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Made in China:D/g CKH to Hold;Sportswear 1H preview;CKP;CBPO;HSBC

时间: 2017-08-11 18:36 来源:新浪财经

机构:德意志银行  研究员:Michael Tong

While CKH’s 1H17 NPAT was 1% below our forecast, the quality was weak,with EBIT 4% below our forecasts and the difference made up via a taxwriteback. 2H17 will be tougher, due to significant asset sale gains in 2H16,and, while our forecasts imply a reasonably large lift in 2H17 EBIT (7.6% YoY),this remains 3% below consensus for FY17 (5% below for FY18). Furthermore,we are cautious on the risks posed by Iliad entering the Italian telecom marketin the second half of the year, and, with the stock now trading near our targetprice and growth harder to come by, we have downgraded our rating to Hold.

(James Wang - 852 2203 6145).

The upcoming results could be generally positive for share prices. We believeUS-exporting ODMs have exited painful adjustments & should enter asustainable upcycle, with multiple structural drivers. We continue torecommend buying FT (Feng Tay) and Eclat into the results. We view Anta as abetter proxy to enjoy accelerating consumption in China vs. Li Ning and PouSheng. M&A analysis suggests Asics could be an ideal candidate for Anta. Weexpect SZ (Shenzhou) to receive compensation from Nike before Flyknitcapacity utilization recovers in 2H18, and disagree with the bears’ arguments.

For Giant, its challenge may extend beyond revenue to utilization and margins.

(John Chou – 852 2203 6196).

We reiterate our Buy rating on CK Property with a revised TP of HK$68.6(HK$66.1) following a strong set of 1H17 results. (Continue to next page)




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