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Guotai Junan recommended Holdings ZOOMLION-www.b aidu.com

Posted on April 20, 2018 by hanson

Guotai Junan: [ZOOMLION] recommended holdings company rating recommendations the company holdings of ZOOMLION construction machinery business, the risk of the release of excess capacity, basic clearing, three began to repair, the underlying net assets and similar companies, the market value of 22 billion; sanitation, fire, agricultural income accounted for over 50%, according to the revenue and profit and benchmarking company, respectively, corresponding to the market value 20 billion, 3 billion, 3 billion, a total of 26 billion. Judge EPS 2016-18 for 0.01, 0.15, $0.30, according to the segment valuation, a reasonable total market capitalization of 48 billion, the target price of $6.80, was seriously underestimated, for the first time to give overweight rating coverage. The recommended holdings set by accelerating the torch high, is expected to follow the torch high tech management, team motivation will be perfect, the agency problem will gradually straighten out. Team sales initiative will be significantly improved, condiment revenue growth will accelerate. If the smooth issuance, even cautious forecast 2017 revenue growth of 15%, according to 15% condiment net interest rate reduction of net profit, given 25 times PE, reasonable market value will reach more than 19 billion, compared with the current stock market value of the completion of the issuance of 20% higher; if the income growth rate of 20%, 18% on the net interest rate reduction, the space will reach 35%. Do not consider the issuance, maintaining 2016-17 EPS forecast 0.4, $0.51, to maintain the target price of 20.2 yuan, corresponding to 2017 condiment business of 30 times PE. Maintain overweight rating. Proposal to spend three shares of shares to spend the shares of the controlling components of the leading group, the traditional industry is expected to pick up with the air conditioning industry bottoming out, the emerging business growth momentum is good, to ensure that the company continued to grow in. We forecast 2016-18 EPS 0.43 to 0.63 yuan, for the first time to give overweight rating, target price of $13.2 0.53.相关的主题文章: