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.
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