标题：Baosight SoftwareAnother material contract acquired
发布日期：2015-10-23 11:02:46
内容： Risks: Development of the IDC project misses estimate; traditional business deteriorates. BUY reiterated. Baosight benefits from the abundant infrastructure facilities and a wide plant area ofBaosteel Group – its parent company. The Company’s IDC business boasts low construction cost andgreat economies of scale; besides, continued business expansion and upgrade of the cloud computingtechnologies offer immense room of imagination. The new cont ract shows that the Company has wonrecognition from the major customers. We maintain forecast of its 2015/16/17E EPS atRmb1.02/1.27/1.91, and are upbeat on the potential of its IDC business in Shanghai and its developmentin the Industry 4.0 space. Based on the SOTP valuation method, we predict mid-term capitalization of theCompany to be ~Rmb25bn. Reiterate BUY with TP of Rmb70 (69x/55x/37x 2015E/16E/17E PE).
发布日期：2015-10-23 11:02:46
内容： Risks: Development of the IDC project misses estimate; traditional business deteriorates. BUY reiterated. Baosight benefits from the abundant infrastructure facilities and a wide plant area ofBaosteel Group – its parent company. The Company’s IDC business boasts low construction cost andgreat economies of scale; besides, continued business expansion and upgrade of the cloud computingtechnologies offer immense room of imagination. The new cont ract shows that the Company has wonrecognition from the major customers. We maintain forecast of its 2015/16/17E EPS atRmb1.02/1.27/1.91, and are upbeat on the potential of its IDC business in Shanghai and its developmentin the Industry 4.0 space. Based on the SOTP valuation method, we predict mid-term capitalization of theCompany to be ~Rmb25bn. Reiterate BUY with TP of Rmb70 (69x/55x/37x 2015E/16E/17E PE).
