渐飞研究报告终端

大容量:共收录国内外各大机构共计45万余份,并且每天以超过500份增加!
更安全:报告加密备份在云存储,从此不怕硬盘损坏丢研究报告!
更省心:工作学习太忙没有时间下载报告,终端自动帮您搞定!
更方便:完全不改变您的使用习惯,不用学习就能上手

免费下载:


运行界面:

银泰商业(01833):每股10.00港元私有化要约,中性

国泰君安


公司报告:银泰商业 (01833 HK)
+852 2509 5313 andrew.song@gtjas.com.hk 11 January 2017
Privatisation Offer at HK$10.00 Per Share, “Neutral” 每股10.00港元私有化要约, “中性” ?
Intime announced a privatisation proposal at a price of HK$10.00 per share. The privatisation price is a 42.3% premium over the last closing price before the announcement and a 67.4% premium over the unaudited NAV per share as at 30 June 2016. We think that the privatisation price is attractive to the scheme’s shareholders. The privatisation price of HK$10.00 represents 19.7x/20.9x/20.1x 2016/2017/2018 PER, respectively. Considering the relatively low valuation of the Hong Kong listed retail companies, we believe that public shareholders are likely to accept the proposal. Revise up TP to HK10.00 and downgrade to "Neutral" to reflect the proposed privatization price. Risk: the privatisation proposal may not be approved. 银泰公告以每股 10.00 港元的价格提出私有化要约。私有化价格相当于公告前最后一个交 易日股价 42.3%的溢价以及截至 2016 年 6 月 30 日未经审计每股净资产 67.4%的溢价。
Rating: 评级:
Neutral Downgraded
中性 (下调)
?
6-18m TP 目标价: Revised from 原目标价:
HK$10.00 HK$7.30
Share price 股价:
HK$9.540
?
Stock performance 股价表现 50.0 40.0 30.0 20.0 10.0 0.0
% of return
?
?
我们认为私有化价格对计划股东有吸引力。10.00 港元的私有化价格分别相当于公司 19.7 倍/20.9 倍/20.1 倍 2016 年/2017 年/2018 年市盈率。 考虑到港股零售企业相对较低的估值, 我们认为公众股东接受提议的可能性较大。
?
上调目标价至 10.00 港元并下调投资评级至“中性”以反映提议的私有化价格。风险:私 有化要约可能被否决。
(10.0) (20.0) (30.0) Jan-16
Apr-16 HSI index
Jul-16
Oct-16 INTIME RETAIL GR
Jan-17
Change in Share Price 股价变动 Abs. % 绝对变动 % Rel. % to HS index 相对恒指变动 % Avg. share price(HK$) 平均股价(港元)
1M 1 个月 39.7 39.7 6.4
3M 3 个月 42.0 46.6 6.4
1Y 1年 31.6 20.4 7.0
Source: Bloomberg, Guotai Junan Int ernat ional .
Year End 年结
Turnover 收入
Net Profit 股东净利
EPS 每股净利
EPS 每股净利变动
PER 市盈率
BPS 每股净资产
PBR 市净率
DPS 每股股息
Yield 股息率
ROE 净资产收益率
12/31 FY14A FY15A FY16F FY17F FY18F
(RMB m) 5,251 5,755 5,974 6,297 6,696
(RMB m) 1,121 1,317 1,056 1,102 1,149
(RMB) 0.534 0.604 0.431 0.406 0.423
(△%) (32.8) 13.2 (28.6) (5.8) 4.2 2,716.0 25,910.6 4,654.3 9.700 / 5.370
(x) 14.3 13.2 19.7 20.9 20.1
(RMB) 5.088 5.060 5.966 5.626 5.885
(x) 1.5 1.6 1.4 1.5 1.4
(RMB) 0.230 0.321 0.172 0.162 0.169
(%) 3.0 4.0 2.0 1.9 2.0
(%) 11.5 12.1 8.2 7.4 7.4
Source: the Company, Guotai Junan International.
See the last page for disclaimer
Page 1 of 5
Company Report
Shares in issue (m) 总股数 (m) Market cap. (HK$ m) 市值 (HK$ m) 3 month average vol. 3 个月平均成交股数 (‘000) 52 Weeks high/low (HK$) 52 周高/低
Major shareholder 大股东 ALIBABA INVESTMENT 27.83% Free float (%) 自由流通比率 (%) 55.4 FY16 Net gearing (%) 16 年净负债/股东资金 (%) 13.7 FY16 Est. NAV (HK$) FY16 年每股估值 (港元) 7.3
Intime Retail Group Company Ltd. 银泰商业 (01833 HK)
GTJA Research 国泰君安研究
Company Report: Intime Retail Group Company Ltd. (01833 HK)
Andrew Song 宋涛

Proposal for the privatisation of the Company at HK$10.00 per share. On 10 Jan. 2017, the Company announced a proposed privatisation offer by request of the joint offerors, Alibaba Investment and Shen Offeror. The privatisation price is the average closing price of the last 180 trading days and a premium of approximately 67.4% over the unaudited NAV per share as at 30 June 2016. As at the date of announcement, the 1,438 million scheme shares represent approximately 52.9% of total shares outstanding. In addition, there were 2.0 million new shares allotted and issued due to the exercise of share options and there is a total of 42.8 million remaining share options, as at 11 January 2017. Assuming all the outstanding share options are exercised before the date for determining entitlement, Shen Offeror will buy out approximately 191 million shares and Alibaba Investment will buy out the remaining approximately 1,264 million shares. Also, the joint offerors would like to allow the Company CEO Mr. Chen to retain his shareholdings in the Company after the completion of the scheme, currently holding 42.3 million shares and 11.6 million share options. The maximum amount of cash required for the proposal would be approximately HK$19,790.1 million. After completion, Alibaba Investment and Shen Offeror are expected to hold 73.9% and 16.1% of total shares, respectively. The Company thinks that the buyout is good for both the offerors and scheme shareholders. After Alibaba exercised its convertible bonds and became the controlling shareholder of the Company, Intime has been speeding up its O2O strategy and playing a more important role in Alibaba’s “new retailing” arrangement. However, the Company thinks that the long-term growth strategy may negatively affect the Company’s short-term growth profile and may result in a divergence between the Company’s and the offerors’ view on the Company’s value and share price. In addition, the Company’s current listing platform no longer sufficiently serves as a source of funding for the Company’s business and growth due to relatively low liquidity. On the other hand, for the scheme shareholders and option holders, the privatisation price represents a sufficient premium over Intime Retail Group Company Ltd. 银泰商业 (01833 HK) Company Report 11 January 2017
equivalent to a premium of 42.3% over the last closing price before the announcement of HK$7.03, a premium of 53.67% over
the trading prices in the past year. Target price revised up to HK$10.00. The Company’s share price rose by 35.7% to HK$9.540 on the day of announcement. The privatisation price represents 19.7x/20.9x 2016/2017 PER and is than the current valuation of Hong Kong listed department store companies. We think that the privatisation price is attractive to the shareholders and the proposal is likely to be approved. Thus we downgrade the investment rating from "Buy" to "Neutral" and recommend buy on price dips. Main risk of the share price is that the proposal may not be approved which will cause a price slump. Figure-1: Historical Forward PE Band of Intime 35 30 25 20 HKD 15 10 5 5 0 2008/09 2010/03 2010/09 2011/09 2012/03 2012/09 2013/09 2014/03 2015/03 2015/09 2016/03 2007/03 2007/09 2008/03 2009/03 2009/09 2011/03 2013/03 2014/09 2016/09
Figure-2: Historical Forward PB Band of Intime 25 Closing price (HKD) 1.1X 1.9X 0.3X 1.5X 2.3X 0.7X 2.7X 3.1X
Closing price (HKD) 11X 19X
3X 15X 23X
7X 27X 31X
20
15 HKD 10
0 2008/09 2010/03 2010/09 2011/09 2012/03 2012/09 2013/09 2014/03 2015/03 2015/09 2016/03 2007/03 2007/09 2008/03 2009/03 2009/09 2011/03 2013/03 2014/09 2016/09
Source: Bloomberg, Guotai Junan International.
Source: Bloomberg, Guotai Junan International.
Table-1: Peers Comparison Company HK - Listed Department Stores Lifestyle Intl Hldgs Ltd Intime Retail Group Co Ltd Golden Eagle Retail Group 1212 HK 1833 HK 3308 HK HKD HKD HKD PE (fiscal year) Stock Code Currency Last price 15A 16F 17F 18F 15A PB (fiscal year) 16F 17F 18F ROE(%) 16F D/Y(%) 16F Market Cap HKD mil
9.800 9.540 11.220
8.2 12.9 15.2
12.2 23.0 23.2
9.9 20.7 19.4
9.2 19.2 17.3
1.4 1.6 3.0
5.0 1.5 2.9
4.1 1.5 2.7
3.0 1.4 2.5
17.4 8.4 13.6
5.7 2.1 2.6
15,705 25,911 18,792
See the last page for disclaimer
Page 2 of 5

