Made in China:Results:CEI/Nexteer/Anta(+),Datang/BAIC/Hollysys(-);Banks;Healthcare

类别:行业研究 机构:德意志银行 研究员:Michael Tong 日期:2017-08-21

THEME OF THE DAY

    China Everbright Int'l - Strong 1H17results across all major segments; BUY (0257.HK, Buy, Target Price: HKD 12.70, Closing Price: HKD 10.36, Thomas Zhu)China Everbright Int'l (CEI) reported strong 1H17results on 15Aug. Stripping out gains of HKD21m (fair value gain etc.), recurring earnings reached HKD1.8bn for 1H17, up 47% yoy and 5% above DBe and the company profit alert in July. The strong results were driven by strong performances across all three major segments: Environmental Energy, Greentech and Environmental Water. The company declared interim dividend of HKD0.12/share (up 60% yoy and representing payout ratio of 30%). Net debt/equity declined to 68% by June 2017(from 77% by Dec 2016), driven by the spin-off of China Everbright Greentech (1257HK, Buy). CEI is hosting a post-results briefing/conf call at 530pm on 15Aug. (Thomas Zhu - 85222036235)

    China Everbright Int'l - Takeaways from post-results briefing; Buy (0257.HK, Buy, Target Price: HKD 12.70, Closing Price: HKD 10.46, Thomas Zhu)

    According to CEI, the Suzhou Dismantling and Redevelopment WTE Project is now undergoing preparation smoothly and the company plans to commence construction soon. The company wants to set the Suzhou Redevelopment project as their signature project. The company has not heard of anything regarding WTE power tariff cuts, and actually management does not expect tariff cuts as the Chinese government has never taken the environmental issue more seriously than now. CEI will also participate in solid waste package PPP project if there are appropriate opportunities. (Thomas Zhu - 85222036235)

    Nexteer Automotive - 1H17beat; product mix and cost efficiency offset soft top-line growth (1316.HK, Buy, Target Price: HKD 14.70, Closing Price: HKD 11.90, Fei Sun)A 1.4ppt net margin expansion due to product mix and cost discipline made up the mild 3% revenue growth, leading to a 9% beat in 1H17net profit vs. DBe. As a result, net profit increased 21% YoY to USD180m. (Continue to next page)

    HK/China sector analysts' top picks

    Financials - BOC, NCI, Ping An, CITICS, Huatai, ICBC; Telecom - China Mobile; Property - COLI, CR Land, Logan, GZ R&F, Vanke; Auto - Nexteer, Joyson, BAIC Motor, Yutong Bus; Transportation - CSET, Sinotrans, CEA; Industrial/Infrastructure - Hollysys, CRSC, AviChina, CCC, Inovance; Consumer - Anta, Moutai, China Mengniu Dairy, Yue Yuen, Qingdao Haier; Utilities/Renewables - Towngas, Beijing Enterprise, Huaneng, CR Power, BEW, CEI, Longyuan Power, Huadian Fuxin; Basic Materials - Shenhua, Maanshan, Chalco, Fushan, Conch Cement; Internet - Alibaba, Autohome, Ctrip, NetEase, YY; Healthcare - SBP, Hengrui Medicine, Universal; Leisure/Gaming -CITS, TravelSky, Wynn Macau; Tech - China Comm Services, Sunwoda, Hikvision, Kstar; Energy - COSL, Sinopec, Wanhua Chemical.

数据推荐

投资评级

更多>>
股票名称最新评级目标价研报
广信股份 买入 -- 研报
金石资源 买入 -- 研报
桐昆股份 买入 -- 研报
万华化学 买入 -- 研报
利尔化学 持有 -- 研报
鲁西化工 买入 -- 研报
重庆钢铁 持有 -- 研报
马钢股份 买入 -- 研报
新钢股份 买入 -- 研报
方大特钢 买入 -- 研报
南钢股份 买入 -- 研报

盈利预测

评级选股>>
股票名称11年EPS12年EPS研报
万华化学 0.92 1.01 研报
广信股份 0 0 研报
鲁西化工 0.34 0.35 研报
桐昆股份 1.60 0.46 研报
金石资源 0 0 研报
利尔化学 0.49 0.46 研报
新兴铸管 0.75 0.67 研报
首钢股份 0.11 -0.02 研报
宝钢股份 0.51 0.60 研报
河钢股份 0.18 0.07 研报
新钢股份 0.26 -0.28 研报

股票关注度

更多>>
股票名称关注度平均评级最新评级
中信证券 34 持有 买入
伊利股份 33 持有 持有
隆基股份 32 买入 买入
华泰证券 32 持有 买入
贵州茅台 31 持有 买入
五粮液 31 持有 持有
万科A 30 买入 买入
格力电器 30 持有 中性
上汽集团 29 持有 买入
通威股份 28 买入 买入
三一重工 27 持有 持有
美的集团 27 持有 中性
泸州老窖 26 持有 持有
华能国际 25 持有 中性
中国国旅 25 持有 持有
中信证券 24 持有 买入
洋河股份 23 持有 买入

行业关注度

更多>>
行业名称关注度关注股票数买入评级数
电子信息 584 79 300
汽车制造 528 37 301
建筑建材 421 53 200
金融行业 418 28 191
电子器件 417 55 243
化工行业 379 63 117
钢铁行业 364 29 162
机械行业 333 42 111
生物制药 315 49 147
房地产 288 30 205
家电行业 278 11 132
酿酒行业 249 15 111
煤炭行业 235 23 98
服装鞋类 233 18 111
有色金属 231 49 71
酒店旅游 201 20 61
食品行业 194 23 68