Phillip Securities Group
Please note that the Day Light Saving of Europe and US will be effective on April 1st and March 11th respectively. The trading hours for those relevant contracts will be 1 hour earlier. Any questions, please contact us at 22776677.For details, please visit our foreign futures website or contact us at 22776677.Moreover,the spread of USD/JPY is low as one pip.Please click here for details
 
  Phillip Investor Notes

28-03-2024(Thu) 27-03-2024(Wed) 26-03-2024(Tue) 25-03-2024(Mon) 22-03-2024(Fri)
Page : 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15 | 16 | 17 | 18 |
Investor Notes - Phillip Securities (HK) Ltd
Past Investor Notes *Advertisement*
Phillip Home Send to Friends Free Subscription Give Comments ¤¤¤åª©
28 Jan, 2015 (Wednesday)


COMBA(2342)
Analysis¡G
Comba began to turn losses into gains since the first half of 2014. As the construction of 4G network is advancing rapidly in mainland, the company`s antenna and subsystem business will still benefit from that. In the light of the construction speed of China Mobile, many big cities need to finish overall coverage of 4G network in 2015. Therefore, we anticipate that there will be many cities to enter the phase of deep coverage and network optimization from the second half of 2014, and Comba occupies the leading position in this market. Thus, its wireless enhancement service will also enter the new phase of accelerated contribution. Recent bribe report belongs to the past factors and should bring about limited negative impact. However, the plummet of the share price has made a good challenge to buy in.
Strategy¡G
Buy-in Price: $1.85, Target Price: $2.20, Cut Loss Price: $1.70


Dynagreen Env (1330.HK) - Steady Progress of New Project

-The revenue of the company in H1 of 2014 was RMB 391 million, down by 45% yoy; recurrent profit was RMB 146 million, down by 25% yoy; profit attributable to shareholders of the company was RMB 34.57 million, down by 70% yoy significantly. The main reason is that the number of projects in construction of the company in H1 decreased.

-Among the classified revenue, the operation revenue of waste incineration power generation project was RMB 129 million, up remarkably by 70% yoy; the project scale of the company significantly expanded in H2 of 2013, and those projects were put into commercial operation successively since 2014. The construction revenue of waste incineration project was RMB 220 million, down by 63% yoy.

-The company has won the bidding of waste power generation BOT projects in Longhui, Shantou, Bobai and Miyun respectively, with the total project scale of 3,000 tons per day. The total scale of the projects under construction and the projects in preparation reach to 10,600 tons per day. Compared with the company's current operation scale of 5,250 tons per day, the growth rate of long-term operation revenue of the company in the future can be maintained at a relatively high level.

Earnings in H1 shrunk

The revenue of the company in H1 of 2014 was RMB 391 million, down by 45% yoy; recurrent profit was RMB 146 million, down by 25% yoy; profit attributable to shareholders of the company was RMB 34.57 million, down by 70% yoy significantly. The main reason is that the number of projects in construction of the company in H1 decreased. EPS was RMB 0.05. The short-term decline of the performance of the company complies with our expectation and we have explained in the previous report of Don`t Worry about Warnings on Profits.

Operation revenue increased significantly

Among the classified revenue, the operation revenue of waste incineration power generation project was RMB 129 million, up remarkably by 70% yoy; the project scale of the company significantly expanded in H2 of 2013, and those projects were put into commercial operation successively since 2014. The construction revenue of waste incineration project was RMB 220 million, down by 63% yoy. With the successive commencement of construction of three projects in Huizhou, Anshun and Jixian in H2 of 2014, the construction revenue of the company will return to the normal level.

The company has won the bidding of a large number of new projects

The company has won the bidding of waste power generation BOT projects in Longhui, Shantou, Bobai and Miyun respectively, with the total project scale of 3,000 tons per day. The total scale of the projects under construction and the projects in preparation reach to 10,600 tons per day. Compared with the company's current operation scale of 5,250 tons per day, the growth rate of long-term operation revenue of the company in the future can be maintained at a relatively high level.

