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

17-03-2020(Tue) 16-03-2020(Mon) 13-03-2020(Fri) 12-03-2020(Thu) 11-03-2020(Wed)
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  
Phillip Home Send to Friends Free Subscription Give Comments ¤¤¤åª©
9 Jan, 2020 (Thursday)



NAVINFO(002405.SZ)
Analysis¡G
NavInfo is China`s leading provider of navigation maps, navigation software, dynamic traffic information, location big data, and customized car networking solutions for passenger and commercial vehicles. For high-precision map, NavInfo obtained the first production order of L3 passenger vehicle self-driving map in China. The high-precision positioning business of the subsidiary Sixents Technology has achieved the market leading level. NavInfo currently issued the announcement that Huawei purchased its high-precision map data products and services to show that the product strengthen and industry status were approved, which marked the formal implementation of Self-Driving cooperation project with Huawei. It is expected that the market would be opened up subsequently. AutoChips recently successfully developed the chip of TPMS, and had the mass-production capacity, which is expected to break the monopoly of Infineon in chip of TPMS. From H2 2019, phased progress was made in market expansion: NavInfo obtained the orders from BMW, MITSUBISHI ELECTRIC, Ministry of Industry and Information Technology (MIIT), Ministry of Public Security, Daimule and Huawei, which would gradually contribute increment to the Company from 2021, and the elastic of result would be large in the future.
Strategy¡G
Buy-in Price: RMB17.00, Target Price: RMB20.00, Cut Loss Price: RMB14.90


Nintendo Co., Ltd (7974)
Founded in 1889 as a manufacturer of ¡§Hanafuta¡¨ (Japanese playing cards). Started manufacturing and selling ¡§Karuta¡¨ (Japanese traditional playing cards) and western playing cards in 1947. Principal product is a ¡§game console¡¨ using a computer. Has a 32% stake in The Pokemon Company, an equity-method affiliate.For 1H (Apr-Sept) results of FY2020/3 announced on 31/10, net sales increased by 14.2% to 443.967 billion yen compared to the same period the previous year, and operating income increased by 53.4% to 94.222 billion yen. Both sales and operating income increased due to 36.7% increase in hardware units, and 38.8% increase in software units for Nintendo Switch sales. Net income was down 4.0% due to foreign exchange losses.For its full year plan, net sales is expected to increase by 4.1% to 1.25 trillion yen compared to the previous year, and operating income to increase by 4.1% to 260.0 billion yen. ¡§Ring Fit Adventure¡¨ released in 2019/10 is cultivating a new customer base offering a new experience of integrating game and exercise. In 2020, Universal Studios is planning to open ¡§Super Nintendo World¡¨ in Japan (USJ) and two locations in the US. Watch out for synergy with Nintendo Switch.Target Price : 47,780 yenBuy Price : 44,780 yenCut-Loss : 42,270 yen



Report Review of December 2019

Sectors:

Air, Automobiles (Zhang Jing)

Pharmaceuticals, Technology, Environment (Leon Duan)

Automobile & Air (Zhang Jing)

This month I released 4 updated reports of Novinfo¡]002405.CH¡^¡AHASCO¡]600741.CH¡^¡AWeichai¡]2338.HK¡^ and Tuopu Group(601689.CH), which got success by their unique Competitive edge. Among them, we recommend Tuopu Group first. The construction of Tesla's Shanghai plant was faster than expected. The trial production began in October and nearly 20,000 vehicles will be produced by the end of the year. As capacity climbs, production will reach 150,000 in 2020 and is expected to exceed 250,000 in 2021. Tuopu supplies Tesla with more than RMB5,000 for each vehicle, and it is estimated that the Model 3 vehicles will bring the company a net profit increment of RMB93 million and RMB180 million in the next two years, respectively, accounting for about 12% and 24% of the company's net profit in 2018. In the field of automotive electronics EVP and IBS, the company's visionary layout brings it a leading position among domestic manufacturers. Tuopu is expected to break through the technological monopoly of foreign giants and realize domestic substitution in the future.

Pharmaceuticals, Technology & Environment (Leon Duan)

I released four reports on CWA(855.HK), Canvest Env(1381.HK), CN Energy Eng(3996.HK) and SH Pharma(2607.HK). We highly recommend CWA. For the six months ended 30 September 2019, the company recorded a revenue of HKD 4,355 million, representing a steady increase of 5.14% YoY. Gross profit was HKD 1,862 million, representing an increase of 2.31% YoY. Gross profit margin was 42.76%, representing a decrease of 1.19 ppts. Profit attributable to owners of the company was HKD 881million, representing a significant increase of 36.4% YoY. The interim dividend of the company was HK 14 cents per share, representing a steady increase of 16.7% YoY. It was mainly attributable to the successful strategy of the company through procurement of more construction and connection work, increase in operating efficiency and tariff of the water supply and sewage treatment plants and various mergers and acquisition. The core business of the company maintained stable development. The revenue from water supply business was 3.59 billion HKD, which increased by 17.4% year-on-year excluding the impact of fluctuations in RMB. The CAGR of the company's water supply business in the past 6 years has reached 20% to 30%. Rising prices and volumes brought stable growth to the company. As of September 2019, the company's comprehensive daily capacity was 14.81 million tons/day, of which the existing capacity was 8.92 million tons/day, 2.08 million tons/day under construction and 3.81 million tons/day planned. The increasing water supply capacity from M&A is 130,000 tons/day, and the organic growth water supply capacity is 165,000 tons/day. After the period, the newly acquired water supply capacity was 231,000 tons/day, and there will be multiple expansion projects. Regarding the increase in water price, the price of tap water in Jingzhou, Jiangling and Anxiang has been significantly increased, and the treatment price of four sewage treatment projects including Wannian and Fenyi have also been increased. The number of water supply units increased by 700,000, exceeding 5.4 million in total. In addition, the company cashed out 240 million HKD by disposing of non-core assets to further strengthen the development of its main business. It is expected that the disposable non-core assets will exceed 500 million HKD in the near future.

Click Here for PDF format...




Writer Info
Research Department
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



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.

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) 2020 Phillip Securities (HK) Ltd. All Rights Reserved.


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