[ET Net News Agency, 19 January 2018] Nomura lifted its target price for Johnson
Electric (JE)(00179) to HK$34.5 from HK$34, and maintained its "neutral" rating.
The research house said JE's 3Q financial data was largely in line with its expectation.
Nomura believes the company's earnings outlook is still solid and will be much driven by
the turnaround of its IPG business, which delivered 8% top-line growth; and the surfacing
synergy achieved from its previous takeovers, which resulted in a substantial decrease in
the opex ratio (to revenue) from 16.7% to 13.9% in its recent 1H results.
However, it believes these merits have already been well reflected in the bull run over
the past 12 months. Without significant benefits from the new US tax bill (1.6% on our
estimates) and upcoming catalysts that suggest further uptick to its earnings, Nomura
raised its FY2019/20 earnings estimates by 2% for housekeeping items. (KL)
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00179 JOHNSON ELEC H
Nominal 
10.500 0.000 (0.000%) Others
19/01/2018 14:11
[I-bank focus]Nomura ups Johnson Electric (00179) to HK$34.5
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