, iii) good in cost control. We believe GPM and OPM would be the key factors for an I.T. product distributor to be success in the long term. Figure 2.1 Comparison of peers FY2014 VST China Digital Synnex Ingram Micro IM US 856HK 861HK 2347TT Market Capitalization HKD mn 3,859 7,864 17,958 33,125 Turnover HKD mn 41,893 68,343 84,817 360,497 Revenue Growth % 4.11 (1.08) 0.39 9.24 Gross Margin % 3.99 7.05 3.48 5.73 Operating Margin % 2.01 1.78 1.34 1.05 Net Profit HKD mn 607 701 1,285 2,068 Return on Common Equity % 16.54 8.59 11.43 6.57 Asset Turnover x 3.40 2.14 2.54 3.78 Leverage Ratio x 3.36 3.91 2.97 3.03 Source: Company, CIS(HK) Please read the analysts and company disclosure and the disclaimer in the last page 8/14 股票报告网整理http://www.nxny.com Initiation Research Report 3. Investment Thesis 3.1 E-commerce benefit VST while eliminate small players While e-commerce is becoming very popular in PRC, VST as a wholesaler has also been benefited from this growing trend. Operating figures from VST showed the total turnover from internet resellers (JD.com, Yixun, Gome, Suning, Amazon) increased 30% Y-o-Y to HK$2.6bn in FY2014. This suggested the topline of VST contributed by internet resellers has been increased from 5.05% in 2013 to 6.32% in 2014. We believe the e-commerce trend is speeding up the consolidation of I.T. distribution agents business, where larger players such as VST, Digital China and Synnex, are going to gain higher market share. In addition, we believe VST is one of the best in operating efficiency in which the company should outperform its peers in the long term. 3.2 Aimed to Involve more enterprise systems business The enterprise systems business segment of VST was growing at a CAGR of 20.0% between FY2010 to FY2014. Enterprise systems in this segment refer to servers, cloud data storage, etc. We believe VST will be able to benefit from the ongoing development of cloud computing in PRC in terms of revenue and enhance GPM. Figure 3.1 Revenue contributed by Enterprise Systems business segment Revenue from Enterprise Systems (HK$'000) 14,000 11,101 12,000 10,000 8,064 8,000 6,000 11,742 6,874 5,670 4,000 2,000 FY2010 FY2011 FY2012 FY2013 FY2014 Enterprise systems Source: Company, CIS(HK) Please read the analysts and company disclosure and the disclaimer in the last page 9/14 股票报告网整理http://www.nxny.com Initiation Research Report 3.3 Enter into gaming distribution segment Gaming (refer to PC games, TV games, etc) in PRC was heavily restricted due to country policies and yet the Chinese government finally announced to lifted their boycott against foreign game consoles, such as PlayStation and Xbox, in early 2014. We are pleased that VST has successfully became the authorized distributor of PS4 and Xbox One’s console & games in PRC at the end of 2014. We believe the two consoles may benefit VST profitability for the next few years due to i) higher margin against the average of existing product mix, ii) the sales performance for the first 2 months are better than expected, iii) huge growth potential as more reputable games are waiting for the approval of launch from the Chinese authorities, and iv) PRC version of the consoles are different from overseas version which provide more services. 3.4 Defensive play with dividend payout ratio not less than 30% We believe the business model of VST is valuable and difficult for new comers to copy from scratch. From the perspective of IT suppliers, almost all of them must rely on 3rd party offline or online platform to distribute their products. We believe VST is likely to be the better distribution agent in Asia Pacific region due to its reseller scale, number of brands they already have, industry leading position and regional coverage in terms of online & offline channels and its presence in various countries. We