标题：MideaTo continue focus on shareholder return; maintaining Buy
发布日期：2016-03-30 13:58:08
内容： We lower our target price by 2% to reflect the AC output constraint ytd 2016. Our DCF (9.5% COE, 1.0 beta, 2% TGR) yields RMB33.25/share (old: RMB34.09), implying 11x/10x FY16/17E PE. Dividend yield is at 4.5% at current price. Key catalyst is the Toshiba M&A. Downside risks: global expansion; slower-than-expected destocking of AC; unfavorable weather; competition.