标题：Midea GroupFabulous 2015 results and far-sighted global presence
发布日期：2016-03-31 12:22:02
内容： Earnings forecast and valuation. The Company reported largely in-line 2015 results. Despite double-digit-growth in its refrigerator and washing machine revenues, growth in its overall revenue was dragged down by widened decline in air-con revenue (QoQ). However, it leads all white goods makers with fabulous 2015 profit against the downbeat business climate. We anticipate the Company to post largely flat revenue for 2016 on YoY basis and moderate rise in profit margin on highly visible profit growth. In the mid- to long-term, we are optimistic about the Company on its reform initiatives in channels, robotics business and going global. We forecast its 2016/17/18E EPS estimates of Rmb3.32/3.80/4.14, equivalent to PE of 9/8/8x and implying extremely wide margin of safety. Reiterate our BUY rating.
发布日期：2016-03-31 12:22:02
内容： Earnings forecast and valuation. The Company reported largely in-line 2015 results. Despite double-digit-growth in its refrigerator and washing machine revenues, growth in its overall revenue was dragged down by widened decline in air-con revenue (QoQ). However, it leads all white goods makers with fabulous 2015 profit against the downbeat business climate. We anticipate the Company to post largely flat revenue for 2016 on YoY basis and moderate rise in profit margin on highly visible profit growth. In the mid- to long-term, we are optimistic about the Company on its reform initiatives in channels, robotics business and going global. We forecast its 2016/17/18E EPS estimates of Rmb3.32/3.80/4.14, equivalent to PE of 9/8/8x and implying extremely wide margin of safety. Reiterate our BUY rating.
