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10 Feb, 2020 (Monday)

            
CIRC(1763)
Analysis¡G
China Isotope & Radiation Corporatio (1763) is primarily engaged in the research, development, manufacturing and sale of diagnostic and therapeutic radiopharmaceuticals and radioactive source products for medical and industrial applications, the provision of irradiation service for sterilization purpose and EPC service for the design, manufacturing and installation of gamma ray irradiation facilities and the provision of independent clinical laboratory services to hospitals and other medical institutions. The Group benefits from medical treatment technologies and policies, the continuing deepening of the reform of the State pharmaceuticals system, the progress of the radioactive pharmaceuticals and medical treatment technologies, the further improvement of the nuclear medicine system, coupled with the aging population, the increased average longevity of people and the enhanced health and safety awareness and per-capita consumption of citizens, widespread development of the isotopes and irradiation industry and application in China. (I do not hold the above stock)
Strategy¡G
Buy-in Price: $22.40, Target Price: $24.60, Cut Loss Price: $21.30


ZIJIN MINING(2899)
Analysis¡G
Zijin Mining recently issued a public offering of US $ 8 billion to supplement the acquisition of a 100% stake in copper, zinc and gold resources company Nevsun (at a price of 9.36 billion). In the next three years, the company's mineral gold, zinc, copper, silver, and iron concentrates will reach 49-54 tons, 38-42 tons, 67-74 tons, 242-269 tons, and 299-332 tons, respectively, by 2022. The copper composite content reaches 21.9-26%. . The company's active overseas presence will gradually usher in the harvest period and is expected to become a global resource leader.
Strategy¡G
Buy-in Price: $3.40, Target Price: $4.30, Cut Loss Price: $2.84



Report Review of January. 2020

Sectors:

Air & Automobiles (Zhang Jing),

Pharmaceuticals, Technology & Environment (Leon Duan)

Automobile & Air (ZhangJing)

This month I released 4 updated reports of FLAT GLASS (6865.HK), Fuyao GLASS (3606.HK), Caeri (601965.CH), and Great Wall Motor(2333.HK), which got success by their unique Competitive edge. Among them, we recommend FLAT GLASS first.

Flat Glass recorded revenue of RMB3,381 million, up 49.71% yoy; net profit attributable to the parent company of RMB508 million, up 75% yoy, equivalent to EPS of RMB0.26, exceeding market expectation. The Company will put into production new capacity of photovoltaic grass in the future two years, including two production lines of 1,000 tons per day of Vietnam (expected to be put into production in June 2020 and September 2020), and fourth-tier and fifth-tier production lines of 1,000 tons per day of Anhui Fengyang (expected to be put into production in 2021). The capacity of photovoltaic grass of the Company will achieve 9800 tons per day by the end of 2021, double that of the end of 2018. In terms of industry prosperity, with the implementation of domestic photovoltaic subsidy project, the sustainable and rapid development of overseas photovoltaic market, and gradual increase of proportion of double-glass modules, the high prosperity of photovoltaic glass market is expected to continue. We always believe that the profitability of leading companies with economies of scale and technical capital will be future improved.

Pharmaceuticals, Technology & Environment (Leon Duan)

I released four reports on Canvest Env (1381.HK), CMS (867.HK), CN Energy Eng (3996.HK), and 2020 market investment strategy and outlook. We highly recommend CMS. At present, the company's long-term object is focusing on innovation research, actively investing in overseas R&D companies or reaching strategic cooperation with a view to establish an innovative product group with sufficient competitive advantages and market potential to meet China's unmet clinical needs. In the med-term, the company focuses on complex generic drugs and through strategic cooperation with leading overseas generic drug companies, it plans to deploy complex generic drugs with high generic barriers. In the short-term, the company focuses on the distribution of high-quality generic drugs that have been listed overseas, and establishes a generic drug product group that has sufficient market competitiveness, high quality and affordable costs. In addition, the company, as a traditional medicine marketing and promotion enterprise, currently covers more than 57,000 hospitals and medical institutions in its promotion network, covering all provincial administrative regions in China, and basically covering the main departments of tertiary hospitals and secondary hospitals.

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