Valuation

The company plans to put two projects into operation in H2 of 2015. These projects are Anshun project and Jurong project, with the total project scale of 1,400 tons per day. The company plans to commence the construction of four projects in 2015. These projects are Zhangqiu, Pingyao, Ninghe and Hong`an projects, with the total project scale of 2,500 tons per day. It is predicted that both construction revenue and operation revenue of the company will increase sharply in 2015 and surge in 2016. We maintain the target price of the company which is HKD 5 and "Accumulate" rating.

Click Here for PDF format...




Recommendation on 28-1-2015
RecommendationAccumulate
Price on Recommendation Date$ 4.480
Suggested purchase priceN/A
Target Price$ 5.000
Writer Info
Research Team
Tel: + 86 21 51699400-105
Email:
research@phillip.com.cn

Local Index
       Index    Change   Change%

World Index
       Index    Change   Change%
  

A-H spread
Stock Code H share
Price
A share
Price
H share
discount


Oversea Research Reports


Investment Service Centre


Stock Borrowing & Lending



Enquiry : 2277 6666 OR investornotes@phillip.com.hk
If you cannot read this e-mail in the proper format, please click here to view the web version.

Phillip Research - Hong Kong ½÷¥ß¬ã¨s³¡ ¡V ­»´ä¤Î¤¤°ê
Company Stock Code Last Update Suggestion Target Price Price on Recom
Mainland Financial Xingyu Chen (86) 2151698900-105chenxingyu@phillip.com.cn
China Galaxy Securities688127/01/2015Buy12.58.74
Haitong Securities683720/01/2015Buy23.915.36
Transportation and Automobiles Zhang Jing (86) 2151699200-103zhangjing@phillip.com.cn
CSR176623/01/2015Cautious Accumulate11.4610.36
SAIC Motor60010416/01/2015Accumulate28.824.67
Mainland Property Geng Chen (86) 2151699400-107chengeng@phillip.com.cn
YUEXIU PROPERTY12322/01/2015Accumulate1.61.55
GREENTOWN CHINA390015/01/2015Buy107.34
Insurance Xingyu Chen (86) 2151699400-105chenxingyu@phillip.com.cn
CPIC260111/11/2014Buy33.728.1
New China Insurance133615/08/2014Buy36.628
Properties  
FORTUNE REIT77814/10/2014Accumulate7.326.92
Hysan Development001418/03/2014Accumulate36.833.35
Hotels and Entertainment Geng Chen (86) 2151699400-107chengeng@phillip.com.cn
Wisdom Group166105/01/2015BUY6.554.6
Galaxy Entertainment2719/11/2014Accumulate5651.75
New Energy  
Dynagreen Env133028/01/2015Accumulate5.000.000
United PV68621/01/2015Neutral11
Food, Beverage and Retail  
CSPC109326/01/2015Accumulate7.776.7
Guangzhou Baiyunshan Pharma60033219/01/2015Hold31.7531.12
Telecommunications  
TCL Communication Tech261816/12/2014BUY10.137.5
Coolpad Group236910/12/2014Buy1.921.59
Oil and Gas Geng Chen (86) 2151699400-107chengeng@phillip.com.cn
CIMC ENRIC389927/10/2014Buy107.67
Anton Oilfield Service333710/10/2014Neutral2.22.29
Software & Service  
KINGDEE INT`L26802/12/2014Accumulate2.752.45
Tencent Holdings70027/11/2014Accumulate136125.7

Information contained herein is based on sources that Phillip Securities (Hong Kong) Limited and/or its affiliates ( the ¡§Group¡¨) believe to be accurate. The Group does not bear responsibility for any loss occasioned by reliance placed upon the contents hereof. The Group (or its employees) may have interests in relevant investment products. For details of different products¡¦ risks, please view the Risk Disclosures Statement on http://www.phillip.com.hk.

If you DO NOT wish to receive further marketing emails from us, please click HERE to opt-out.

ª©Åv©Ò¦³¡A ½¦L¥²¨s¡C

Copyright(C) 2015 Phillip Securities (HK) Ltd. All Rights Reserved.


Copyright © 2011 Phillip Securities Group. All Rights Reserved [ Risk Disclosures Statement ] [ Terms and Conditions ] [ Personal Data Policy ]