DOCSLIB.ORG

Market Perspective Research Entity Number –REP -085

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Market Perspective Research Entity Number –REP -085 Inter Market Perspective Research Entity Number –REP -085 Pak Elektron Ltd 10 July 2017 Demand drivers are well-entrenched; initiate with Buy • Syed Waqas Imam We initiate coverage on Pak Elektron Ltd (PAEL) with a Buy rating and Dec’17 TP of PkR120/sh (25% upside). PAEL offers a unique combination of exposure to rising [email protected] consumer demand, and infrastructure growth in the power sector. We forecast 3yr +92-21-111-467-000 Ext: 102 earnings CAGR of 15% (CY16-19F). Our TP implies a target P/E of 11.2x on CY17F EPS. • PAEL’s appliances division – with second largest market share is well positioned to capitalize on rapidly growing refrigerator sales in Pakistan, bolstered by close competitors being in transition and a protective backdrop. Importantly, with greater appliance sales, PAEL will sustain strong margins and improve cash-flows. Initiation of coverage • Also, PAEL’s dominant position in the electrical equipment market will make it a significant contributor to rapid infrastructure development in the power sector amidst Pak Elektron Limited an unprecedented investment boom. Burgeoning participation from ADB and WB in Price (PkR/sh) 96.00 this investment cycle will further improve risk profile of sales to power sector. TP (PkR/sh) 120.00 Stance Buy Well-aligned to turnaround in Energy sector & Consumer demand Upside 25.0% PAEL is a unique growth story with exposure to two high-growth markets in Pakistan – Fwd D/Y 3.1% appliances and electrical equipment, which are both enjoying conducive macro backdrop, Total Return 28.1% surging demand and weak competition. We initiate coverage with a Buy rating and Dec’17 Bloomberg / Reuters PAEL PA / PKEL.KA TP of PkR120/sh (25% potential upside). We forecast 3yr earnings CAGR of 15% which is Mkt Cap (US$mn) 455.8 backed by (i) double-digit sales growth in both appliances and sales divisions, (ii) increasing 52wk Hi-Low (PkR/sh) 123.73/65.02 share of appliances sales to overall revenue, which will not only lift margins but also improve 3m Avg. Daily Vol ('000 shrs) 4,490 cash-flows, and (iii) healthy EBITDA margins in tandem with sales growth which will fuel swift deleveraging. With more than half its business in the Consumer sector, we find PAEL’s 3m Avg. Traded Val (US$mn) 4.69 valuations undemanding at a CY17F P/E of 9.0x (PEG: 0.6x). Topline to be pushed by a more prominent appliances segment Favorable macros (low inflation and interest rates), turnaround in power supply, high GDP PAEL - Valuation Snapshot growth, and very low penetration (around 40% of total population) all support double-digit Key Ratios CY15A CY16A CY17F CY18F CY19F sales growth of appliances in Pakistan. Of greatest importance is the improved energy EPS (PkR) 5.79 7.35 10.72 10.60 11.17 availability in tandem with low power tariff, which have improved economics for cooling EPS Growth 28.5% 26.9% 45.9% -1.1% 5.4% appliances (refrigerators, deep freezers and A/C splits) for the masses at large. In addition to PER (x) 16.6 13.1 9.0 9.1 8.6 demand growth, local producers of white goods are protected from imports with a sticky PBV (X) 2.4 1.9 1.6 1.4 1.3 25% duty along with freight advantages in case of refrigerators. In this backdrop, PAEL enjoys 26% market share in the key Refrigerator market; we expect its appliances sales to DPS (PkR) 1.00 3.00 3.00 3.00 3.00 grow at a CAGR of 18% over CY16-19F. Additionally, we expect CY17 to be a very good year DY (%) 1.0% 3.1% 3.1% 3.1% 3.1% for PAEL where appliances sales are expected to jump 31% largely due to weak competition ROE (%) 23.4% 21.2% 23.4% 19.9% 18.2% – as per channel checks Dawlance’s restructuring post acquisition by Arcelik disrupted EV/EBITDA (x) 10.2 9.1 7.1 6.8 6.1 supplies at the beginning of year. That said, we expect growth to normalize CY18 onwards. Source: IMS Research Reforms and investments to drive Power division’s revenues The power sector will see massive influx of investments – both in generation and PAEL - Price Performance transmission & distribution (T&D) – and PAEL, being a major supplier of electrical equipment 