标题：China XDComprehensive product offering；initiating with Hold on valuation
发布日期：2015-09-17 13:45:34
内容： We value China XD based on DCF through 2025E (WACC: 7.9%, tgr: 1%). Our target price translates into 26x/22x 2016/17E EPS. Key risks include higher/lower-than expected grid investment (incl. UHV); market share gain/loss in UHV and regular products; variance in gross margin; and higher/lower-thanexpected SG&A expense.
发布日期：2015-09-17 13:45:34
内容： We value China XD based on DCF through 2025E (WACC: 7.9%, tgr: 1%). Our target price translates into 26x/22x 2016/17E EPS. Key risks include higher/lower-than expected grid investment (incl. UHV); market share gain/loss in UHV and regular products; variance in gross margin; and higher/lower-thanexpected SG&A expense.