Springland International Hol Maoye International Hldgs Parkson Retail Group Ltd New World Dept Store China Shirble Department Stores Simple Average Weighted Average HK - Listed Supermarkets
1700 HK 848 HK 3368 HK 825 HK 312 HK
HKD HKD HKD HKD HKD
1.280 0.770 0.890 1.070 0.580
5.2 23.1 n.a. 26.8 23.5 16.4 13.3
7.5 n.a. n.a. 35.7 n.a. 20.3 20.1
7.3 n.a. n.a. n.a. n.a. 14.3 17.0
n.a. n.a. n.a. n.a. n.a. 15.2 16.0
0.5 0.4 0.4 0.3 0.9 1.1 1.7
0.5 n.a. 0.5 0.3 n.a. 1.8 2.6
0.5 n.a. 0.5 n.a. n.a. 1.9 2.4
n.a. n.a. n.a. n.a. n.a. 2.3 2.2
6.8 n.a. (4.4) 0.7 n.a. 7.1 11.2
5.3 n.a. 0.0 0.0 n.a. 2.6 3.1
2,983 3,958 2,358 1,447 11 January 2017 Company Report Intime Retail Group Company Ltd. 银泰商业 (01833 HK) 1,804
Sun Art Retail Group Ltd Lianhua Supermarket Hldgs -H Beijing Jingkelong Co Ltd-H Simple Average Weighted Average PRC - Listed Department Stores Chongqing Department Store-A Rainbow Department Store-A Wuhan Department Store Grp-A Hunan Friendship & Apollo -A Hefei Department Store Grp-A Simple Average Weighted Average Japan - Listed Department Stores Isetan Mitsukoshi Holdings L J Front Retailing Co Ltd Marui Group Co Ltd Takashimaya Co Ltd H2O Retailing Corp Parco Co Ltd Simple Average Weighted Average
6808 HK 980 HK 814 HK
HKD HKD HKD
7.850 3.020 1.620
24.5 n.a. 21.9 23.2 24.4
27.2 n.a. 20.8 24.0 27.1
25.7 n.a. 20.8 23.3 25.7
24.2 100.7 9.6 44.8 27.3
3.0 1.0 0.3 1.4 2.9
3.1 1.1 0.3 1.5 3.0
2.9 1.1 0.3 1.5 2.8
2.7 1.1 0.3 1.4 2.7
11.6 (8.4) 1.6 1.6 10.6
2.0 0.0 2.1 1.4 1.9
74,887 3,381 668
600729 CH 002419 CH 000501 CH 002277 CH 000417 CH
CNY CNY CNY CNY CNY
24.640 16.070 21.770 15.820 9.100
27.4 10.6 13.8 28.9 27.1 21.5 20.4
22.9 26.6 13.5 31.8 25.9 24.1 23.8
20.4 24.5 11.6 27.6 24.5 21.7 21.3
19.0 22.5 10.3 25.4 21.9 19.8 19.5
2.1 2.3 2.7 2.8 2.1 2.4 2.4
1.9 2.2 2.3 2.1 1.9 2.1 2.1
1.7 2.1 2.0 2.0 1.8 1.9 1.9
1.6 2.0 1.6 1.8 1.6 1.7 1.8
7.7 8.4 18.0 7.1 7.7 9.3 10.2
1.0 1.8 1.8 0.4 1.2 1.3 1.3
11,221 14,405 14,433 12,552 7,950
3099 JP 3086 JP 8252 JP 8233 JP 8242 JP 8251 JP
JPY JPY JPY JPY JPY JPY
1,339.000 1,727.000 1,775.000 997.000 1,861.000 1,078.000
17.7 22.9 30.2 15.0 19.0 17.4 20.4 21.0
19.9 17.2 25.1 14.7 16.3 18.0 18.5 19.0
38.0 18.1 22.4 17.4 16.1 15.9 21.3 23.5
27.6 16.7 19.6 15.9 17.2 13.6 18.4 19.8
0.9 1.2 1.5 0.9 0.9 1.0 1.1 1.1
0.9 1.2 1.5 0.9 0.9 0.9 1.1 1.1
0.9 1.1 1.5 0.8 0.9 0.9 1.0 1.1
0.9 1.1 1.4 0.8 0.9 0.9 1.0 1.0
4.7 6.9 6.0 6.0 5.6 5.3 5.7 5.8
0.9 2.1 1.4 1.3 1.8 2.3 1.6 1.5
35,390 30,968 27,739 23,706 15,583 7,315
Europe, North America and Australia - Listed Department Stores Kering Macy'S Inc Nordstrom Inc Marks & Spencer Group Plc Kohls Corp Dillards Inc-Cl A J.C. Penney Co Inc Debenhams Plc Mothercare Plc Stockmann Oyj Abp-B Share Myer Holdings Ltd Simple Average Weighted Average Global Large Ecommerce Conglomerate Amazon.Com Inc Alibaba Group Holding-Sp Adr Ebay Inc Yahoo Japan Corp Rakuten Inc Simple Average Weighted Average China Vertical Ecommerce Jd.Com Inc-Adr Vipshop Holdings Ltd - Adr Jumei International-Adr Simple Average Weighted Average JD US VIPS US JMEI US USD USD USD AMZN US BABA US EBAY US 4689 JT 4755 JT USD USD USD JPY JPY KER FP M US JWN US MKS LN KSS US DDS US JCP US DEB LN MTC LN STCBV FH MYR AU EUR USD USD GBP USD USD USD GBP GBP EUR AUD
215.800 30.460 45.050 334.400 40.960 56.150 7.190 52.700 113.000 7.340 1.325
39.1 7.1 11.9 11.3 9.6 7.2 n.a. 6.9 n.a. n.a. 27.7 15.1 23.3
22.0 9.3 14.0 13.4 11.8 8.1 n.a. 7.5 29.7 n.a. 17.2 14.8 16.5
19.1 10.0 15.2 11.6 11.1 10.1 153.0 7.7 11.9 34.5 14.1 27.1 19.9
17.1 9.3 14.4 11.7 10.7 10.1 11.8 8.3 10.3 20.4 12.9 12.4 13.9
2.5 1.9 3.5 1.7 1.4 1.1 1.1 0.8 2.5 0.5 1.0 1.6 2.2
2.3 2.2 9.0 1.6 1.4 1.1 1.7 0.8 2.2 0.5 1.0 2.2 2.8
2.2 2.3 8.6 1.6 1.4 1.1 1.5 0.7 256.8 0.5 1.0 25.3 3.6
2.0 2.2 8.0 1.6 1.4 1.1 1.4 0.7 201.8 0.5 0.9 20.2 3.3
10.6 22.3 36.2 12.2 11.7 14.1 (31.8) 9.9 7.7 (1.7) 6.1 8.9 14.1
2.0 3.4 12.9 4.6 3.6 0.4 0.0 5.5 0.0 0.0 3.7 3.3 3.8
223,457 72,203 60,558 51,153 56,054 14,542 17,190 6,092 1,818 4,291 6,197
796.920 94.720 30.750 479.000 1,213.500
622.6 56.8 21.5 20.5 37.5 151.8 364.8
80.7 20.7 16.3 15.9 27.5 32.2 53.5
56.8 29.8 14.8 20.2 21.8 28.7 43.4
39.4 23.8 13.6 18.4 17.4 22.5 31.5
28.0 10.0 5.5 3.8 2.6 10.0 19.3
21.0 7.0 4.8 3.2 2.5 7.7 14.3
14.5 6.0 4.4 2.9 2.3 6.0 10.4
11.1 4.9 3.7 2.6 2.0 4.9 8.1
22.2 39.3 30.4 21.9 9.2 24.6 28.2
0.0 0.0 0.0 1.8 0.4 0.4 0.1
2,936,811 1,833,056 266,608 182,508 116,282
26.260 11.640 4.620
n.a. 26.6 33.0 29.8 27.2
n.a. 17.5 11.6 14.5 16.9
169.4 14.3 7.6 63.8 142.6
50.5 11.9 6.2 22.9 43.8
7.6 12.4 1.2 7.1 8.3
8.3 7.7 1.2 5.7 8.1
7.9 5.1 1.0 4.7 7.4
7.0 3.5 0.9 3.8 6.3
(6.0) 48.3 9.3 17.2 2.7
0.0 0.0 n.a. 0.0 0.0
281,857 53,267 5,254
Source: Bloomberg, Guotai Junan International.
See the last page for disclaimer
Page 3 of 5

