Citigroup lifted its target price for Haier Electronics (01169) to HK$15.9 from HK$10.6, and maintained its "buy" call.
It believes Haier will continue to outperform the industry in 2013 with faster market share gain by the combination of leading manufacturing and distribution businesses.
While the manufacturing business remains stable, Haier will further expand its Integrated Channel Services segment (ICS) via adding more non-Haier brands and expanding its full-service solutions to enhance GM.
Citi expects ICS to account for 45% in FY2013. It revised up FY2013-14 earnings by 5-6%
on improving sales momentum in FY2013 and better gross margin with more sales of non-Haier brands.
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