1M 3M 12M FYTD CYTD (esp. transformers), is set to significantly elevate sales. CPEC related power projects will Absolute % (18.5) 2.9 47.6 (13.0) 34.7 trigger investment in T&D network, because the existing one is often cited as inadequate to Rel. Index % (8.6) 8.5 28.5 (10.1) 40.1 support greater supply. GoP focus on energy sector reforms and curbing blackouts has been Abs. (PRs) (21.8) 2.7 31.0 (14.3) 24.7 crucial, underlying this turnaround. A revival of privatization of distribution companies, akin to K-Electric, will be the next big trigger (potentially post elections). Another key growth Index Abs. (%) (9.8) (5.6) 19.1 (2.9) (5.4) Source: IMS Research area will be EPC contracting where PAEL can see increased order flows amid growing housing and commercial projects. Valuation & Risks We have valued PAEL on a blend of DCF, relative P/E and relative EV/EBITDA valuations. We have used a WACC of 12.4% and terminal growth rate of 4%. Our target price offers a potential upside of 25%. Risks include (i) PKR depreciation, (ii) slowdown in execution of power sector projects, (iii) stronger competition, and (iv) working capital constraints. ANALYST CERTIFICATION AND REQUIRED DISCLOSURES BEGIN ON PAGE 17 & 18 To find our Research on Bloomberg, please type -IMKP <GO> www.jamapunji.pk Perspective Appliances division to grow on the back of macro uptick Glass door a big success Air-conditioners growth due to lower base effect and overall industry growth Source: Company website Deep freezer sales to be pushed by energy availability Launching new products Source: Company website Source: Company website Source: Company website Power division to fare well amid energy sector transformation T&D revamp to boost DT PT sales jump as generation increases Switchgears to replicate transformers sales Source: Company website Source: Company website Source: Company website AMR/AMI Products Energy Meter Energy meter growth privy to implementation of Smart meters Source: Company website Source: IMS Research 2 | P a g e Perspective Company Profile Pak Elektron Ltd is a leading producer of transformers, electric meters, and home appliances. PAEL is considered to be the pioneer of Electrical Capital goods in Pakistan. The company came into existence in 1956 through a technical collaboration with M/s AEG of Germany. AEG exited from the company in 1960s and it was subsequently acquired by the Saigol group which owns 50% stake in the company. The business is divided into Power and Appliances divisions, with appliances contribution exceeding power segment contribution in overall revenue. Wapda and K-Electric are major customers of its Power Division. In its Appliances Division, PAEL has a network of over 2,600 dealers and 21 service centers; offerings include refrigerators, freezers, AC splits and microwaves. Commencement of operations 1956 Geographic presence (Country wide) - Head Office Lahore, Pakistan Net Sales (PkRmn) - CY16 26,834 Assets (PkRmn) - CY16 40,327 Liabilities (PkRmn) - CY16 14,816 Market Capitalization (PkRmn) 47,777 Shareholding Pattern Sponsors, Directors, CEO and children 50.30% Key Ratios CY14 CY15 CY16 CY17F CY18F Bank, DFIs & NBFIs 3.40% Sales growth (YoY) 25% 22% 7% 38% 9% Insurance Companies 2.80% Gross Margin 34% 32% 34% 31% 29% Mutual Funds 7.50% EBITDA margin 25% 23% 24% 22% 21% General public 11.70% 11% 11% 14% 14% 13% Others 6.10% Net margin Foreign Companies 18.20% Leverage ratio (x) 2.95 2.65 1.94 1.84 1.66 Source: IMS Research Power Division Appliance Division 7% 3% 8% 9% Air Conditioners Energy Meters EPC Contracting 15% Refrigerators/Deep Switchgears freezers 69% Transformers Microwave ovens/Others 90% Source: Company accounts Source: Company accounts Appliances division gaining momentum (Revenue Mix) 100% 80% 60% 40% 20% 0% 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017F 2018F 2019F Power Division Appliances Division Source: Company accounts 3 | P a g e Perspective Topline to be pushed by a more prominent appliances segment Favorable macros (low inflation and interest rates), turnaround in power supply, high GDP growth, and very low penetration (40%) all support double-digit sales growth of appliances in Pakistan. Of greatest importance is the improved energy availability in tandem with low power tariff, which have improved economics for cooling appliances (refrigerators, deep freezers and A/C splits) for the masses at large. In addition to demand growth, local producers of white goods are protected from imports with a sticky 25% duty and freight advantages in case of refrigerators. In this backdrop, PAEL enjoys 26% market share in the key Refrigerator market; we expect its appliances sales to grow at a CAGR of 18% over CY16-19F. Additionally, we expect CY17 to be a very good year for PAEL where appliances sales are expected to jump 31 % largely due to weak competition – as per channel checks Dawlance’s restructuring post acquisition by Arcelik disrupted supplies at the beginning of year. That said, we expect growth to normalize CY18 onwards. PAEL is a major player in the Appliances market PAEL is well positioned to capture the growing demand of white goods in Pakistan. It is one of the leading manufacturers of home appliances in Pakistan, especially in refrigerators and deep freezers.
Load more

Recommended publications
  • Household Cooking Appliances: Market Research Report
    +44 20 8123 2220 [email protected] Household Cooking Appliances: Market Research Report https://marketpublishers.com/r/HC7388FFA6DEN.html Date: March 2012 Pages: 676 Price: US$ 4,950.00 (Single User License) ID: HC7388FFA6DEN Abstracts This report analyzes the worldwide markets for Household Cooking Appliances in Million Units. The report provides separate comprehensive analytics for the US, Canada, Europe, Asia-Pacific, Latin America, and Middle-East. Annual estimates and forecasts are provided for the period 2009 through 2017. Also, a six-year historic analysis is provided for these markets. The report profiles 376 companies including many key and niche players such as AB Electrolux, BSH Bosch Und Siemens Hausgerate, GmbH, Bosch USA, Cuisinart, Daewoo Electronics Corporation, Dacor, GE Appliances, Fisher & Paykel Appliances Holdings Limited, Dynamic Cooking Systems, Inc., Haier Group Company, Kenwood Limited, LG Electronics, LG Electronics India Pvt, Ltd., Morphy Richards, Ltd., Panasonic Corporation of North America, Philips Electronics North America Corporation, Samsung Electronics Co, Ltd., SANYO North America Corporation, Sharp Corporation, Siemens-Electrogeräte GmbH, Thermador, Videocon Industries Limited, Whirlpool Corporation, Whirlpool SA, and Wolf Appliance Company. Market data and analytics are derived from primary and secondary research. Company profiles are primarily based upon search engine sources in the public domain. Household Cooking Appliances: Market Research Report +44 20 8123 2220 [email protected]
    [Show full text]
  • Final 2014 Return Shares for Electronics Manufacturers Washington State Electronic Products Recycling Program 4/24/2014
    Final 2014 Return Shares for Electronics Manufacturers Washington State Electronic Products Recycling Program 4/24/2014 The E-Cycle Washington program conducted 42 sampling events in 2013 gathering data on over 13,600 TVs, monitors and computers. That data was used to determine Return Share by manufacturer, summarized below. Identified Proportional Total Manufacturer Name Weight (lbs) Brands Return Orphan* Return Share (%) Share (%) Share (%) 605484 92.80937069 Sony Electronics, Inc. 66834 11.04 0.86 11.89 Panasonic Corporation of North America 54226 8.96 0.69 9.65 Philips Electronics 47779 7.89 0.61 8.50 Toshiba America Information Systems, Inc. 43922 7.25 0.56 7.82 Dell Computer Corp. 43199 7.13 0.55 7.69 Thomson, Inc. USA 43078 7.11 0.55 7.67 Hewlett Packard 26370 4.36 0.34 4.69 JVC Americas Corp. 25979 4.29 0.33 4.62 Sharp Electronics Corporation 20274 3.35 0.26 3.61 Acer America Corp. 19327 3.19 0.25 3.44 LG Electronics USA, Inc. 18656 3.08 0.24 3.32 Mitsubishi Electric Visual Solutions America, Inc. 17906 2.96 0.23 3.19 Osram Sylvania 15226 2.51 0.19 2.71 Samsung Electronics Co. 14872 2.46 0.19 2.65 Apple 14537 2.40 0.19 2.59 Hitachi America, LTD. Digital Media Division 11235 1.86 0.14 2.00 ViewSonic Corp. World HQ 9934 1.64 0.13 1.77 Emerson Radio Corp. 7163 1.18 0.09 1.27 General Electric Co. 5691 0.94 0.07 1.01 NEC Display Solutions 4833 0.80 0.06 0.86 TMAX Digital, Inc.
    [Show full text]
  • How to Set up Amazon Alexa on Hisense
    How To Set Up on Hisense TVs Compatible Models: 43H6E, 43H6080E, 43H8E, 43H8080E, 43H8608E, 49H6E, 50H6E, 50H6080E, 50H8E, 50H8080E, 50H8608E, 55H6E, 55H6080E, 55H8E, 55H8080E, 55H8608E, 55H9E PLUS, 55H9080E PLUS, 55H9100E PLUS, 65H6E, 65H6080E, 65H8E, 65H8080E, 65H8608E, 65H9E PLUS, 65H9080E PLUS, 65H9100E PLUS, 75H6E, 75H6080E, 75H8E, 75H8080E *Please call 1-888-935-8880 for any questions about compatibility. Your Hisense TV Model can be controlled by Amazon Alexa; this means it is “Works with Amazon Alexa”, or AVG (Audio Video Gear). With this feature, you can control your TV through: - Your Amazon Alexa Echo, Dot, Tab, Spot or Show - The FREE Hisense RemoteNOW application (Available on Apple App Store and Google Play Store) to change your TV’s channels, volume, and more. To use this feature, you will need to enable a new Skill on your Amazon Alexa (How-To will be completed later in this walkthrough). If you are new to Amazon Alexa, here is a quick FAQ: Q: What is a Skill? A: Alexa Skills are applications that give Alexa abilities, letting her speak to more devices and even websites. Q: How do I find new Skills? A: On the Alexa App, go to the Menu, and select Skills, or go to the Alexa Skills Store on Amazon Website: https://www.amazon.com/skills and search for the skill you want in the search bar or through the listing of skills displayed by default. Q: How do I enable Skills? A: Go to the menu, and select Skills. Or, go to the Alexa Skills Store on the Amazon Website: https://www.amazon.com/skills.
    [Show full text]
  • Annual Report
    Annual Report Karaağaç Caddesi No: 2-6, Sütlüce, Beyoğlu 34445 İstanbul | Türkiye Telefon: +90 212 314 34 34 Faks: +90 212 314 34 63 www.arcelikas.com /arcelikas 1 I live and prosper with my country. As long as democracy exists and thrives, so do we. We shall do our utmost to strengthen our economy. As our economy prospers, so will democracy and our standing in the world. Vehbi KOÇ 1 CONTENTS I ARÇELİK A.Ş. ANNUAL REPORT 2018 CONTENTS Sustainable Growth Corporate Responsibility Vision 2 Environmental Approach to Products and Almanac 2018 4 Production 70 Report of the Board of Directors and Message Environment-Friendly Applications 73 from the Chairman 6 Environment-Friendly Products 74 Message from the General Manager Social Responsibility Arçelik Group's vision of “Respecting The World, 8 76 Auditor’s Report on Annual Report 12 Awards and Achievements in 86 Respected Worldwide” aims to achieve profitable Financial Statement Summary 2018 16 and sustainable growth; to increase market share Financial Indicators 17 Corporate Governance Five-Year Consolidated Financial Review in its target market; the globe; to reach more 18 Shareholders 19 Corporate Governance Principles Compliance consumers in a fast-changing world with innovative Dividends Paid 20 Report 90 products and services; to safeguard the future with Share Performance 21 Statement of Compliance with Corporate corporate responsibility; and to integrate and Risk Management 22 Governance Principles 90 optimize the components of the global organization The Target Market; the Globe Global Organization while becoming a global group. Brands 28 Global Organization 118 Global Operational Network 29 Business Excellence 125 International Markets 30 Turkish Market 40 Consolidated Financial Statements and Independent Auditors’ Report Innovation Board of Directors 2018 128 Innovative and Superior Technology 48 Management 2018 130 Innovative Products 54 Independent Auditor's Report and Innovative Applications 60 Consolidated Financial Statements 139 2 3 ALMANAC 2018 I ARÇELİK A.Ş.