Financial Statements and Ratios Income Statement RMB mn, End Dec Retail revenue Sales of properties Total revenue COGS Other income and gains Staff costs Depreciation and amortization Other operating expenses Share of profit of an associate Operating profit Net finance income Profit before tax Income tax expense Profit for the year Minority interests Shareholders' profit Core shareholders' profit Basic EPS (RMB) Core EPS (RMB) DPS (RMB) 2014A 4587.8 662.7 5,251 867 (760) (456) 309 1,757 48 1,805 (641) 1,164 42 1,121 756 0.534 0.360 0.230 Cash Flow Statement RMB mn, End Dec Net Income Depreciation & Amort., Total Change in working capital Income Tax Expense Finance Income Finance Costs Others Net cash from operating activities Capital Expenditure Sale of Property, Plant, and Equipment Net Decrease in Loans Others Net cash from investing activities Total Debt Issued (Repaid) Issuance of Common Stock Total Dividends Paid Others Net cash from financing activities Increase in cash and cash equivalents Foreign exchange effect Cash and cash equivalents in cash flow Cash attributable to disposals group held for sale 2014A 1,121 (661) 664 (641) (217) 169 567 1,002 2015A 1,317 (508) 747 (493) (220) 206 273 1,322 2016F 1,056 (531) 129 (403) (288) 113 777 854 2017F 1,102 (588) 139 (420) (304) 151 254 334 2018F 1,149 (641) 208 (438) (177) 56 702 858 Profitability Gross margin (%) Operating margin (%) Net margin (%) ROE (%) ROA (%) 82 1,353 (422) (392) (573) 102 (722) (41) 626 0 (422) (21) 183 53 0 1,746 0 1,746 300 0 (441) (40) (181) (213) 0 1,534 0 1,534 300 0 (459) (38) (197) (122) 0 1,412 0 1,412 Payout ratio (%) Asset management Inventory days A/C payable days Debt management Net gearing (%) 345 16 2,175 (45) (491) 10 1,693 (113) 1,581 Debt/equity (%) Liquidity Current ratio (x) Interest cover (x) Div yield (%) 0.9 10.4 4.5 0.7 8.9 5.8 0.8 11.6 3.1 0.7 9.3 2.9 0.7 26.6 Company Report 3.0 41.4 149.7 40.5 147.3 13.7 87.7 15.2 87.9 17.2 88.0 127.1 497.6 121.2 549.5 113.8 558.2 111.9 511.9 115.1 536.4 17.2 11.1 21.4 11.5 4.3 43.1 17.3 10.9 22.9 12.1 4.7 53.1 16.2 8.0 17.7 8.2 3.7 40.0 15.9 8.3 17.5 7.4 3.8 40.0 16.1 8.5 17.2 7.4 3.8 40.0 Financial Ratios 2014A (1,941) (1,019) (1,638) (1,440) (1,330) 9 (174) 826 (1,279) 9 52 380 (579) 420 0 235 (984) 300 0 774 (365) 300 0 247 (783) 2015A 2016F 2017F 2018F Owner's equity Minority interests Total equity BPS (RMB) 10,695 11,038 14,612 15,274 15,978 1,086 987 1,020 1,054 1,089 11,781 12,025 15,632 16,328 17,067 5.088 5.060 5.966 5.626 5.885 2015A 5153.2 602.3 5,755 1,076 (779) (497) 266 1,827 14 1,842 (493) 1,349 32 1,317 804 0.604 0.369 0.321 2016F 5373.7 600.0 5,974 468 (789) (518) 285 1,317 174 1,491 (403) 1,088 33 1,056 833 0.431 0.340 0.172 2017F 5797.1 500.0 6,297 479 (846) (559) 285 1,404 153 1,557 (420) 1,136 34 1,102 976 0.406 0.360 0.162 2018F 6196.4 500.0 6,696 455 (907) (598) 285 1,501 121 1,622 (438) 1,184 36 1,149 1,023 0.423 0.377 0.169 Trade and bill payables Other payables and accruals Due to related parties Income tax payable Borrowings Liabilities, held for sale & others Total current liabilities 2,080 6,111 12 535 1,121 338 2,622 5,504 28 488 2,565 789 2,588 5,295 40 509 2,000 0 2,626 5,497 11 549 2,150 0 2,706 6 587 2,300 1 Intime Retail Group Company Ltd. 银泰商业 (01833 HK) 5,658 Inventories Aggregate loans and receivables Due from related parties Cash and cash equivalents Others Total current assets Deferred income tax liabilities Debt and borrowings Others Total non-current liabilities 495 937 1,801 2,129 3,756 9,119 713 5,055 48 5,816 523 1,024 1,411 1,581 3,967 8,507 797 3,415 46 4,258 533 999 1,472 1,746 3,312 8,062 831 1,500 46 2,377 579 1,101 1,587 1,534 3,139 7,940 896 1,650 46 2,593 610 1,153 1,697 1,412 2,794 7,665 958 1,800 46 2,805 RMB mn, End Dec PPE Investment properties Prepaid land lease payments Goodwill Total prepaid rental Interest in associate & JCE Others Total non-current assets Balance Sheet 2014A 5,994 5,699 1,603 536 74 2,808 1,961 2015A 5,975 7,249 1,545 536 147 2,481 1,838 2016F 6,559 7,405 1,526 536 302 2,506 1,547 2017F 7,059 7,505 1,485 536 416 2,531 2,282 2018F 7,374 7,634 1,449 536 550 2,556 3,364 11 January 2017
(1,406) (1,533) (1,694) (1,813) (1,885)
(2,047) (2,460) (2,409) (2,440) (2,546)
18,675 19,771 20,379 21,813 23,464
10,197 11,996 10,432 10,833 11,258
621 (1,235)
2,129 Cash and cash equivalents in financial position Source: the Company, Guotai Junan International.
See the last page for disclaimer
Page 4 of 5

Company Rating Definition The Benchmark: Hong Kong Hang Seng Index Rating Buy Accumulate Neutral Reduce Sell Definition Relative Performance >15%; or the fundamental outlook of the company or sector is favorable. Relative Performance is 5% to 15%; or the fundamental outlook of the company or sector is favorable. Relative Performance is -5% to 5%; or the fundamental outlook of the company or sector is neutral. Relative Performance is -5% to -15%; or the fundamental outlook of the company or sector is unfavorable. Relative Performance <-15%; or the fundamental outlook of the company or sector is unfavorable. 11 January 2017 Page 5 of 5 Company Report Intime Retail Group Company Ltd. 银泰商业 (01833 HK)
Time Horizon: 6 to 18 months
Sector Rating Definition The Benchmark: Hong Kong Hang Seng Index Time Horizon: 6 to 18 months Rating Outperform Neutral Underperform Definition Relative Performance >5%; or the fundamental outlook of the sector is favorable. Relative Performance is -5% to 5%; or the fundamental outlook of the sector is neutral. Relative Performance <-5%; or the fundamental outlook of the sector is unfavorable.
DISCLOSURE OF INTERESTS (1) (2) (3) The Analysts and their associates do not serve as an officer of the issuer mentioned in this Research Report. The Analysts and their associates do not have any financial interests in relation to the issuer mentioned in this Research Report. Except for SMI Holdings Group Limited (00198 HK), Guotai Junan International Holdings Limited (01788 HK), Binhai Investment Company Limited (02886 HK) and Link Holdings Limited (08237 HK), Guotai Junan and its group companies do not hold equal to or more than 1% of the market capitalization of the issuer mentioned in this Research Report. Guotai Junan and its group companies have not had investment banking relationships with the issuer mentioned in this Research Report within the preceding 12 months. Guotai Junan and its group companies are not making a market in the securities in respect of the issuer mentioned in this Research Report. Guotai Junan and its group companies have not employed an individual serving as an officer of the issuer mentioned in this Research Report. There is no officer of the issuer mentioned in this Research Report associated with Guotai Junan and its group companies.
(4) (5) (6)
DISCLAIMER This Research Report does not constitute an invitation or offer to acquire, purchase or subscribe for securities by Guotai Junan Securities (Hong Kong) Limited ("Guotai Junan"). Guotai Junan and its group companies may do business that relates to companies covered in research reports, including investment banking, investment services, etc. (for example, the placing agent, lead manager, sponsor, underwriter or invest proprietarily). Any opinions expressed in this report may differ or be contrary to opinions or investment strategies expressed orally or in written form by sales persons, dealers and other professional executives of Guotai Junan group of companies. Any opinions expressed in this report may differ or be contrary to opinions or investment decisions made by the asset management and investment banking groups of Guotai Junan. Though best effort has been made to ensure the accuracy of the information and data contained in this Research Report, Guotai Junan does not guarantee the accuracy and completeness of the information and data herein. This Research Report may contain some forward-looking estimates and forecasts derived from the assumptions of the future political and economic conditions with inherently unpredictable and mutable situation, so uncertainty may contain. Investors should understand and comprehend the investment objectives and its related risks, and where necessary consult their own financial advisers prior to any investment decision. This Research Report is not directed at, or intended for distribution to or use by, any person or entity who is a citizen or resident of or located in any jurisdiction where such distribution, publication, availability or use would be contrary to applicable law or regulation or which would subject Guotai Junan and its group companies to any registration or licensing requirement within such jurisdiction. © 2017 Guotai Junan Securities (Hong Kong) Limited. All Rights Reserved. 27/F., Low Block, Grand Millennium Plaza, 181 Queen’s Road Central, Hong Kong. Tel.: (852) 2509-9118 Fax: (852) 2509-7793 Website: www.gtja.com.hk
See the last page for disclaimer

银泰商业(01833):每股10.00港元私有化要约,中性

发布机构:国泰君安
报告类型:公司报告 发布日期:2017/1/11
报告评级:
撰写作者:
报告下载:34 文件类型:PDF文档
Free Down Report 左键点击或右键另存为下载 更多下载地址...

内容简介


公司报告:银泰商业 (01833 HK)
+852 2509 5313 andrew.song@gtjas.com.hk 11 January 2017
Privatisation Offer at HK$10.00 Per Share, “Neutral” 每股10.00港元私有化要约, “中性” ?
Intime announced a privatisation proposal at a price of HK$10.00 per share. The privatisation price is a 42.3% premium over the last closing price before the announcement and a 67.4% premium over the unaudited NAV per share as at 30 June 2016. We think that the privatisation price is attractive to the scheme’s shareholders. The privatisation price of HK$10.00 represents 19.7x/20.9x/20.1x 2016/2017/2018 PER, respectively. Considering the relatively low valuation of the Hong Kong listed retail companies, we believe that public shareholders are likely to accept the proposal. Revise up TP to HK10.00 and downgrade to "Neutral" to reflect the proposed privatization price. Risk: the privatisation proposal may not be approved. 银泰公告以每股 10.00 港元的价格提出私有化要约。私有化价格相当于公告前最后一个交 易日股价 42.3%的溢价以及截至 2016 年 6 月 30 日未经审计每股净资产 67.4%的溢价。
Rating: 评级:
Neutral Downgraded
中性 (下调)
?
6-18m TP 目标价: Revised from 原目标价:
HK$10.00 HK$7.30
Share price 股价:
HK$9.540
?
Stock performance 股价表现 50.0 40.0 30.0 20.0 10.0 0.0
% of return
?
?
我们认为私有化价格对计划股东有吸引力。10.00 港元的私有化价格分别相当于公司 19.7 倍/20.9 倍/20.1 倍 2016 年/2017 年/2018 年市盈率。 考虑到港股零售企业相对较低的估值, 我们认为公众股东接受提议的可能性较大。
?
上调目标价至 10.00 港元并下调投资评级至“中性”以反映提议的私有化价格。风险:私 有化要约可能被否决。
(10.0) (20.0) (30.0) Jan-16
Apr-16 HSI index
Jul-16
Oct-16 INTIME RETAIL GR
Jan-17
Change in Share Price 股价变动 Abs. % 绝对变动 % Rel. % to HS index 相对恒指变动 % Avg. share price(HK$) 平均股价(港元)
1M 1 个月 39.7 39.7 6.4
3M 3 个月 42.0 46.6 6.4
1Y 1年 31.6 20.4 7.0
Source: Bloomberg, Guotai Junan Int ernat ional .
Year End 年结
Turnover 收入
Net Profit 股东净利
EPS 每股净利
EPS 每股净利变动
PER 市盈率
BPS 每股净资产
PBR 市净率
DPS 每股股息
Yield 股息率
ROE 净资产收益率
12/31 FY14A FY15A FY16F FY17F FY18F
(RMB m) 5,251 5,755 5,974 6,297 6,696
(RMB m) 1,121 1,317 1,056 1,102 1,149
(RMB) 0.534 0.604 0.431 0.406 0.423
(△%) (32.8) 13.2 (28.6) (5.8) 4.2 2,716.0 25,910.6 4,654.3 9.700 / 5.370
(x) 14.3 13.2 19.7 20.9 20.1
(RMB) 5.088 5.060 5.966 5.626 5.885
(x) 1.5 1.6 1.4 1.5 1.4
(RMB) 0.230 0.321 0.172 0.162 0.169
(%) 3.0 4.0 2.0 1.9 2.0
(%) 11.5 12.1 8.2 7.4 7.4
Source: the Company, Guotai Junan International.
See the last page for disclaimer
Page 1 of 5
Company Report
Shares in issue (m) 总股数 (m) Market cap. (HK$ m) 市值 (HK$ m) 3 month average vol. 3 个月平均成交股数 (‘000) 52 Weeks high/low (HK$) 52 周高/低
Major shareholder 大股东 ALIBABA INVESTMENT 27.83% Free float (%) 自由流通比率 (%) 55.4 FY16 Net gearing (%) 16 年净负债/股东资金 (%) 13.7 FY16 Est. NAV (HK$) FY16 年每股估值 (港元) 7.3
Intime Retail Group Company Ltd. 银泰商业 (01833 HK)
GTJA Research 国泰君安研究
Company Report: Intime Retail Group Company Ltd. (01833 HK)
Andrew Song 宋涛

Proposal for the privatisation of the Company at HK$10.00 per share. On 10 Jan. 2017, the Company announced a proposed privatisation offer by request of the joint offerors, Alibaba Investment and Shen Offeror. The privatisation price is the average closing price of the last 180 trading days and a premium of approximately 67.4% over the unaudited NAV per share as at 30 June 2016. As at the date of announcement, the 1,438 million scheme shares represent approximately 52.9% of total shares outstanding. In addition, there were 2.0 million new shares allotted and issued due to the exercise of share options and there is a total of 42.8 million remaining share options, as at 11 January 2017. Assuming all the outstanding share options are exercised before the date for determining entitlement, Shen Offeror will buy out approximately 191 million shares and Alibaba Investment will buy out the remaining approximately 1,264 million shares. Also, the joint offerors would like to allow the Company CEO Mr. Chen to retain his shareholdings in the Company after the completion of the scheme, currently holding 42.3 million shares and 11.6 million share options. The maximum amount of cash required for the proposal would be approximately HK$19,790.1 million. After completion, Alibaba Investment and Shen Offeror are expected to hold 73.9% and 16.1% of total shares, respectively. The Company thinks that the buyout is good for both the offerors and scheme shareholders. After Alibaba exercised its convertible bonds and became the controlling shareholder of the Company, Intime has been speeding up its O2O strategy and playing a more important role in Alibaba’s “new retailing” arrangement. However, the Company thinks that the long-term growth strategy may negatively affect the Company’s short-term growth profile and may result in a divergence between the Company’s and the offerors’ view on the Company’s value and share price. In addition, the Company’s current listing platform no longer sufficiently serves as a source of funding for the Company’s business and growth due to relatively low liquidity. On the other hand, for the scheme shareholders and option holders, the privatisation price represents a sufficient premium over Intime Retail Group Company Ltd. 银泰商业 (01833 HK) Company Report 11 January 2017
equivalent to a premium of 42.3% over the last closing price before the announcement of HK$7.03, a premium of 53.67% over
the trading prices in the past year. Target price revised up to HK$10.00. The Company’s share price rose by 35.7% to HK$9.540 on the day of announcement. The privatisation price represents 19.7x/20.9x 2016/2017 PER and is than the current valuation of Hong Kong listed department store companies. We think that the privatisation price is attractive to the shareholders and the proposal is likely to be approved. Thus we downgrade the investment rating from "Buy" to "Neutral" and recommend buy on price dips. Main risk of the share price is that the proposal may not be approved which will cause a price slump. Figure-1: Historical Forward PE Band of Intime 35 30 25 20 HKD 15 10 5 5 0 2008/09 2010/03 2010/09 2011/09 2012/03 2012/09 2013/09 2014/03 2015/03 2015/09 2016/03 2007/03 2007/09 2008/03 2009/03 2009/09 2011/03 2013/03 2014/09 2016/09
Figure-2: Historical Forward PB Band of Intime 25 Closing price (HKD) 1.1X 1.9X 0.3X 1.5X 2.3X 0.7X 2.7X 3.1X
Closing price (HKD) 11X 19X
3X 15X 23X
7X 27X 31X
20
15 HKD 10
0 2008/09 2010/03 2010/09 2011/09 2012/03 2012/09 2013/09 2014/03 2015/03 2015/09 2016/03 2007/03 2007/09 2008/03 2009/03 2009/09 2011/03 2013/03 2014/09 2016/09
Source: Bloomberg, Guotai Junan International.
Source: Bloomberg, Guotai Junan International.
Table-1: Peers Comparison Company HK - Listed Department Stores Lifestyle Intl Hldgs Ltd Intime Retail Group Co Ltd Golden Eagle Retail Group 1212 HK 1833 HK 3308 HK HKD HKD HKD PE (fiscal year) Stock Code Currency Last price 15A 16F 17F 18F 15A PB (fiscal year) 16F 17F 18F ROE(%) 16F D/Y(%) 16F Market Cap HKD mil
9.800 9.540 11.220
8.2 12.9 15.2
12.2 23.0 23.2
9.9 20.7 19.4
9.2 19.2 17.3
1.4 1.6 3.0
5.0 1.5 2.9
4.1 1.5 2.7
3.0 1.4 2.5
17.4 8.4 13.6
5.7 2.1 2.6
15,705 25,911 18,792
See the last page for disclaimer
Page 2 of 5

Springland International Hol Maoye International Hldgs Parkson Retail Group Ltd New World Dept Store China Shirble Department Stores Simple Average Weighted Average HK - Listed Supermarkets
1700 HK 848 HK 3368 HK 825 HK 312 HK
HKD HKD HKD HKD HKD
1.280 0.770 0.890 1.070 0.580
5.2 23.1 n.a. 26.8 23.5 16.4 13.3
7.5 n.a. n.a. 35.7 n.a. 20.3 20.1
7.3 n.a. n.a. n.a. n.a. 14.3 17.0
n.a. n.a. n.a. n.a. n.a. 15.2 16.0
0.5 0.4 0.4 0.3 0.9 1.1 1.7
0.5 n.a. 0.5 0.3 n.a. 1.8 2.6
0.5 n.a. 0.5 n.a. n.a. 1.9 2.4
n.a. n.a. n.a. n.a. n.a. 2.3 2.2
6.8 n.a. (4.4) 0.7 n.a. 7.1 11.2
5.3 n.a. 0.0 0.0 n.a. 2.6 3.1
2,983 3,958 2,358 1,447 11 January 2017 Company Report Intime Retail Group Company Ltd. 银泰商业 (01833 HK) 1,804
Sun Art Retail Group Ltd Lianhua Supermarket Hldgs -H Beijing Jingkelong Co Ltd-H Simple Average Weighted Average PRC - Listed Department Stores Chongqing Department Store-A Rainbow Department Store-A Wuhan Department Store Grp-A Hunan Friendship & Apollo -A Hefei Department Store Grp-A Simple Average Weighted Average Japan - Listed Department Stores Isetan Mitsukoshi Holdings L J Front Retailing Co Ltd Marui Group Co Ltd Takashimaya Co Ltd H2O Retailing Corp Parco Co Ltd Simple Average Weighted Average
6808 HK 980 HK 814 HK
HKD HKD HKD
7.850 3.020 1.620
24.5 n.a. 21.9 23.2 24.4
27.2 n.a. 20.8 24.0 27.1
25.7 n.a. 20.8 23.3 25.7
24.2 100.7 9.6 44.8 27.3
3.0 1.0 0.3 1.4 2.9
3.1 1.1 0.3 1.5 3.0
2.9 1.1 0.3 1.5 2.8
2.7 1.1 0.3 1.4 2.7
11.6 (8.4) 1.6 1.6 10.6
2.0 0.0 2.1 1.4 1.9
74,887 3,381 668
600729 CH 002419 CH 000501 CH 002277 CH 000417 CH
CNY CNY CNY CNY CNY
24.640 16.070 21.770 15.820 9.100
27.4 10.6 13.8 28.9 27.1 21.5 20.4
22.9 26.6 13.5 31.8 25.9 24.1 23.8
20.4 24.5 11.6 27.6 24.5 21.7 21.3
19.0 22.5 10.3 25.4 21.9 19.8 19.5
2.1 2.3 2.7 2.8 2.1 2.4 2.4
1.9 2.2 2.3 2.1 1.9 2.1 2.1
1.7 2.1 2.0 2.0 1.8 1.9 1.9
1.6 2.0 1.6 1.8 1.6 1.7 1.8
7.7 8.4 18.0 7.1 7.7 9.3 10.2
1.0 1.8 1.8 0.4 1.2 1.3 1.3
11,221 14,405 14,433 12,552 7,950
3099 JP 3086 JP 8252 JP 8233 JP 8242 JP 8251 JP
JPY JPY JPY JPY JPY JPY
1,339.000 1,727.000 1,775.000 997.000 1,861.000 1,078.000
17.7 22.9 30.2 15.0 19.0 17.4 20.4 21.0
19.9 17.2 25.1 14.7 16.3 18.0 18.5 19.0
38.0 18.1 22.4 17.4 16.1 15.9 21.3 23.5
27.6 16.7 19.6 15.9 17.2 13.6 18.4 19.8
0.9 1.2 1.5 0.9 0.9 1.0 1.1 1.1
0.9 1.2 1.5 0.9 0.9 0.9 1.1 1.1
0.9 1.1 1.5 0.8 0.9 0.9 1.0 1.1
0.9 1.1 1.4 0.8 0.9 0.9 1.0 1.0
4.7 6.9 6.0 6.0 5.6 5.3 5.7 5.8
0.9 2.1 1.4 1.3 1.8 2.3 1.6 1.5
35,390 30,968 27,739 23,706 15,583 7,315
Europe, North America and Australia - Listed Department Stores Kering Macy'S Inc Nordstrom Inc Marks & Spencer Group Plc Kohls Corp Dillards Inc-Cl A J.C. Penney Co Inc Debenhams Plc Mothercare Plc Stockmann Oyj Abp-B Share Myer Holdings Ltd Simple Average Weighted Average Global Large Ecommerce Conglomerate Amazon.Com Inc Alibaba Group Holding-Sp Adr Ebay Inc Yahoo Japan Corp Rakuten Inc Simple Average Weighted Average China Vertical Ecommerce Jd.Com Inc-Adr Vipshop Holdings Ltd - Adr Jumei International-Adr Simple Average Weighted Average JD US VIPS US JMEI US USD USD USD AMZN US BABA US EBAY US 4689 JT 4755 JT USD USD USD JPY JPY KER FP M US JWN US MKS LN KSS US DDS US JCP US DEB LN MTC LN STCBV FH MYR AU EUR USD USD GBP USD USD USD GBP GBP EUR AUD
215.800 30.460 45.050 334.400 40.960 56.150 7.190 52.700 113.000 7.340 1.325
39.1 7.1 11.9 11.3 9.6 7.2 n.a. 6.9 n.a. n.a. 27.7 15.1 23.3
22.0 9.3 14.0 13.4 11.8 8.1 n.a. 7.5 29.7 n.a. 17.2 14.8 16.5
19.1 10.0 15.2 11.6 11.1 10.1 153.0 7.7 11.9 34.5 14.1 27.1 19.9
17.1 9.3 14.4 11.7 10.7 10.1 11.8 8.3 10.3 20.4 12.9 12.4 13.9
2.5 1.9 3.5 1.7 1.4 1.1 1.1 0.8 2.5 0.5 1.0 1.6 2.2
2.3 2.2 9.0 1.6 1.4 1.1 1.7 0.8 2.2 0.5 1.0 2.2 2.8
2.2 2.3 8.6 1.6 1.4 1.1 1.5 0.7 256.8 0.5 1.0 25.3 3.6
2.0 2.2 8.0 1.6 1.4 1.1 1.4 0.7 201.8 0.5 0.9 20.2 3.3
10.6 22.3 36.2 12.2 11.7 14.1 (31.8) 9.9 7.7 (1.7) 6.1 8.9 14.1
2.0 3.4 12.9 4.6 3.6 0.4 0.0 5.5 0.0 0.0 3.7 3.3 3.8
223,457 72,203 60,558 51,153 56,054 14,542 17,190 6,092 1,818 4,291 6,197
796.920 94.720 30.750 479.000 1,213.500
622.6 56.8 21.5 20.5 37.5 151.8 364.8
80.7 20.7 16.3 15.9 27.5 32.2 53.5
56.8 29.8 14.8 20.2 21.8 28.7 43.4
39.4 23.8 13.6 18.4 17.4 22.5 31.5
28.0 10.0 5.5 3.8 2.6 10.0 19.3
21.0 7.0 4.8 3.2 2.5 7.7 14.3
14.5 6.0 4.4 2.9 2.3 6.0 10.4
11.1 4.9 3.7 2.6 2.0 4.9 8.1
22.2 39.3 30.4 21.9 9.2 24.6 28.2
0.0 0.0 0.0 1.8 0.4 0.4 0.1
2,936,811 1,833,056 266,608 182,508 116,282
26.260 11.640 4.620
n.a. 26.6 33.0 29.8 27.2
n.a. 17.5 11.6 14.5 16.9
169.4 14.3 7.6 63.8 142.6
50.5 11.9 6.2 22.9 43.8
7.6 12.4 1.2 7.1 8.3
8.3 7.7 1.2 5.7 8.1
7.9 5.1 1.0 4.7 7.4
7.0 3.5 0.9 3.8 6.3
(6.0) 48.3 9.3 17.2 2.7
0.0 0.0 n.a. 0.0 0.0
281,857 53,267 5,254
Source: Bloomberg, Guotai Junan International.
See the last page for disclaimer
Page 3 of 5

Financial Statements and Ratios Income Statement RMB mn, End Dec Retail revenue Sales of properties Total revenue COGS Other income and gains Staff costs Depreciation and amortization Other operating expenses Share of profit of an associate Operating profit Net finance income Profit before tax Income tax expense Profit for the year Minority interests Shareholders' profit Core shareholders' profit Basic EPS (RMB) Core EPS (RMB) DPS (RMB) 2014A 4587.8 662.7 5,251 867 (760) (456) 309 1,757 48 1,805 (641) 1,164 42 1,121 756 0.534 0.360 0.230 Cash Flow Statement RMB mn, End Dec Net Income Depreciation & Amort., Total Change in working capital Income Tax Expense Finance Income Finance Costs Others Net cash from operating activities Capital Expenditure Sale of Property, Plant, and Equipment Net Decrease in Loans Others Net cash from investing activities Total Debt Issued (Repaid) Issuance of Common Stock Total Dividends Paid Others Net cash from financing activities Increase in cash and cash equivalents Foreign exchange effect Cash and cash equivalents in cash flow Cash attributable to disposals group held for sale 2014A 1,121 (661) 664 (641) (217) 169 567 1,002 2015A 1,317 (508) 747 (493) (220) 206 273 1,322 2016F 1,056 (531) 129 (403) (288) 113 777 854 2017F 1,102 (588) 139 (420) (304) 151 254 334 2018F 1,149 (641) 208 (438) (177) 56 702 858 Profitability Gross margin (%) Operating margin (%) Net margin (%) ROE (%) ROA (%) 82 1,353 (422) (392) (573) 102 (722) (41) 626 0 (422) (21) 183 53 0 1,746 0 1,746 300 0 (441) (40) (181) (213) 0 1,534 0 1,534 300 0 (459) (38) (197) (122) 0 1,412 0 1,412 Payout ratio (%) Asset management Inventory days A/C payable days Debt management Net gearing (%) 345 16 2,175 (45) (491) 10 1,693 (113) 1,581 Debt/equity (%) Liquidity Current ratio (x) Interest cover (x) Div yield (%) 0.9 10.4 4.5 0.7 8.9 5.8 0.8 11.6 3.1 0.7 9.3 2.9 0.7 26.6 Company Report 3.0 41.4 149.7 40.5 147.3 13.7 87.7 15.2 87.9 17.2 88.0 127.1 497.6 121.2 549.5 113.8 558.2 111.9 511.9 115.1 536.4 17.2 11.1 21.4 11.5 4.3 43.1 17.3 10.9 22.9 12.1 4.7 53.1 16.2 8.0 17.7 8.2 3.7 40.0 15.9 8.3 17.5 7.4 3.8 40.0 16.1 8.5 17.2 7.4 3.8 40.0 Financial Ratios 2014A (1,941) (1,019) (1,638) (1,440) (1,330) 9 (174) 826 (1,279) 9 52 380 (579) 420 0 235 (984) 300 0 774 (365) 300 0 247 (783) 2015A 2016F 2017F 2018F Owner's equity Minority interests Total equity BPS (RMB) 10,695 11,038 14,612 15,274 15,978 1,086 987 1,020 1,054 1,089 11,781 12,025 15,632 16,328 17,067 5.088 5.060 5.966 5.626 5.885 2015A 5153.2 602.3 5,755 1,076 (779) (497) 266 1,827 14 1,842 (493) 1,349 32 1,317 804 0.604 0.369 0.321 2016F 5373.7 600.0 5,974 468 (789) (518) 285 1,317 174 1,491 (403) 1,088 33 1,056 833 0.431 0.340 0.172 2017F 5797.1 500.0 6,297 479 (846) (559) 285 1,404 153 1,557 (420) 1,136 34 1,102 976 0.406 0.360 0.162 2018F 6196.4 500.0 6,696 455 (907) (598) 285 1,501 121 1,622 (438) 1,184 36 1,149 1,023 0.423 0.377 0.169 Trade and bill payables Other payables and accruals Due to related parties Income tax payable Borrowings Liabilities, held for sale & others Total current liabilities 2,080 6,111 12 535 1,121 338 2,622 5,504 28 488 2,565 789 2,588 5,295 40 509 2,000 0 2,626 5,497 11 549 2,150 0 2,706 6 587 2,300 1 Intime Retail Group Company Ltd. 银泰商业 (01833 HK) 5,658 Inventories Aggregate loans and receivables Due from related parties Cash and cash equivalents Others Total current assets Deferred income tax liabilities Debt and borrowings Others Total non-current liabilities 495 937 1,801 2,129 3,756 9,119 713 5,055 48 5,816 523 1,024 1,411 1,581 3,967 8,507 797 3,415 46 4,258 533 999 1,472 1,746 3,312 8,062 831 1,500 46 2,377 579 1,101 1,587 1,534 3,139 7,940 896 1,650 46 2,593 610 1,153 1,697 1,412 2,794 7,665 958 1,800 46 2,805 RMB mn, End Dec PPE Investment properties Prepaid land lease payments Goodwill Total prepaid rental Interest in associate & JCE Others Total non-current assets Balance Sheet 2014A 5,994 5,699 1,603 536 74 2,808 1,961 2015A 5,975 7,249 1,545 536 147 2,481 1,838 2016F 6,559 7,405 1,526 536 302 2,506 1,547 2017F 7,059 7,505 1,485 536 416 2,531 2,282 2018F 7,374 7,634 1,449 536 550 2,556 3,364 11 January 2017
(1,406) (1,533) (1,694) (1,813) (1,885)
(2,047) (2,460) (2,409) (2,440) (2,546)
18,675 19,771 20,379 21,813 23,464
10,197 11,996 10,432 10,833 11,258
621 (1,235)
2,129 Cash and cash equivalents in financial position Source: the Company, Guotai Junan International.
See the last page for disclaimer
Page 4 of 5

