标题：Joyson ElectronicBig overseas M&A deal helps to forge a leader of smart driving
发布日期：2016-03-14 8:17:39
内容： Earnings forecast, valuation and investment rating: We maintain our 2015E/16E/17E EPS estimates at Rmb0.61/0.75/0.94 (vs. Rmb0.53 in 2014), or pro forma EPS estimates of Rmb0.71/1.02/1.27 if factoring in the private placement and M&A. Its current share price of Rmb31.25 implies three-year PEs of 44x/31x/25x. We are bullish on the Company’s long-term prospects, given its powerful product matrix consisting of driving control, safety system, battery management system and connected car technology, and its potential to transform from an auto electronics specialist into an innovative driven service provider. Based on the historical average valuations of the industry and the Company, we believe a 35~40x 2016E pro forma PE looks fair, and reiterate our OVERWEIGHT rating with a TP of Rmb37.5.
发布日期：2016-03-14 8:17:39
内容： Earnings forecast, valuation and investment rating: We maintain our 2015E/16E/17E EPS estimates at Rmb0.61/0.75/0.94 (vs. Rmb0.53 in 2014), or pro forma EPS estimates of Rmb0.71/1.02/1.27 if factoring in the private placement and M&A. Its current share price of Rmb31.25 implies three-year PEs of 44x/31x/25x. We are bullish on the Company’s long-term prospects, given its powerful product matrix consisting of driving control, safety system, battery management system and connected car technology, and its potential to transform from an auto electronics specialist into an innovative driven service provider. Based on the historical average valuations of the industry and the Company, we believe a 35~40x 2016E pro forma PE looks fair, and reiterate our OVERWEIGHT rating with a TP of Rmb37.5.
