标题：GRG Banking Equipment2015 results miss; investment returns to boost profit in 2016
发布日期：2016-03-30 16:59:43
内容： Earnings forecast As the private placement was completed this March, weforecasted fully-diluted EPS of Rmb1.13/1.41 in 2016/17e (vs.non-diluted EPS of Rmb1.35/1.70). We cut our forecast for2016/17e earnings by 3%/18% to Rmb1.09/1.15 toreflect the lower ASP amid fierce competition. Digital China’sspecial dividend is likely to drive up investment returns in 2016. Valuation and recommendation Cut TP by 21% to Rmb33 (30x 2016e P/E), mainly due to the17% dilution, the 3% cut to estimate for 2016e EPS and its lowervaluation. Maintain Conviction BUY. The stock trading at22.1/20.9x 2016/17e P/E. Risks: Cuts to ATM prices; progress infinancial outsourcing and new product promotion disappoints.
发布日期：2016-03-30 16:59:43
内容： Earnings forecast As the private placement was completed this March, weforecasted fully-diluted EPS of Rmb1.13/1.41 in 2016/17e (vs.non-diluted EPS of Rmb1.35/1.70). We cut our forecast for2016/17e earnings by 3%/18% to Rmb1.09/1.15 toreflect the lower ASP amid fierce competition. Digital China’sspecial dividend is likely to drive up investment returns in 2016. Valuation and recommendation Cut TP by 21% to Rmb33 (30x 2016e P/E), mainly due to the17% dilution, the 3% cut to estimate for 2016e EPS and its lowervaluation. Maintain Conviction BUY. The stock trading at22.1/20.9x 2016/17e P/E. Risks: Cuts to ATM prices; progress infinancial outsourcing and new product promotion disappoints.
