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30 Mar, 2016 (Wednesday) |
 
TEN PAO GROUP(1979)
Analysis：
Ten Pao Group (1979)`s products are mainly categorized into switching power supply units for consumer products and smart chargers and controllers for industrial use. It has two production bases located in Huizhou, Guangdong and Hanzhong, Shanxi. It operates more than 100 production lines. They can provide over 1400 types of switching power supply units for consumer products, and over 300 types of smart chargers and controllers for industrial use. The Group announced FY 2015 annual result. Revenue was HKD$ 2.256 b, grew 16.9% YoY. Profit for the year attributable to the owner of the Company was HKD$ 127 m, grew 133.2% YoY. Basic EPS was HKD$ 0.167. The historical PE ratio is only 3.5 times. Dividend per share is HKD$ 0.02. Dividend yield is over 3%. (I do not hold the above stock)
Strategy：
Buy-in Price: $0.59, Target Price: $0.68, Cut Loss Price: $0.55
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NETDRAGON(777)
Analysis：
NetDragon is a developer and operator of online games and mobile Internet platform, we attribute its historical success to multiple qualities. First, the Company`s management has international horizon and keen understanding of the market. Next, the Company has outstanding R&D capability. Lastly, the Company has shown forward-looking vision by positioning accurately and seizing the opportunity. In 2H2015, the Company`s product of “101 student tablet” has been launched for large scale deployment. The Company put effort on enhancing the sales of collaborative intelligent classroom system, mobile communication software products, aiming at a coverage of more than 15 cities, and expected to cover nearly 2000 classrooms. We believe the Company would achieve this target. Overall, with the expanding online education market, sufficient cash position of the Company, as well as the experience on game development through years, the Company would make education a process with fun by adding games into the learning materials, carry out analysis on user behaviors and provide innovative teaching mode. Moreover, the educational ecosystem of “hardware + software + content + cloud platform” constructed by the Company would provide an integrated solution for K12 education and we are optimistic towards its development prospect.
Strategy：
Buy-in Price: $21.65, Target Price: $23.50, Cut Loss Price: $20.60
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Dongjiang Env (895.HK) - Profit below our expectation
Steady growth in businessFor the year of 2015, the Group achieved an operating revenue of RMB2,402,986,382, representing an increase of 17.36% as compared to the same period of 2014. The net profit attributable to the shareholders of the listed company was RMB332,534,009, representing an increase of 32.16% as compared to the same period of 2014. In 2015, the equity interests attributable to the shareholders of the listed company was RMB2,753,159,779, representing an increase of 12.73% as compared to the beginning of the period. As at 2015, the Group obtained the industrial hazardous waste treatment capability amounted to 1.36 million tonnes/year, representing an increase of 89% as compared to 2014. Among which, the detoxification processing capacity of industrial waste, such as landfill, incineration and physical-chemical, reached to 650,000 tonnes/year, representing a growth of 2.4 times as compared with the same period last year and amount to 48% of the processing capacity of the industrial hazardous waste treatment of the Group. As at 2015, the Group generally transformed its business from utilization of industrial hazardous waste resources to detoxification, which strengthened the risk resistance of the Group against continuous price drop of non-ferrous metals. Valuation The profit is below our expectation, we downgrade the target price to 12.6HKD, maintain “Accumulate”. (Closing price as at 28 March 2016) Financials
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| Recommendation on 30-3-2016 | | Recommendation | Accumulate | | Price on Recommendation Date | $ 10.700 | | Suggested purchase price | N/A | | Target Price | $ 12.600 |
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| Phillip Research - Hong Kong 輝立研究部 – 香港及中國 |
| Company |
Stock Code |
Last Update |
Suggestion |
Target Price |
Price on Recom |
| | China Merchants Bank | 3968 | 16/03/2016 | Buy | 22 | 15.96 | | China Construction Bank | 939 | 11/03/2016 | Accumulate | 5.5 | 4.76 | | | Geely | 175 | 24/03/2016 | Accumulate | 4.05 | 3.76 | | Geely | 175 | 14/03/2016 | Accumulate | 3.7 | 3.19 | | | Shenzhen Investment | 604 | 04/02/2016 | Accumulate | 3.3 | 2.89 | | CSCI | 3311 | 27/01/2016 | Buy | 15.8 | 12.2 | | | | LESSO | 2128 | 23/09/2015 | Buy | 7.9 | 6.02 | | FORTUNE REIT | 778 | 14/10/2014 | Accumulate | 7.32 | 6.92 | | | HSBC | 5 | 09/08/2013 | Accumulate | 100.4 | 84.25 | | HSBC Holdings PLC | 0005 | 09/05/2013 | Accumulate | 95 | 87.7 | | | Jumpcan Pharma | 600566 | 29/03/2016 | Buy | 30.25 | 23.13 | | UMP | 722 | 24/02/2016 | Buy | 1.65 | 1.22 | | | Poly Culture | 3636 | 18/03/2016 | Accumulate | 19.5 | 17.1 | | CUTC | 600358 | 08/03/2016 | N/A | | 10.41 | | | Dongjiang Env | 895 | 30/03/2016 | Accumulate | 12.60 | 0.000 | | Xinyi Solar | 968 | 21/03/2016 | Buy | 4.35 | 2.79 | | Food, Beverage and Retail | | | |
| | Kweichow Moutai | 600519 | 22/03/2016 | Buy | 280 | 226 | | Tianyi Summi | 756 | 07/03/2016 | Buy | 2 | 1.23 | | | Tencent Holdings | 700 | 23/03/2016 | Accumulate | 182 | 158.1 | | Chinasoft International | 354 | 17/03/2016 | Buy | 3.65 | 2.64 | | | TSC GROUP | 206 | 28/07/2015 | Buy | 2.8 | 2.11 | | SPT Energy | 1251 | 24/02/2015 | Reduce | 1.5 | 1.74 | | | Goldpac Group | 3315 | 18/02/2015 | N/A | | 4.77 | | IGG | 8002 | 21/11/2014 | Accumulate | 3.95 | 3.44 |
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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