    [Show full text]
  • Overview of the Market on Refrigerating Appliances and Room Air Conditioners in East and Southern Africa
    Overview of the Market on Refrigerating Appliances and Room Air Conditioners in East and Southern Africa Date: 05 February 2021 Funded by: Acknowledgements Authors/Project team ● Godfrey Marambe, EACREEE ● Madeleine Edl, UNEP-U4E ● Mzwandile Thwala, UNEP-U4E ● Patrick Blake, UNEP-U4E ● Saikiran Kasamsetty, UNEP-U4E Special thanks The authors of this report would like to thank the following representatives for providing and reviewing the content contained within this report: ● Brian Holuj, UNEP-U4E ● Denis Ariho, EACREEE ● Fred Ishugah, EACREEE ● Karin Reiss, UNIDO ● Kuda Ndhlukula, SACREEE ● Michael Kiza, EACREEE ● Morris Kayitare, UNEP-U4E ● Nihar Shah, LBNL ● Pierre Cazelles, International Copper Association ● Prof. Mackay Okure, EACREEE ● Readlay Makaliki, SACREEE ● Theo Covary, South African National Energy Development Institute ● Won Young Park, LBNL In addition, the authors would like to thank the government officials and private sector representatives who have contributed to this report with valuable input through questionnaires, interviews and email exchange. Funding support from the Global Environment Facility (GEF), the Kigali Cooling Efficiency Program (K-CEP) and the United Kingdom’s Department for Environment, Food and Rural Affairs (Defra) was instrumental in enabling the drafting of this report. 2 Disclaimer The designations employed and the presentation of the material in this publication do not imply the expression of any opinion whatsoever on the part of the United Nations Environment Programme concerning the legal status of any country, territory, city or area or of its authorities, or concerning delimitation of its frontiers or boundaries. Moreover, the views expressed do not necessarily represent the decision or the stated policy of the United Nations Environment Programme, nor does citing of trade names or commercial processes constitute endorsement.
