标题：Dian DiagnosticsSteady lab expansion; smooth progress in new business
发布日期：2016-03-17 7:14:58
内容： Earnings in line In 2015, revenue +39.18% YoY to Rmb1.858bn; net profitattributable to shareholders +40.30% YoY to Rmb175mn;recurring profit +38.01% YoY; EPS of Rmb0.58, in line with ourexpectations. Dian proposed eight bonus shares and Rmb1 cashdividend (tax included) per ten shares. Trends to watch Channel integration to accelerate. Steady progress in ICL expansion. Smooth progress in new business expansion. See page 3 for our comments in full. Earnings forecast Considering the consolidation of Yunnan Shengshi Kehua andXinjiang Yuanding in 2016, (not factoring in the acquisition of theremaining stake in Biosan), we trim our 2016/17 EPSforecasts by 9%/11% to Rmb1.06/1.43, implying YoYgrowth of 84%/35%. Valuation and recommendation The stock is currently trading at 49x/37x/27x 2016/17/18e P/E.Considering the lab expansion and new businesses, wemaintain our BUY rating and cut our TP by 6% fromRmb67 to Rmb63, implying 59x 2016e P/E. Risks Slower-than-expected growth in Eastern China; intensifiedcompetition during channel integration; policy risks.
发布日期：2016-03-17 7:14:58
内容： Earnings in line In 2015, revenue +39.18% YoY to Rmb1.858bn; net profitattributable to shareholders +40.30% YoY to Rmb175mn;recurring profit +38.01% YoY; EPS of Rmb0.58, in line with ourexpectations. Dian proposed eight bonus shares and Rmb1 cashdividend (tax included) per ten shares. Trends to watch Channel integration to accelerate. Steady progress in ICL expansion. Smooth progress in new business expansion. See page 3 for our comments in full. Earnings forecast Considering the consolidation of Yunnan Shengshi Kehua andXinjiang Yuanding in 2016, (not factoring in the acquisition of theremaining stake in Biosan), we trim our 2016/17 EPSforecasts by 9%/11% to Rmb1.06/1.43, implying YoYgrowth of 84%/35%. Valuation and recommendation The stock is currently trading at 49x/37x/27x 2016/17/18e P/E.Considering the lab expansion and new businesses, wemaintain our BUY rating and cut our TP by 6% fromRmb67 to Rmb63, implying 59x 2016e P/E. Risks Slower-than-expected growth in Eastern China; intensifiedcompetition during channel integration; policy risks.
