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Morning Bulletin - 16 December 2014
- CN: China Gas Holdings (384 HK) | NDR: Looks attractive - CN: Guangzhou R&F Properties (2777 HK)
Last Update: 2014-12-16
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Research Reports
 
  • Osbert Tang
    China Shipping Container Lines - Exponential earnings growth (BUY, TP HKD3.30, 2866 HK, Transport)
    - Reiterate BUY with TP of HKD3.30 (from HKD3.20), based on unchanged forward 1.15x P/BV. Raise FY15-16F earnings by 7.7% and 3.9%. - We forecast core earnings to surge to CNY2b in FY15, driven by stable freight rates, lower fuel costs, continued efficiency gains and benefits from O3 alliance. - FY14 earnings of CNY1.04b (FY13: CNY2.61b loss) is in line with guidance of CNY1.05b in the positive profit alert. No final dividend was declared.
  • Warren Lau
    TSMC - In a love triangle (SELL, TP TWD102/USD16.20, 2330 TT/TSM US, Technology)
    - nVidia added Samsung as a new partner starting in 4Q14, in addition to TSMC, the long-time sole foundry supplier. - nVidia is likely to use Samsung for 10/14/28nm node. - Foundry diversification will accelerate at 14/16nm node as Samsung/GF continue to improve their services and customers’ desire to better manage risks and costs.
  • Jacqueline Ko
    Yashili Int'l Holdings - Multiple +ive catalysts in 2015F (BUY, TP HKD3.20, 1230 HK, Consumer)
     Reiterate BUY. We expect YSL’s earnings to recover, as hiccup on sales and high cost ends. New DCF-based TP implies 1.6X FY15F PBR. Asset-injection plan from Mengniu & Danone remains underway, could be catalyst, in our view.  New CEO’s experience could strengthen YSL’s baby stores & e-commerce presence, as YSL has <40% sales exposure to this growing area. New channel-dedicated products will be launched in 2015F to boost growth.  YSL’s new plant in New Zealand will be ready for bulk production in 2Q15F, almost doubling co’s capacity; also cater to strong demand for 100%-imported IMF products.