标题：Chint ElectricsGrowing into an integrated leader through asset injections
发布日期：2015-12-02 8:02:41
内容： We reiterate the forecasts of 1) the Company’s 2015-16E core business net profit of Rmb1.95bn and Rmb2.0760bn (equivalent to 20x 2016E PE and a market cap of Rmb41.5bn) and 2) CNE’s 2016E net profit of Rmb700mn (25x PE and equivalent to a market cap of Rmb17.5bn). On cautious estimation, the additional proceeds financed project (with a total investment of Rmb6bn) is worth 2.5x PB, equivalent to a market cap of Rmb15bn. In all, the Company’s market cap adds up to Rmb74bn. Assuming the share placement and restructuring are both executed at the price of Rmb24.57 per share, the Company need offer a total of 566mn shares and its 2016 share capital will be 1881mn shares, equivalent to a share price of Rmb39.34 per share. We remain upbeat on the Company’s healthy development in future, set its TP at Rmb39.34 per share and reiterate BUY.
发布日期：2015-12-02 8:02:41
内容： We reiterate the forecasts of 1) the Company’s 2015-16E core business net profit of Rmb1.95bn and Rmb2.0760bn (equivalent to 20x 2016E PE and a market cap of Rmb41.5bn) and 2) CNE’s 2016E net profit of Rmb700mn (25x PE and equivalent to a market cap of Rmb17.5bn). On cautious estimation, the additional proceeds financed project (with a total investment of Rmb6bn) is worth 2.5x PB, equivalent to a market cap of Rmb15bn. In all, the Company’s market cap adds up to Rmb74bn. Assuming the share placement and restructuring are both executed at the price of Rmb24.57 per share, the Company need offer a total of 566mn shares and its 2016 share capital will be 1881mn shares, equivalent to a share price of Rmb39.34 per share. We remain upbeat on the Company’s healthy development in future, set its TP at Rmb39.34 per share and reiterate BUY.
