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Morning Research Focus Table of Contents 目录 股 票 研 Research 究 [Table_Title] Equity Research Department Morning Research Focus 8 February 2018 [Table_Summary] Table of Contents 目录 Focus 今 Industry and Company Focus 行业和公司焦点 晨 Wynn Macau (01128 HK): Chairman has Resigned Amid Sex Scandal 焦 Research 点 永利澳门（01128 HK）：董事会主席于性丑闻风波中卸任 Morning Country Garden (02007 HK): Contracted Sales soared by 42.3% YoY to RMB69.16 Bn During Jan. 2018 碧桂园(02007 HK)： 2018 年 1 月合约销售同比增 42.3%至 691.6 亿元人民币 Zijin Mining (02899 HK): 2018 Production Plan 紫金矿业 ： 年生产计划 (02899 HK) 2018 证 告 China Hongqiao(01378 HK): Adjustment of Conversion Price of Convertible Bonds 券 研 报 中国宏桥 (01378 HK)：调整可转债的换股价 究 究 报 研 Skyworth Digital (00751 HK): Domestic TV Sales Volume decreased by 8% YoY in January 2018 告 券 Equity Research Report 创维数码 ： 年 月国内电视销量同比降 (00751 HK) 2018 1 8% 证 Great Wall Motor (02333 HK): Vehicles Sales Increased 20.6% YoY in January 2018 长城汽车(02333HK)：2018 年 1 月汽车销售同比增长 20.6% Longyuan Power (00916 HK): Wind power generation increased 38.81% YoY in Jan. 2018; estimated utilisation was up by 25.82% YoY 龙源电力（00916 HK）： 1 月风电发电量同比上涨 38.81%，估算利用小时同比上升 25.82% Latest Reports 最新报告摘要 Company EPS Code Title TP Chg Rating Chg Name Est.Change? 代码 标题 目标价 z 评级 变动 公司名称 盈利预测是否改变 Stable Profitability from Huadian Fuxin 00816 HK Complementary Businesses, HK$2.33 ↓ Accumulate -- Y Maintain "Accumulate" 华电福新 00816 HK 业务互补将稳定盈利能力，维持“收集” HK$2.33 ↓ 收集 -- 是 Newly Published Key Economic Data for China, US and Europe 中美欧最新公布的重要经济数据 See the last page for disclaimer 1 of 11 Morning Research Focus Appendices：Chinese Version of the Industry and Company Focus, Latest Reports. 后附：行业和公司焦点，最新报告摘要中文版。 HSI Performance HSCEI Performance 35,000 16,000 33,000 31,000 14,000 29,000 12,000 27,000 25,000 10,000 23,000 21,000 8,000 19,000 17,000 6,000 Feb/17 May/17 Aug/17 Nov/17 Feb/18 Feb/17 May/17 Aug/17 Nov/17 Feb/18 Source: Bloomberg Source: Bloomberg Industry[Table_Focus and] Company Focus Wynn Macau (01128 HK): Chairman has Resigned Amid Sex Scandal Analyst: Noah Hudson What happened: At the request of the Company, trading in its shares was halted for the full day 7 Feb. 2018 but will resume today, 8 Feb., with effect from 9:00 a.m. The board of directors of the Company yesterday announced that with immediate effect, Mr. Stephen Wynn ("Wynn") has resigned from all of his official roles in relation to the Company, including chairman of the board, executive director and CEO. Subject to Macau regulatory procedures, Mr. Matthew Maddox, an executive director of the Company, will become chairman of the board of directors and Mr. Ian Coughlan, an executive director and president of the Company, will become a director. The announcement comes as Wynn has become the subject of a sexual harassment scandal. A 26 Jan. Wall Street Journal article alleged that Wynn had pressured employees for sex and paid US$7.5 million to settle claims brought against him from a former manicurist at his Las Vegas resort. Wynn, 76, denies any wrongdoing, but said that with all of the negative publicity, he cannot continue to be effective in his current roles at Wynn Resorts. Comments and Views: We don't expect the change of management to have a significant impact on the Company's short term operations. However, we do expect that Wynn's departure will have a negative impact on the Company in the medium and long term, especially in terms of strategic development. Wynn is known for being very involved in the details of the Company's resorts and for providing the essence of the high level of service and standards expected from customers. Investment suggestion: Macau gaming regulators on 29. Jan. met with management of the Company, which is one of six Macau gaming concession holders, in regards to suitability qualifications. Wynn controls about 21% of Wynn Resorts equity, and hence about 15.2% of Wynn Macau, meaning that unless he divests his share, Wynn will remain as the single most influential shareholder; as such, Macau gaming regulators might still have cause to investigate the allegations against him. Wynn may be pressured to reduce his equity stake in the Company in order to appease Macau regulators in regards to suitability requirements for major shareholders of a company with a Macau gaming concession. We maintain our "Buy" investment rating and our current target price is HK$26.00. See the last page for disclaimer 2 of 11 Morning Research Focus Country Garden (02007 HK): Contracted Sales soared by 42.3% YoY to RMB69.16 Bn During Jan. 2018 Analyst: Van Liu What happened: Country Garden (“the Company”) has announced its Jan. contracted