TC

20/11/2013 15:55

[I-bank focus]DBS Vickers ups Haier Elec (01169) to HK$23.14

[ET Net News Agency, 20 November 2013] DBS Vickers Research raised its target price for
Haier Electronics (01169) to HK$23.14 from HK$16.86, and maintained its "buy" call.
The research house believes Haier can sustain decent performance ahead. Haier has
cooperated with more third-party brands to enhance sales momentum in its distribution arm,
and DBS believes sales from third-party brands could post >60% growth this year to account
for >15% of Haier's downstream revenue.
It noted that positives include solid fundamentals, improving downstream prospects, >20%
earnings CAGR for FY2012-15, outstanding ROE of >30%, as well as M&A potentials given its
>RMB5bn net cash on hand. (KL)

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