报告名称：China Overseas Grand Oceans(00081.HK)Earnings bottomed with improving balance sh
报告类型：港股研究
报告日期：2016-03-18
研究机构：招商证券(香港)
股票名称：蚬壳电器工业
股票代码：00081
页数：9
简介：Though COGO’s FY15 core net profit dropped 31% YoY to HK$857mn on price cut relating to destocking, its net gearing improved 29ppts to 48% at FY15 year-end thanks to HK$3.5bn positive free cashflows (FY14: -HK$3.5bn)
We think earnings has bottomed and will rebound 69% in FY16E. Valuation attractive at 65% discount to its NAV and we see three potential catalysts in 2016; maintain BUY and TP HK$3.3
下载地址：China Overseas Grand Oceans(00081.HK)Earnings bottomed with improving balance sh
