First Shanghai to maintain the international purchase rating of Chinese software

The first Shanghai international software Chinese: maintain buy rating: Sina App live on-line blogger to tutor Sina Hong Kong APP: real time market exclusive reference stocks also worth the investment? What’s the problem? Where is the future of the way out? Sina launched the "Hong Kong Hong Kong stocks as well as unattractive" discussion, with a rational and constructive attitude, welcome attention to Hong Kong stocks, concern of the capital market, Hong Kong stocks together for suggestions, seek the Hong Kong stock market tomorrow. Please to hkstock_biz@sina. TPG to return to A shares termination: in September 8th, the company announced that the proposed backdoor object Broadcom shares received from the controlling shareholder of the group said the letter, because of the company’s TPG business into the Broadcom shares there are significant uncertainties, the group proposes to terminate this business with it. In September 12th, the company announced that once again, because of policy reasons, the two sides no longer Broadcom and TPG business combination, and a termination of the agreement to terminate the merger. The good performance of the company to return to A shares, terminated without too much impact on the fundamentals: the first half of the 16 years, the performance of the company continued steady growth of 15 year trend, to achieve revenue 2 billion 885 million yuan, an increase of 20.8%, of which TPG business grew 30.1% to 2 billion 288 million yuan. IIG business if you remove the impact of stripping ETC business (15 ETC revenue of $45 million 730 thousand in the first half of the year), but also achieved a growth rate of 2.1%, to maintain a stable state. Because HUAWEI shares after the synergistic effect and the company’s quality of service to their ability to access the HUAWEI high level, so as to enhance the price, at the same time, more attention to the HSBC, Tencent and other large customer service, improve the corresponding level of income, and because of the stability of these large customers to reduce marketing expenses, in addition to liberation also on the platform cost level has improved, on the first half of the company’s operating profit rate increased by 2.1% to 10.2%, net profit increased by 1.6% to 7.6%. We believe that the TPG business to return to A shares despite the termination, but the return of A shares and Corporate Endogenous growth are not related, and the development view that the company maintained before, and Broadcom shares on gambling by agreement in the growth performance promised to remain optimistic. No longer diluted equity, maintain buy rating: TPG business to return to A shares termination means that there will be no impact from diluted equity next year, the company has a certain degree of positive. We maintain the valuation of the company’s own business logic based on growth, taking into account the TPG no longer bring business back to termination of diluted shares, increased by 17, 18 per share profit attributable to shareholders respectively to 0.23 and 0.3 yuan, and maintain the DCF valuation method, WACC=8.5%, maintain a target price of HK $4.50, corresponding to the 16, 17 year forecast of PE respectively. 23 times and 17 times, compared with the price of 2相关的主题文章: