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发表于 2011-2-10 14:59
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原帖由 chenzhi999 于 2011-2-8 10:10 发表 
#mad# （思嘉紧来跌得几猛！！！！！！！！！）
这是 香港东英 1月31日关于思嘉集团的报告,由于会计处理的不同，4季度研发费用将大幅增加，思嘉的业绩将较预期略有降低，导致了思嘉被误解股价的下跌。不过这个我们之前也知道了的。香港东英重申思嘉买入的评级：
We believe the sell-down of Sijia was triggered by a misunderstanding of
R&D expenses ratio hike. After talking to management regarding the issue,
we conclude that the market was overreacting and we reiterate our Buy
rating for the intact business fundamental and attractive valuation.
Accounting treatment difference only. To prepare for the roll-out of 4 new
product categories in Shanghai in late FY11, Sijia conducted the related
R&D in Fuzhou in 4Q FY10. The original plan was to amortize the bulk of
these R&D costs (3~4% of FY10 top line) in FY11 when the Shanghai plant
commences production. When the auditor arrived in factory last week to kick
off year-end auditing, management got to know the costs may need to be
fully recognized in FY10 and communicated the issue to market in
reasonable time. Per our understanding, the discussion with auditor is still
on-going with final conclusion yet to be made.
Reiterate Buy. The stock is trading at 6.1x FY11E PE, an attract price given
its intact fundamentals. Despite higher R&D expenses, Sijia announced
positive profit alert in the night of Jan 28. The strong growth prospect of Sijia
should not be neglected. We reiterate Buy rating with TP $5.8 at 9x FY11E
PE. That said, we revise down our earnings forecast for FY10-12 by 3~14%,
applying higher R&D expense assumption. |
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发表于 2011-2-1 16:20