标题：Zhengzhou Coal Mining MachineryData Update：Fine-tuning earnings estimates
发布日期：2016-01-05 14:07:08
内容： Changes and Implications We fine-tune our 2015/16/17E EPS by -4%/-2%/-2% given the 1-3Qoperating expense ratio is higher than our expectation, and we also factorin lower sales forecasts for 2016/17 given China’s push for capacityreduction, particularly in the resource sector. Our 12-month Rmb6.60 target price is derived using cycle trough EV/GCI.Key risks include higher-than-expected revenue growth, and higher/lowerthan-expected operating expense. We do not view these changes as material, and there is no change to ourinvestment thesis, rating or price target.
发布日期：2016-01-05 14:07:08
内容： Changes and Implications We fine-tune our 2015/16/17E EPS by -4%/-2%/-2% given the 1-3Qoperating expense ratio is higher than our expectation, and we also factorin lower sales forecasts for 2016/17 given China’s push for capacityreduction, particularly in the resource sector. Our 12-month Rmb6.60 target price is derived using cycle trough EV/GCI.Key risks include higher-than-expected revenue growth, and higher/lowerthan-expected operating expense. We do not view these changes as material, and there is no change to ourinvestment thesis, rating or price target.
