2010年4月南非电力设备行业研究报告

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【出版时间及名称】：2010年4月南非电力设备行业研究报告
        【作者】：摩根斯坦利
        【文件格式】：pdf
        【页数】：33
        【目录或简介】：
Electronics and
Electrical Equipment
Imports and poor demand
result in weak pricing power
Investment conclusion: We maintain Altron and
Reunert at Equal-weight because we see limited upside
to our new price targets - negative 1% for Altron and plus
3% for Reunert - and limited catalysts for both. Altech is
our top pick with ~25% upside to our R92 price target.
We believe the sector is still facing headwinds but our
view is that these are fully discounted. However, in the
absence of positive catalysts, and with weak earnings
growth in the near term, the shares are unlikely to rerate.
What's new: We now value Altron and Reunert on
intrinsic value, raising PTs to ZAR28 (Altron) and
ZAR60 (Reunert), as we have greater visibility on the
earnings outlook. We lower our earnings estimates for
Altron by 28-35% and for Reunert by ~2-10% because:
1) demand for Electricity Infrastructure Products
remains weak in CY2010, resulting in marginally lower
volumes, 2) low demand and import competition will
exert further pressure on prices and drive margins lower,
and 3) mobile retail rates should follow termination rates
lower, leading to increasing competition from previously
uncompetitive smaller mobile operators and lower
revenue share for independent mobile service providers
(Autopage and Nashua Mobile).

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