sales as follows: Currency Unit (Mn YoY MoM YoY MoM (Bn RMB) sq.m) Jan. Jan. Contracted 69.16 42.3% 318.4% Contracted 7.56 37.7% 240.5% Sales GFA Sold Jan Contracted 9,148 3.3% 22.9% ASP (RMB/sq.m) Source: the Company. Comments and Views: Contracted sales in Jan. 2018 represented strong growth and recorded a 42.3% YoY increase, which is in line with our expectations. Saleable resources may reach RMB1,000 bn in 2018. We think the Company’s contracted sales to maintain a strong upside momentum. Investment suggestion: The Company’s contracted sales could maintain higher growth than the sector average. Moreover, net gearing ratios are expected to remain at a healthy level. The Company’s current investment rating is “Buy” and the target price is HK$18.43, which implies a 18% discount to its 2018E NAV and also implies 13.5x underlying 2018 PER and 3.0x 2018 PBR. Zijin Mining (02899 HK): 2018 Production Plan Analyst: Kevin Guo What happened: The Company announced 2018 production plan. The Company plans to produce 37 tons of mined gold, 244,000 tons of mined copper, 274,100 tons of mined zinc, 213 tons of mined silver and 2.6 million tons of iron ore in 2018. Comments and Views: The output of mined gold is expected to reduced by 3 tons, and the output of mined zinc is expected to decline by 8.7% in 2018. However, the output of mined copper will increase by 22% in 2018 and the output of iron ore will also increase significantly. Investment suggestion: Metal prices are expected to stay high in 2018, which will improve the profitability of the Company. The operating environment will continue to improved for the Company in 2018 as metal prices rebounded. Our current TP for the company is HK$ 3.91 and the investment rating is “Accumulate”. China Hongqiao(01378 HK): Adjustment of Conversion Price of Convertible Bonds Analyst: Kevin Guo What happened: The Company announced that the conversion price of US$ 320 5% million bonds will be adjusted from HK$ 8.16 PER Share to HK$7.71 per Share with effect from 7 February 2018. Comments and Views: The adjustment of conversion price was mainly due to issue of dividend, which is in accordance with the CB terms and Conditions. Investment suggestion: The Company current operating about 6.56 million tons of primary aluminum production capacity after the shutdown of non-compliant production capacity. The production in winter See the last page for disclaimer 3 of 11 Morning Research Focus season will also be reduced due to environmental control. Policy risks which the Company confronts reduced significantly after the shutdown of non-compliant production capacity. The Company still holds great competitive advantages due to its unique operating model. We expect aluminum price to stay high in 2018 and the profitability of the Company will further improved. Our TP of the Company is HK$ 14.07 with the investing rating of “Accumulate” Skyworth Digital (00751 HK): Domestic TV Sales Volume decreased by 8% YoY in January 2018 Analyst: Andrew Song What happened: The Company posted its unaudited TV sales statistics in January 2018. TV sales volume in China market reached 869 thousand units, down 8% YoY. TV sales volume in overseas market surged by 45% YoY to 753 thousand units during the same period. Comments and Views: In January, the Company’s domestic TV sales volume continued declining as expected, however, the decline rate narrowed by 18 ppts compared with Dec. 2017. Sales volume of 4K TV dropped 3% YoY to 482 thousand units, accounting for 55% of total domestic sales volume; non-4K TV sales were still difficult with YoY drop of 13%. TV demands are yet to recover and the Company is focusing more on the ASP and gross margin rather than sales volume growth. Moreover, the Company has launched new series models which performed well in the recent months. On the other hand, overseas TV sales volume continued boosting as a main driver. Daily active users of smart TV reached 10.3 million, up 5.0% MoM while total volume of activated internet TV rose by 2.8% MoM to 27.1 million, which provides a solid base for the Company’s content services. Investment suggestion: Domestic TV sales growth in January stayed negative but the decline rate narrowed. In addition, panel prices continued dropping in the first week of February, with 32’’ down 1.5% MoM and 43’’ down 0.9% MoM. We believe that Skyworth’s profitability is improving supported by the sales of higher margin products and declining panel prices. Skyworth’s last closing price is HK$3.38 and we think the current valuation is attractive compared with the Company’s asset value.
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