believe the sale of VST can achieve a stable single-digit growth. Managements of VST promised to maintain a dividend payout ratio of not less than 30% for the foreseeable future. Please read the analysts and company disclosure and the disclaimer in the last page 10/14 股票报告网整理http://www.nxny.com Initiation Research Report 4. Financial forecast and valuation 4.1 Financial forecast We expect VST to report FY15E / FY16E / FY17E topline growth of 5.8% / 3.8%/ 2.7% YoY, representing HK$ 44.3bn / 46.0bn/ 47.2bn, mainly contributed by a strong growth in enterprise systems business segment and flat growth in distribution segment. GPM will be stabilized at 3.94%/ 3.99%/ 4.00% for FY15-17E, given that the increase in GPM in gaming and enterprise systems could offset the decline in GPM of distribution segment. Note that any better-than-expect growth in enterprise systems and gaming segment could lead to a upside surprise. Assuming the operating expenses are following the trend of past 3 years, we expect net profit of VST could achieve HK$674mn/ 712mn/ 745mn in FY15E /16E /17E respectively, representing a growth of 7.7%/ 5.7%/ 4.6%. 4.2 Valuation and risks VST trade at 7.20x FY15E PE, implied a 30.1% discount from peers’ average of 10.31x. Given by the fact that VST has a good GPM and achieve excellent operating efficiency, we believe VST deserve only a very small discount given that its revenue is smaller than peers. We predict the valuation discount will be narrowed as VST has a much larger potential to grow given 1) the company has entered into many other Asian countries for the past 3 years, 2) just entered into gaming distribution in PRC, namely PS4 and Xbox One, 3) exclusive distributorships of Yota phone in certain region. We initiate Strong Buy on VST with a target price of HK$3.87, implied a 15% discount of peers FY15E PE. Figure 4.1 Peers’ valuation Name Ticker Mkt Cap Last Px P/E P/E P/E P/B ROA HK$ mn (Local Cur) FY14 FY15E FY16E (x) (x) ROE Financial Leverage (x) (x) WPG HOLDINGS 3702 TT 16,499 40.20 11.49 10.26 9.77 1.48 3.93 13.67 3.67 SYNNEX TECHNOLOGY 2347 TT 16,520 41.95 13.27 11.57 10.72 1.47 3.85 11.43 3.09 INGRAM MICRO IM US 30,613 25.28 10.92 8.99 7.88 0.95 2.17 6.57 2.95 AVNET INC AVT US 46,760 44.24 9.59 9.72 9.06 1.28 5.02 11.89 2.37 ARROW ELECTRONICS ARW US 45,207 60.96 10.90 9.80 9.21 1.41 4.07 11.95 2.83 DIGITAL CHINA 861 HK 10,916 9.98 15.26 11.50 10.44 1.27 2.20 8.59 3.85 Simple Average 27,752 11.90 10.31 9.51 1.31 3.54 10.68 3.13 7.75 7.20 6.81 1.21 4.93 16.54 3.33 VST HOLDINGS LTD 856 HK 4,850 3.18 Source: Company, CIS(HK) estimate Please read the analysts and company disclosure and the disclaimer in the last page 11/14 股票报告网整理http://www.nxny.com Initiation Research Report Risk PRC economy slowdown Worse-than-expected growth in Enterprise Systems segment GPM erosion due to competitions Please read the analysts and company disclosure and the disclaimer in the last page 12/14 股票报告网整理http://www.nxny.com Initiation Research Report Figure 5.1:Financial Data and Forecast Income Statement (HK$ mn) [Table_Finance] Total Revenue Cost of sales Gross profit Other income Operating expense Operating Profit Associates & JV Finance costs Profit before tax Income tax expense Others Net Profit to common. EPS No. of shares outstanding (mn) Ratio Analysis Growth YoY Revenue Gross Profit Net Profit to common EPS No. of shares Profitability GPM OPM NPM ROA ROE Liquidity & Solvency Current Ratio Quick Ratio Cash Ratio DuPont Analysis Net Profit Margin Asset Turnover Leverage Ratio FY2013 40,239 (38,722) 1,517 56 (866) 707 33 (81) 659 (134) 0 525 0.353 1,489 FY2014 41,893 (40,220) 1,673 15 (844) 844 30 (104) 769 (143) 0 626 0.418 1,497 FY2015E 44,314 (42,566) 1,747 40 (897) 890 32 (80) 842 (168) 0 674 0.442 1,525 FY2016E 46,001 (44,166) 1,835 31 (931) 935 35 (80) 890 (178) 0 712 0.467 1,525 FY2017E 47,261 (45,371) 1,890 40 (957) 973 38 (80) 931 (186) 0 745 0.488 1,525 FY2013 FY2014 FY2015E FY2016E FY2017E 8.5% 7.8% 13.1% 13.1% 0.1% 4.1% 10.3% 19.1% 18.5% 0.5% 5.8% 4.5% 7.7% 5.6% 1.9% 3.8% 5.1% 5.7% 5.7% 0.0% 2.7% 3.0% 4.6% 4.6% 0.0% 3.77% 1.76% 1.31% 4.91% 16.4% 3.99% 2.01% 1.49% 5.07% 17.0% 3.94% 2.01% 1.52% 4.98% 16.0% 3.99% 2.03% 1.55% 4.98% 15.0% 4.00% 2.06% 1.58% 4.95% 14.0% 1.5 1.1 0.1 1.3 1.0 0.1 1.4 1.1 0.2 1.4 1.1 0.2 1.5 1.2 0.2 1.3% 0.0 3.1 1.5% 0.1 3.2 1.5% 0.0 3.2 1.5% 0.0 3.0 1.6% 0.0 2.8 Balance Sheet (HK$ mn) PPE Goodwill Others Total Non-Current Assets Inventories Trade and bills receivables Cash at bank and on hand Others Total Current Assets Trade payables Borrowings Others Total Current Liabilities Borrowings Others Total Non-Current Liabilities Share capital Total reserve Non-controlling interests Others Total equity FY2013 116 333 405 853 2,644 6,861 1,169 0 10,674 5,125 2,002 31 7,159 696 52 748 149 3,239 232 0 3,620 FY2014 118 324 450 892 3,085 7,658 1,495 0 12,238 5,496 3,557 39 9,092 0 44 44 153 3,802 38 (0) 3,993 FY2015E 124 324 454 901 2,979 7,883 2,161 0 13,022 5,745 3,557 43 9,345 0 48 48 153 4,326 51 0 4,530 FY2016E 130 324 456 910 3,313 8,249 2,197 0 13,759 5,919 3,557 45 9,521 0 50 51 153 4,881 65 0 5,098 FY2017E 137 324 458 919 3,150 8,324 3,019 0 14,493 6,063 3,557 47 9,667 0 53 53 153 5,461 78 0 5,692 Cash Flow (HK$ mn) Profit beore tax Depreciation in PPE Change in working capital Others Cashflow from operating act. Capex Others Cashflow from investment act. Loan change Dividend Others Cashflow from financing act. Net cashflow Year End Cash FY2013 659 20 (584) (80) 14 (15) (2) (17) 438 (99) (93) 245 242 1,169 FY2014E 769 20 (868) (77) (156) (24) (25) (49) 901 (120) (159) 622 417 1,495 FY2015E 842 19 130 (16) 975 (25) 17 (8) 0 (131) (80) (211) 756 2,161 FY2016E 890 20 (528) (31) 352 (27) 20 (7) 0 (139) (80) (219) 126 2,197 FY2017E 931 21 232 (42) 1,142 (28) 23 (5) 0 (145) (80) (225) 912 3,019 Source: CIS(HK) estimate Please read the analysts and company disclosure and the disclaimer in the last page 13/14 股票报告网整理http://www.nxny.com Initiation Research Report Disclaimer Investment Recommendation System Company Rating: Strong Buy:Expecting a relative return of over 20% against Hang Seng Index in coming 6-12months Buy:Expecting a relative return of 10-20% against Hang Seng Index in coming 6-12months Hold:Expecting a relative return of ±10% against Hang Seng Index in coming 6-12months Avoid:Expecting a relative return of -10% or less against Hang Seng Index in coming 6-12months Sector Rating Outperform: Expecting a relative return of over 5% against Hang Seng Index in coming 6-12months Neutral:Expecting a relative return of over ±5% against Hang Seng Index in coming 6-12months Underperform:Expecting a relative return of - 5% or less against Hang Seng Index in coming 6-12months The information, tools and material presented herein are provided for informational purposes only and are not to be used or considered as an offer or a solicitation to sell or an offer or solicitation to buy or subscribe for securities, investment products or other financial instruments, nor to constitute any advice or recommendation with respect to such securities, investment products or other financial instruments. This research report is prepared for general circulation. It does not have regard to the specific investment objectives, financial situation and the particular needs of any specific person who may receive this report. You should independently evaluate particular investments and you should consult an independent financial adviser before making any investments or entering into any transaction in relation to any securities mentioned in this report. 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