    [Show full text]
  • P-15236 ).121351 the TRADE MARKS JOURNAL (No.627___, April______1, 20003
    TOTAL NUMBER OF CASES PUBLISHED IN JOURNAL-411 370 (P-15236 ).121351 THE TRADE MARKS JOURNAL (No.627___, April____________ 1, 20003) Application Advertised Before Registration. (Accepted on or before 31st March____________, unless otherwise stated) CLASS-1. Contd. EPALKMART Advertised Before Acceptance Under Section 15(1) (Proviso). 137827. Linear Alcohols, BP AMOCO CHEMICAL COMPANY, a corporation organized and existing under the laws of the State of Delaware, United States of America,TOTAL NUMBER OF CASES PUBLISHED IN JOURNAL- . THE TRADE MARKS JOURNAL (No.595, August 1, 2000) Application Advertised Before Registration. (Accepted on or before 31st July, unless otherwise stated) CLASS-1. DIMODAN Advertised Before Acceptance Under Section 15(1) (Proviso). 134920. Chemical products for industrial use; especially emulsifiers and emulsifier blends for use in the food and beverage, feed, plastics, cosmetics, technical, pharmaceutical and other non-food industries; all included in class 1, Danisco A/S, (a company organized and existing under the laws of Denmar), Langebrogade 1 P.O. Box 17 DK-1001 Copenhagen K, Denmark, Manufacturers and Merchants, dated 24th March, 1996, Agent, United Trademark & Patent Services, West End Building, 61-The Mall, Lahore-54000, Pakistan. CEKANOIC Advertised Before Acceptance Under Section 15(1) (Proviso). 149880. Chemicals used in industry, science and photography, as well as in agriculture, horticulture and forestry; unprocessed artificial resins , unprocessed plastics; manures; fire extinguishing compositions;
    [Show full text]
  • Importance of Mode of Entry Decisions on International Brandingcase Study
    ACKNOWLEDGEMENTS I thank very much my supervisor Prof. Dr. Figen Yildirim for orienting me in perfect way in my work. In the same time, I am very thankful to Doc. Dr Ozgur Kokalan for being a perfect role model and helping in everything during seven-year period that I know him. Many thanks go for my family for supporting me in every step in my life. A special thanks goes for my fiancé for motivating me during this process. I would like to thank also my friends especially Albana Balla which was writing her thesis also, and we spent lots of days just working about it and supporting each other. A special thank is for members of jury which encourage me to go further with this thesis. Gentjan ULAJ İstanbul, October 2019 iii ÖZET ULUSLARARASI MARKALAŞMA SÜRECİNDE ULUSLARARARASI PAZARLARAR GİRİŞ YÖNETEMİN ÖNEMİ ARCELİK A.Ş ÜZERİNDE BİR ARAŞTİRMA Yüksek Lisans, İşletme Yönetimi Tez danışmanı: Prof. Dr. Figen Yıldırım Ekim- 2019, xv + 113 Sayfa Globalleşme ve teknoloji nedeniyle ekonomik koşullar çok hızlı değişiyor ve şirketlerin bu hızlı değişime ayak uydurmaları gerekiyor. Günümüz dünyasında, şirketler uluslararası pazarların bir parçası olmak için varlık buluyorlar. Ancak uluslararası olma ihtiyacının farkına varmak, sadece başlangıç. Şirketlerin belirli bir pazara girerken kullanacakları en iyi yöntemi, bu kararlarını etkileyen birçok faktörü göz önünde bulundurarak bulması çok önemlidir. Aynı zamanda, tüketiciler için istediğiniz her ürünü bulabileceğiniz bir dünyada yaşıyorken ve özellikle ürünler birbirleriyle daha benzer hale gelirken, onları birbirinden ayırmak çok zor, bu nedenle şirketler tüketicilerin karar verme süreçlerinde akıllarında yer almak için sürekli çaba sarf etmek zorundalar. Bir şirket için yerel pazarda markalaşmak kolay değildir, fakat uluslararası bir marka yaratmak çok zordur.
    [Show full text]
  • TECH EAST – Rough Notes 1/17/18 LVCC – North Hall
    TECH EAST – Rough Notes 1/17/18 LVCC – North Hall Company Booth Notes car as companion, butler, pet—AI—Design, mileage and handling 1 Toyota 6906 are secondary to what is the experience in the car and of the car. 2 NVdia 7019 Largest Chip manufacuturer for AI, VW Buzz (electric) Holodeck Car German Technical Car (competitor to Tesla) 3 Byton 6525 el Cell Technology, Charge Rage (Talk about Smart Cities in 4 Hyundia 6329 Westgate Hotel) 5 Ford 5002 (Smart cities/screen) “Roads are for driving, streets are for living” LVCC – Central Hall Company Booth Notes Digital Wall Paper OLED TV corner Comparitive Screens (4k, HDR, HFR, 8K, Image recognition and sharpening magic filters.) Artwork 1 LG 11100 Embedded Google assistant ThinQ (More Future Home and AI play) GE ranges that are Hey 2 Haier 11421 Googalized/Alexa The Stove is the hub of the smart home. EyeCandy World Cup Sponosr, Men in Blazers, Alexa Enable TVs Just ask Alexa. Battle for the home OS (TV and Interactions) Ecosystem Battle. 3 Hisense 10039 Intel 10048 4 Zones—5G, VR, AI and AD CityBeacon/Smart Cities 5 Intel 10048 AI/Urban Campus - power of the chip in all things. 6 Qualcomm 51116 Wearables, Mobile VR—discussion of 5G is coming, Property of StoryTech – not for press or media consumption - working document for CES® 2018 Tour Program LVCC – South Hall Company Booth Notes Smart Dog Eco System - total dog solution, doggie door, collar - 1 Alibaba 20206 activity tracker, food dispenser Venetian Blinds - each blind is a solar panel - sends power into the 2 Kodak 20612 house and grid
    [Show full text]
  • H8 Series 50-Inch Class 4K UHD Smart TV Specifications
    H8 Series 50-inch Class 4K UHD Smart TV Specifications Model Name 50H8C Series Name H8 Package Details Product Dimension (Without the stand) 44.1"W x 25.6"H x 3.3" D inches (With the stand) 44.1"W x 27.7"H x 9.7"D inches Weight (Without the stand) 27.6 pounds (With the stand) 28.2 pounds DISPLAY Active screen size (diagonal) 49.5 inches Screen type Flat Type of TV Smart TV Yes PICTURE QUALITY Screen resolution 3840 x 2160 Local Dimming Yes Local Dimming Zones Multi-zones 4K Upscaling Yes Ultra Smooth Motion Yes AUDIO Audio output power (Watts) 10W x 10W Audio technologies Supports Dolby Digital and dbx-tv® LANGUAGES On-Screen Display English, Spanish and French POWER Power Consumption 145W (max) Standby Consumption 0.5W Power Supply AC 120V, 60Hz CONNECTIVITY Wireless Built-in Yes (2x2 Dual-Band | 802.11ac) Ethernet Yes (gigabit) AirBridge® (Hisense-developed technology for content Yes (CAST) sharing between devices) HiMedia® (Hisense-developed technology for playing Yes (DLNA) digital content stored on a USB device or in the Cloud) All product, product specifications and data are subject to change without notice to improve reliability, function, design or otherwise. ©2016 Hisense USA, All rights reserved Page 1 of 2 PORTS HDMI 4 Ethernet (LAN) 1 USB 3 RF Antenna 1 RCA Composite Video Input 1 (shared with component) L/R Audio Input for Composite 1 (shared with component) RCA Component Video Input 1 L/R Audio Input for Component 1 Digital Audio Output 1 Optical Earphone/Audio Output 1 BUILT-IN APPS Over 30 popular apps Hisense Qview, Netflix,
    [Show full text]
  • Eso Beyaz Eşya Yan Sanayi Kümelenmesi Ur-Ge Projesi
    ESO BEYAZ EŞYA YAN SANAYİ KÜMELENMESİ UR-GE PROJESİ İHTİYAÇ ANALİZİ SONUÇ RAPORU Eskişehir Sanayi Odası Yararlanıcı : Eskişehir Sanayi Odası (ESO) Tarih : 12 Kasım 2019 ESO BEYAZ EŞYA YAN SANAYİ KÜMELENMESİ UR-GE PROJESİ İHTİYAÇ ANALİZİ SONUÇ RAPORU Hazırlayanlar: TTGV UR-GE PROJE DANIŞMANLARI Tülay AKARSOY ALTAY Deniz BAYHAN Pelin DURTAŞ Mahmut KİPER Eskişehir Sanayi Odası Salim TAHHAN KASIM 2019 İÇİNDEKİLER YÖNETİCİ ÖZETİ ......................................................................................................................................5 1 PROJE HAKKINDA GENEL BİLGİ ...................................................................................................... 18 2 İHTİYAÇ ANALİZİ METODOLOJİSİ ................................................................................................... 20 2.1 Yenileşim Yönetim Sistemi ....................................................................................................... 20 2.2 Rekabetçilik Değerlendirmesi ................................................................................................... 21 3 BEYAZ EŞYA SEKTÖR TANIM, KAPSAM VE SINIFLANDIRMA .......................................................... 24 3.1 Tanım ve Kapsam ...................................................................................................................... 24 3.2 Sınıflandırma ............................................................................................................................. 25 4 DÜNYA BEYAZ EŞYA SEKTÖRÜ ......................................................................................................