Company Rating Definition The Benchmark: Hong Kong Hang Seng Index Rating Buy Accumulate Neutral Reduce Sell Definition Relative Performance >15%; or the fundamental outlook of the company or sector is favorable. Relative Performance is 5% to 15%; or the fundamental outlook of the company or sector is favorable. Relative Performance is -5% to 5%; or the fundamental outlook of the company or sector is neutral. Relative Performance is -5% to -15%; or the fundamental outlook of the company or sector is unfavorable. Relative Performance <-15%; or the fundamental outlook of the company or sector is unfavorable. 11 January 2017 Page 5 of 5 Company Report Intime Retail Group Company Ltd. 银泰商业 (01833 HK)
Time Horizon: 6 to 18 months
Sector Rating Definition The Benchmark: Hong Kong Hang Seng Index Time Horizon: 6 to 18 months Rating Outperform Neutral Underperform Definition Relative Performance >5%; or the fundamental outlook of the sector is favorable. Relative Performance is -5% to 5%; or the fundamental outlook of the sector is neutral. Relative Performance <-5%; or the fundamental outlook of the sector is unfavorable.
DISCLOSURE OF INTERESTS (1) (2) (3) The Analysts and their associates do not serve as an officer of the issuer mentioned in this Research Report. The Analysts and their associates do not have any financial interests in relation to the issuer mentioned in this Research Report. Except for SMI Holdings Group Limited (00198 HK), Guotai Junan International Holdings Limited (01788 HK), Binhai Investment Company Limited (02886 HK) and Link Holdings Limited (08237 HK), Guotai Junan and its group companies do not hold equal to or more than 1% of the market capitalization of the issuer mentioned in this Research Report. Guotai Junan and its group companies have not had investment banking relationships with the issuer mentioned in this Research Report within the preceding 12 months. Guotai Junan and its group companies are not making a market in the securities in respect of the issuer mentioned in this Research Report. Guotai Junan and its group companies have not employed an individual serving as an officer of the issuer mentioned in this Research Report. There is no officer of the issuer mentioned in this Research Report associated with Guotai Junan and its group companies.
(4) (5) (6)
DISCLAIMER This Research Report does not constitute an invitation or offer to acquire, purchase or subscribe for securities by Guotai Junan Securities (Hong Kong) Limited ("Guotai Junan"). Guotai Junan and its group companies may do business that relates to companies covered in research reports, including investment banking, investment services, etc. (for example, the placing agent, lead manager, sponsor, underwriter or invest proprietarily). Any opinions expressed in this report may differ or be contrary to opinions or investment strategies expressed orally or in written form by sales persons, dealers and other professional executives of Guotai Junan group of companies. Any opinions expressed in this report may differ or be contrary to opinions or investment decisions made by the asset management and investment banking groups of Guotai Junan. Though best effort has been made to ensure the accuracy of the information and data contained in this Research Report, Guotai Junan does not guarantee the accuracy and completeness of the information and data herein. This Research Report may contain some forward-looking estimates and forecasts derived from the assumptions of the future political and economic conditions with inherently unpredictable and mutable situation, so uncertainty may contain. Investors should understand and comprehend the investment objectives and its related risks, and where necessary consult their own financial advisers prior to any investment decision. This Research Report is not directed at, or intended for distribution to or use by, any person or entity who is a citizen or resident of or located in any jurisdiction where such distribution, publication, availability or use would be contrary to applicable law or regulation or which would subject Guotai Junan and its group companies to any registration or licensing requirement within such jurisdiction. © 2017 Guotai Junan Securities (Hong Kong) Limited. All Rights Reserved. 27/F., Low Block, Grand Millennium Plaza, 181 Queen’s Road Central, Hong Kong. Tel.: (852) 2509-9118 Fax: (852) 2509-7793 Website: www.gtja.com.hk
See the last page for disclaimer

同类报告

公司报告 中天科技(600522):业绩预告超预期,增发打造新增长点-公告点评 17:18
公司报告 长青股份(002391):杀虫剂货紧价扬,麦草畏整装待发 17:18
公司报告 金杯电工(002533):PACK公司股权理顺,合资建厂锁定客户 17:18
公司报告 通策医疗(600763):把握公立改制机遇,合资建院再下一城-公司事件点评 17:18
公司报告 南京新百(600682):大股东三胞集团收购Dendreon100%股权,为公司完善干… 17:18
公司报告 华能新能源(00958):12月数据,风电量同比增加34.8% 16:15
公司报告 环球医疗(02666):医院托管业务高效推进 16:15
公司报告 新城控股(601155):成长快车道 16:15
公司报告 银泰资源(000975):贵金属行业的明日之星-深度报告 16:15
公司报告 全聚德(002186):业绩稳健增长,经营寻求突破-2016年业绩快报点评 16:15
公司报告 南方航空(600029):航空国企混改再起,南航持续发力-事件点评 16:15
公司报告 新北洋(002376):业绩上修,拐点确立-公司点评 16:15
公司报告 清新环境(002573):高筑墙、厚积粮、缓称王-深度跟踪报告 16:15
公司报告 中金环境(300145):首个PPP合同落地,环境咨询价值凸显-研究报告 14:37
公司报告 冀东水泥(000401):京津冀盈利改善明显,全年扭亏-公司公告点评 14:37

Copyright © 2006 - 2013 Panlv.Net All Rights Reserved