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Investor Notes - Phillip Securities (HK) Ltd
Past Investor Notes  
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3 Nov, 2020 (Tuesday)

Perfect Shape Medical Limited (1830) announced the unaudited operational update of the Group for the six months ended 30 September 2020. Although the sale contracts in Hong Kong recorded a year-on-year decrease of 28.2% attributable to the Epidemic Control Measures to control the spread of the Epidemic, the sales contract in China, Macau and Australia recorded a year-on-year growth of 16.7%. In order to capture the demand for "medical beauty", "hair growth treatment" and "men`s beauty & weight management" in the Guangdong-Hong Kong-Macau Greater Bay Area, the Group will be opening three flagship service centers located at AIA Tower, Macau in November and December 2020. After the establishment of these service centers, the total service area in Macau will be increased by 1.3 times from 11,915 ft2 to 27,634 ft2 . (I do not hold the above stock)
Buy-in Price: $2.90, Target Price: $3.30, Cut Loss Price: $2.70

Xiabuxiabu Catering Management (China) Holdings Co., Ltd. is a Hong Kong investment holding company mainly engaged in the operation of restaurants. The perfect combination of its novel bar table dining style and traditional hot pot has created a new format of stylish bar counter hot pot. The company opened 31 Xiabuxiabu restaurants and 5 Coucuo restaurants in the first half of 2020. It is expected that after the epidemic, consumers will pay more attention to food safety. The split-meal diet will guide the concept of healthy consumption and raise awareness of hygiene. This consumption model is It is conducive to the one-person one-pot, divided meal system.
Buy-in Price: $14.20, Target Price: $16.00, Cut Loss Price: $13.30

China Tower (788.HK) - Growth steadily in Q3 fully supports 5G construction

Investment Summary

CHINA TOWER¡]the ¡§Company¡¨¡^announces certain selected unaudited consolidated key financial and operating data of the Company for the period ended 30 September 2020. Operating revenue was 60,220 million (RMB, the same below) up by 5.6% yearly, EBITA was 44.019 million up 5.4% yearly, net profit attributable to owners of the Company was 4,564 million up by 17.8% yearly.

Steady growth in tower business

In the first three quarters of 2020, revenue from tower business was 54,798 million, up by 2.2% yearly. Revenue from Tower business in Q3 was 18,427 million, up by 3.4% yearly and 1% quarterly. As of the end of September, the Company managed a total of 2,020 thousand tower sites, net increase 5,000 quarterly, and representing a net increase of 26,000 compared to the end of last year. Tower tenants reached 3,336 thousand, representing a net increase of 23,000 quarterly, and a net increase of 97,000 compared to the end of last year. We believe that the growth of tower revenue in the third quarter is in line with our expectation, mainly because more 5G base stations are built and the impact of ¡§COVID-19¡¨ has reduced. We expect that as more traditional power grids are upgraded to 5G smart grids, more tenants will gradually lease 5G base stations. We expect the tower business in Q4 will continue to grow by 1% quarterly, and the yearly growth rate of full year tower business revenue will reach 2.85%.

Non-tower business maintained high growth

In the first three quarters of 2020, revenue from DAS business was 2,634 million, up by 36.9% yearly¡CRevenue from DAS business in Q3 was 914 million¡Aup by 36.42% yearly and 1.44% quarterly¡CThe growth was below our expectation¡Amainly because the DAS market(such as subways, large venues, high-end commercial buildings and government offices) couldn`t expand as expected. We expect revenue from DAS business in Q4 will increase 1.5% quarterly, full year revenue from DAS business up by 34% yearly. Revenue from TSSAI business and energy operation for the first three quarters of 2020 was 2,612 million¡Aup by 92.8% yearly¡CRevenue from TSSAI business and energy operation in Q3 was 1,030 million¡Aup by101.76% yearly and 15.16% quarterly¡Athe growth exceeds our expectation. We expect revenue from TSSAI business and energy operation in Q4 would increase 10.94% quarterly, Full year revenue from TSSAI business and energy operation would increase 80.6% yearly. The revenue from non-tower business accounted for 9.0% of total operating revenue for the period, increasing from 6.0% for the same period last year. We expect this would continue in the future.

Valuation and Investment Recommendation

To conclude, although the growth in DAS business was below our expectation, the overall business is growing steadily. The Company's valuation is currently at the bottom range based on historical record, there is little risk of further drop in current price. We expect the Company's net book value per share to be RMB1.06/1.13/1.21 for 2020/2021/2022, giving a 12-month target price of HK1.54, corresponding to the P/B of 1.28x/1.20x/1.12x. Accumulate rating is maintained.


1) COVID-19 outbreak in China

2) Development of 5G was not as expected

3) The number of tenants grow slower than expected

Financial statements

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Recommendation on 3-11-2020
Price on Recommendation Date$ 1.210
Suggested purchase priceN/A
Target Price$ 1.540
Writer Info
Parket Chan
(Research Analyst)
Tel: +852 2277 1527

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