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Oriental Pearl:Data Update,Fine-tuning estimates and TP

发布时间:2016-06-15    研究机构:高盛高华证券

Changes and Implications

We revise our estimates to reflect recent company updates on operations.We cut our 2016-20E EPS by 3.8% to 4.6% and our target price by 4.1% toRmb27.77.

We do not view these changes as material, and there is no change to ourinvestment thesis or Neutral rating.

Valuation

Our 12-month target price of Rmb27.77is based on an unchanged 18X P/Emultiple applied to our 2020E EPS of Rmb2.10(was Rmb2.19) discountedback to 2016E using an unchanged 8% sector cost of equity. Key risks:Faster-/slower-than-expected new business growth.

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