TCL Electronics Holdings Ltd
Oriental Patron Reiterates ‘Buy’ rating on TCL Electronics and Raises its Target Price to HK$5.96
Oriental Patron Reiterates “Buy” rating on TCL Electronics and Raises its Target Price to HK$5.96 OP revised up TCLE’s FY19/20E adjusted net profit estimates by 1.1%/3.2% to HK$1,015 million/HK$1,226 million respectively. OP also revised up TCLE’s FY19/20 gross profit margin by 0.8ppts/0.9ppts to 16.1%/16.0% respectively as high margin Internet business contribution increasing. TCL Electronics declared an interim dividend of HK10.56 cents, representing 45% payout ratio after deducting one-time non-operating gain. Its target price was raised from HK$5.80 to HK$5.96. OP sees a potential re-evaluation opportunity of TCLE on its Internet business given its asset-light model, high margin, and robust growth potential in both China and overseas markets. Document: http://n.eqs.com/c/fncls.ssp?u=RPRWRUPBRU Document title: Oriental Patron Reiterates ‘Buy’ rating on TCL Electronics and Raises its Target Price to HK$5.96
04/10/2019 Dissemination of a Financial Press Release, transmitted by EQS Group. |