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30 Mar, 2015 (Monday)

            
JIASHILI GP(1285)
Analysis¡G
Jiashili Group (1285), the largest biscuit brand in PRC, published the first results after listing, which revenue and profit had recorded well growth. It is expected the share would return back above the IPO price of $3.7. The operating revenue was RMB 840 million, an increase of 12.3% yoy. Profit attributable to shareholders was RMB 71.68 million, an increase of 3.5%. Excluding the non-recurring listing expenses ($15.8 million) and the fair value loss of the convertible note ($2.7 million), the basic profit was $90.12 million, an increase of 23.3%. Gross profit margin was 32%, improved 1.8 percentage points compared with the year 2013, which mainly due to structural improvements on its products and the implementation of strict control measures on raw material costs. By the end of last year, the Group held cash and cash equivalents of approximately RMB 298 million, which the company is currently in the net cash position. (I do not hold the above stock)
Strategy¡G
Buy-in Price: $3.60, Target Price: $4.00, Cut Loss Price: $3.40

ZTE(763)
Analysis¡G
ZTE earned revenue of RMB 81.24 billion in 2014, increasing by 7.99% annually. And the net profit was RMB 2.64 billion, increasing by 94.2% yoy. The increase mainly benefits from the increase of demands for TD-LTE and FDD-LTE system devices driven by the 4G construction acceleration in the mainland China as well as the 4G cellphone and 3G cellphone business scale growth from the international market. In 2015, the investment into mainland`s 4G will exceed that of 2014, ZTE holds leading position in this market and will be the major beneficiary of 4G speed-up construction. Wireless charging is expected to deal with the major issue of inconvenient charging of electric cars, so as to be further promoted and create new developing space for ZTE.
Strategy¡G
Buy-in Price: $17.08, Target Price: $18.30, Cut Loss Price: $16.48


Dynagreen Env (1330.HK) - The result substantially goes beyond the expected

The result goes beyond the expected

As the 2014 whole-year result released by the company, its whole-year revenue has recorded RMB 1.226 billion, up 26% yoy; EBITDA has recorded RMB 374 million, up 26% yoy; and a net profit affiliated to the company's shareholders has recorded RMB 142 million, down 5% yoy. The primary reason for the decrease was that the company's IPO has cost RMB 13.515 million in 2014. With the EPS being RMB 0.16, its result has greatly exceeded the market and our expectation.

Project construction speeds up

The company has recorded RMB 312 million for its waste power operation service revenue, substantially up 55% yoy. Its Huizhou Landfill is already being operated at present, and its waste power projects in Anshun and Jurong will be completed by the end of the year, thus its operation service revenue of 2015 will continually bring a substantial increment. The company has recorded RMB 818 million for its waste power construction revenue, up 14% yoy. The company's construction revenue substantially exceeding the expected is majorly because the construction speed of 3 waste power plants is faster than expected, which can also put these projects into operation earlier and elevate economical values. It is predicted that in 2015 the company will have new projects at a scale of around 3,000 tons in succession to be started on construction, and the substantial increment of construction revenue is optimistic.

Valuation

This time, the company's result hugely exceeding the expected is not only an embodiment of its projects smoothly being constructed, but also a symbol of its future result being shown in advance. We predict that the company will maintain the status of having a high increment in the future three years, and we set its 12-month target price at HK$ 5.44, equal to 21 times/15 times the 2015/2016 expected price-earnings ratio, thus it is "Accumulate" rating. (Closing price as at 26 March 2015)

Financials

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Recommendation on 30-3-2015
RecommendationAccumulate
Price on Recommendation Date$ 4.830
Suggested purchase priceN/A
Target Price$ 5.440
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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
Industrial Bank24/03/2015Buy2517.63
Ping An Insurance (Group) Company of China231816/03/2015Buy 10583.5
Transportation and Automobiles Zhang Jing (86) 2151699200-103zhangjing@phillip.com.cn
Fuyao Group360627/03/2015Accumulate19.7
Dongfeng48912/03/2015Accumulate1411.82
Mainland Property Geng Chen (86) 2151699400-107chengeng@phillip.com.cn
COUNTRY GARDEN200718/03/2015Accumulate3.32.9
Gemdale Group60038311/03/2015Accumulate9.89.14
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 Env133030/03/2015Accumulate5.440.000
Huaneng Renewables95823/03/2015Accumulate2.92.7
Food, Beverage and Retail  
Samsonite International SA191026/03/2015Accumulate30
Samsonite International SA191025/03/2015Accumulate3026.55
Telecommunications  
Hi Sun Technology81813/03/2015BUY2.862.2
ZTE76326/02/2015BUY21.2417.1
Oil and Gas Geng Chen (86) 2151699400-107chengeng@phillip.com.cn
SPT Energy125124/02/2015Reduce1.51.74
CIMC ENRIC389927/10/2014Buy107.67
Software & Service  
Goldpac Group331518/02/2015N/A4.77
KINGDEE INT`L26802/12/2014Accumulate2.752.45

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.

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