Made in China:China Wind IPPs;HK Banks,1H17preview;New Oriental,Dahua,China Coal

类别:行业研究 机构:德意志银行 研究员:Michael Tong 日期:2017-08-14

NEA recently released 1H17 wind operation data, which suggests substantial curtailment reduction across the country and strong capacity discipline. As we put in China Wind/Nuclear IPPs - 1H preview; catching up in 2H (19 July), after underperforming HSCE by 10-22% in 1H, wind stocks' risk/reward look attractive now (6-10x FY17E PE vs. a 12-20% earnings 2017-19 CAGR) and share price performance may catch up in 2H. We recommend rotation to laggard wind names, including Longyuan, HNR, Fuxin. (Michael Tong - 852 2203 6167) .

    Benefiting from the higher rates in 1H17, the share prices of the HK banking sector have done well so far, rising 21% YTD, in line with MSCI HK. Heading into interim results, we expect fundamentals to look strong, helped by higher margins, better market activity, seasonally lower operating costs and benign asset quality. While core earnings are expected to improve 9% HoH (+11% YoY), we recently downgraded BoCHK to Sell as most of the positive catalysts are already in the price. We maintain our Sell call on BEA and Hold on HSB. DSB/DSF remain our only Buys in HK banks. (Franco Lam - 852 2203 6226) .

    4QFY17 revenue reported USD486mn, implying 23% YoY growth, beating the high end of company guidance (+18-22% YoY), and 2% above consensus. Non GAAP OPM improved 220bps YoY to 12.5%, 166bps better than consensus. Total enrollment growth was +37% YoY vs. +6% YoY in 3Q. K-12 enrollment growth accelerated to 51% YoY, with PoP Kids and U-Can enrollment delivering 51% and 50% YoY growth. (Continue on next page)

数据推荐

投资评级

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股票名称最新评级目标价研报
西藏珠峰 持有 -- 研报
中青旅 持有 14.50 研报
坤彩科技 持有 -- 研报
中科曙光 持有 -- 研报
潞安环能 买入 -- 研报
陕西煤业 买入 -- 研报
中国神华 买入 -- 研报
淮北矿业 买入 -- 研报
恒源煤电 买入 -- 研报
兖州煤业 买入 -- 研报
瑞茂通 买入 -- 研报

盈利预测

评级选股>>
股票名称11年EPS12年EPS研报
西藏珠峰 -0.13 0.73 研报
中青旅 0.72 0.79 研报
坤彩科技 0 0 研报
中科曙光 0 0 研报
西山煤电 1.16 0.82 研报
瑞茂通 0 0.45 研报
中国神华 2.16 2.22 研报
潞安环能 2.03 1.46 研报
兖州煤业 1.86 1.30 研报

股票关注度

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股票名称关注度平均评级最新评级
贵州茅台 42 买入 买入
贵州茅台 34 买入 买入
五粮液 34 持有 持有
伊利股份 32 持有 买入
保利地产 30 买入 买入
完美世界 30 持有 持有
五粮液 28 持有 持有
新宙邦 28 持有 买入
伊利股份 27 持有 买入
中顺洁柔 27 持有 买入
完美世界 27 持有 持有
保利地产 26 买入 买入
上汽集团 26 买入 买入
通威股份 26 买入 持有
新宙邦 26 持有 买入
先导智能 26 持有 买入
中信证券 25 持有 买入

行业关注度

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行业名称关注度关注股票数买入评级数
电子信息 559 78 305
汽车制造 432 35 247
电子器件 423 50 242
建筑建材 414 44 212
金融行业 403 23 189
化工行业 387 48 153
钢铁行业 368 28 216
酿酒行业 338 17 166
生物制药 316 49 167
食品行业 313 23 127
机械行业 280 45 127
房地产 264 23 206
煤炭行业 254 27 110
家电行业 235 13 145
酒店旅游 210 20 55
商业百货 191 26 110
交通运输 177 23 89