标题：Siyuan ElectricEarnings in line; watch overseas & external expansion
发布日期：2016-03-31 12:57:43
内容： Valuation and recommendation We trim 2016 revenue/net profit forecasts by -0.5%/-5.5% to Rmb4.52bn/432mn; and adjust those of 2017 by +0.5%/-1.3% to Rmb5.23bn/534mn. Maintain BUY. 2016/17e P/E 19x/15x. Considering the low sector valuation, cut TP 9.2% to Rmb17.25 (implying 25x 2016e P/E). Risks Grid investment and new business expansion disappoints.
发布日期：2016-03-31 12:57:43
内容： Valuation and recommendation We trim 2016 revenue/net profit forecasts by -0.5%/-5.5% to Rmb4.52bn/432mn; and adjust those of 2017 by +0.5%/-1.3% to Rmb5.23bn/534mn. Maintain BUY. 2016/17e P/E 19x/15x. Considering the low sector valuation, cut TP 9.2% to Rmb17.25 (implying 25x 2016e P/E). Risks Grid investment and new business expansion disappoints.