    [Show full text]
  • Remote Control Codes
    Remote Control Codes DVD VCR/DVR CBL/SAT 1. While holding down the REMOTE MODE button 123 REMOTE MODE GAME/TV AUX1 AUX2 that you want to enter the code, press the DVD VCR STANDBY 456 TAPE TUNER CD [STANDBY] button. CD TV 789 CDR/MD On Integra products, button names are capitalized. For PHONO CABLE +10 0 example, “Remote Mode” button and “Display” button. SAT 2. Use the number buttons to enter the 4-digit remote control code. Note: • Remote control codes cannot be entered for the [RECEIVER] and [DOCK] REMOTE MODE buttons. Codes de télécommande Códigos de control remoto 1. Maintenez enfoncé le bouton REMOTE MODE 1. Mientras mantiuene pulsado el botón REMOTE auquel vous voulez attribuer un code et appuyez sur MODE para el que desea entrar el código, pulse el le bouton [STANDBY]. botón [STANDBY]. 2. Entrez les 4 chiffres du code de télécommande avec 2. Utilice los botones de número para introducir el les boutons numériques. código de 4 dígitos para control remoto. Remarque: Nota: • Il est impossible d’entrer des codes de • Los códigos del control remoto no se pueden entrar télécommande pour les boutons [RECEIVER] et para los botones [RECEIVER] y [DOCK] [DOCK] REMOTE MODE. REMOTE MODE. Codici del telecomando Fernbedienungscodes 1. Mentre tenete premuto il pulsante REMOTE MODE 1. Halten Sie die änderungsbedürftige REMOTE per il quale volete inserire il codice, premete il MODE-Taste gedrückt, während Sie die pulsante [STANDBY]. [STANDBY]-Taste betätigen. 2. Utilizzate i pulsanti numerici per inserire il codice di 2. Geben Sie mit den Zifferntasten den 4-stelligen telecomando a 4 cifre.
    [Show full text]
  • Appliance Maker Beko Promises Dealers It Will Keep Customers' Produce Fresh for 30 Days Or It Will Buy Back Their Refrigerato
    FOR IMMEDIATE RELEASE Media Contacts: Bob Ochsner or Dan Nasitka Truth for Beko U.S., Inc. (949) 233-0984 APPLIANCE MAKER BEKO PROMISES DEALERS IT WILL KEEP CUSTOMERS’ PRODUCE FRESH FOR 30 DAYS OR IT WILL BUY BACK THEIR REFRIGERATOR Europe’s leading home appliance brand guarantees its EverFresh+® technology will provide a whole month of fruit and vegetable freshness “Beko Fresh Produce Promise” launching May 27 takes the guesswork out of predicting the next best-selling refrigerators and targets dealers in need of immediate inventory BOLINGBROOK, Ill. (May 21, 2021) – Beko U.S., Inc., a subsidiary of Europe’s leading home appliance brand, assures dealers it stands behind its refrigerators equipped with its proprietary EverFresh+® and Active Fresh Blue Light technology that promise to keep fruits and vegetables fresh for up to 30 days. Under terms of the Beko Fresh Produce Promise, if a new Beko refrigerator owner experiences anything less than a full month of produce freshness or is not completely satisfied, the global home appliance manufacturer will work with the dealer to issue a full refund or store credit. Customers must keep their refrigerators for the full 30-day freshness cycle and fulfill a few other simple requirements detailed on Beko’s dealer-specific webpage to qualify. The Beko Fresh Produce Promise is being previewed to dealers and the trade today by Beko US, Inc., President Zack Elkin in advance of its official launch on May 27, which is fittingly National Eat More Fruits and Vegetables Day, a holiday created in 2015 to encourage greater consumption of fresh produce.
    [Show full text]