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股票報價

(15分鐘延遲)
> 開始交易
Morning Bulletin - 16 December 2014
- CN: China Gas Holdings (384 HK) | NDR: Looks attractive - CN: Guangzhou R&F Properties (2777 HK)
最後更新時間: 2014-12-16
> 更多
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研究焦點
 
  • 樂亞山
    Angang Steel - Reality check, earnings disappoint (SELL, TP HKD4.00, 347 HK, Materials)
    - Reiterate SELL and cut EPS further below consensus. FY14 results disappointed and Angang warned of a significant fall in 1Q15E net to break-even – well below consensus. - Angang shares have remained resilient despite deteriorating earnings and a precipitous fall in steel prices the past few months. The expected gains from lower raw materials costs have evaporated due to oversupply and price cutting. - Our bearish stance is based on the weak profit outlook and downside to our 0.5x P/BV based TP. The short profit cycle of the China steel sector is more suitable for trading accounts.
  • 羅家亮
    Hong Kong/China Auto & Consumer - 31 March 2015
    Automobile  Lifan Automobile – Lifan and Ricardo to develop 3-cylinder turbo engine  China auto – Dida eyes Uber alliance in carpooling Consumer discretionary  Prada (1913 HK | NR) – Takeaways from conference call yesterday evening Consumer staples  Goodbaby (1086 HK | HOLD | TP HKD2.63) – Results in-line but no dividend, briefing at 10am HKT
  • 樂亞山
    Maanshan Iron & Steel - Good news, bad news story (HOLD, TP HKD2.20, 323 HK, Materials)
    - We boost our EPS estimates and TP after 2014 profit beat on lower input costs. However, a material amount of the EPS improvement was from accounting changes (lower DD&A exp.) and steel prices have since fallen on over-supply. - We look for much lower EPS in 1H15E HoH followed by higher EPS in 2H15E HoH as input costs fall more than steel prices. Also, Maanshan should benefit from rising infrastructure demand growth, particularly for its railway business. - We continue to see the steel sector as short cycle (3-6 mos) and suitable for more trading oriented accounts. Given the mixed 12 mo. outlook and limited downside to our P/BV based TP (0.6x vs 0.5x previously) we reiterate HOLD.